"The banks will suffer as long as their customers do"
Did the "reporter" really write that? (Blog editor aghast)
"Banks still have a way to go; Recent earnings based on trading and investments" by Stephen Bernard and Ieva M. Augstums, Associated Press | July 18, 2009
NEW YORK - The big banks are making big money again, but they won’t be back to health as long as they have to deal with a recession and customers defaulting on mortgages and credit cards.
But they WERE HEALTHY when they got the money so others wouldn't be stigmatized! Or did the GOVERNMENT and MSM LIE about THAT, too?!!!!
The numbers included a $3 billion second-quarter profit announced yesterday by Citigroup and $2.4 billion for Bank of America. They followed similarly robust earnings for Goldman Sachs and JPMorgan Chase.
See: Boston Globe Declares Recession Over
That the banks managed to turn a profit is remarkable.
Not really. The greatest heist in world history had something to do with it.
Just 10 months ago, many of them looked to be on the verge of collapse. The stock market staged a huge rally this week, driven by the signs of health in banking....
World, it is with great sadness that I have to report that AmeriKa's newspapers are nothing but insulting, agenda-pushing, war-promoting, dog s***.
Bank of America Corp., JPMorgan Chase & Co., and Goldman Sachs Group earned profits this spring largely on investment banking and trading - not traditional banking businesses, which still look shaky. Citi benefited from selling its majority stake in the Smith Barney brokerage.
Oh, I forgot the obfuscations and omissions: The Galling Greed of Goldman Sachs
Strip away those money-makers, and the banks have to rely on customers who are losing their jobs or earning less money. The banks will suffer as long as their customers do.
(World, it is with great sadness that I have to report that AmeriKa's newspapers are nothing but insulting, agenda-pushing, war-promoting, dog s***)
Bank of America, JPMorgan Chase, and Citigroup Inc. all reported they lost more money on loans during the second quarter. Bank of America alone set aside $13.4 billion to cover loan losses. But the banks also saw signs that loan delinquencies were starting to stabilize.
Celent analyst Isabel Schauerte said Bank of America’s earnings tell the story of the financial industry. “B of A’s results are the bellwether of where Main Street is headed.....’’
(Blog editor is near tears and sadness knowing that his Slow Saturday paper is total shit -- just like the AmeriKan MSM. I have nothing left to give, MSM. The insults were the epiphany. I'd come to expect the lies; the insults to the readers -- acting as if we are idiots or only elite stinks read them -- really has destroyed the relationship. I have been waiting for a long time for them to come clean on ANY ISSUE, but they never have. They have only gotten worse with the agenda-pushing lying )
--more--"
