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Despite Global Economy Plummeting into Despair, Mega Banks Boast All-Time Record Profits

record-bank-profits

After seven years of benefiting from the greatest transfer of wealth in history, the U.S. banking industry topped it off with record profits in 2015. The Great Fleecing may have reached its height just as the scheme known as Quantitative Easing ran out of gas.

“The U.S. banking industry earned net income of $163.63 billion in 2015, the highest net income of any year in the SNL bank regulatory database, which dates back to 1991…

The largest four banks, JPMorgan Chase Bank NA, Bank of America NA, Wells Fargo Bank NA and Citibank NA together earned 42.7% of the industry’s income in 2015.”

This bonanza stands in stark contrast to the plight of the middle class, whose wages have stagnated while health insurance costs reach crippling proportions. Wealth inequality in the U.S. has greatly expanded–a trend that defines countries with Quantitative Easing (QE) programs.

The QE scheme cooked up by the Federal Reserve and Wall St. banks is designed to benefit the wealthiest, as Jon Hartley pointed out in Forbes last June:

“Kevin Warsh, a former Fed board member and one of the Brookings panelists, held a different view explaining that quantitative easing as a policy works purely through an “asset price channel” enriching the few who own stocks or other financial products (and not the 96% of Americans who receive the majority of their income through labor).

This mechanism is radically unlike conventional monetary policy of central bank interest rate cuts which work through a “credit channel” benefiting the country’s mortgage borrowers, who make up majority of the population.”

It wasn’t enough that the federal government borrowed trillions off the backs of citizens to bail out the very banks that caused the Great Recession. The same cabal of rich and powerful—our modern version of royalty—then used that event to siphon even more wealth from the middle class under a new game called QE.

Jobs, wages, and the GDP took a back seat to the “too big to fail” Wall St. banks, because they couldn’t trust the plebes with all that money for fear of inflation. As a result, the various schemes these banks engaged in with the free money—including mortgage-backed securities, company mergers, company debt offerings, stock buybacks—did nothing but secure that wealth for the 1%.

The record profits of the banking industry in 2015 make it seem almost comical that Morgan Stanley will pay $3.2 billion to get out of trouble for its part in causing the recession.

“In the deal, the investment bank acknowledges that it misrepresented the risks of mortgage-backed securities leading up to the 2008 housing and financial crisis.

Morgan Stanley knew that it was selling securities backed by residential mortgages with ‘material defects’ — such as loans that were ‘underwater,’ where the loan was larger than the value of the house.”

In the U.S., banks can just give the government money—which it got thanks to Quantitative Easing—to avoid being treated as a criminal. In Iceland, they actually jail bankers who helped cause the recession.

As the QE scheme has run its course, it appears that central banks may have lost control, but not before securing that immense transfer of wealth to the upper echelon.

  • It is up to all of us to keep each other informed. Please (Y) + Comment + Share this story with your friends and family. Thank you.

    • money 4 nothing and the chicks 4 free.. 🙂

    • Very sexy

  • When money itself is a fraud, eventually the entire economy becomes fraudulent.

  • Shared….

  • How about you all stop using banks and use another form of financial institute? It’s really that simple.

  • Surely others are starting to get a clue of who’s really in charge…

  • Billary’s going after the fossil fuel industry……she says. Is that so we forget about the Banksters? They drive everything……always have. How about it Billary???????? Maybe SHOW some “Fighting For Us”!

    • That’s the first time I’ve seen the term Billary. Hahaha. Killary, absolutely

  • The greedy rich are trying to scare us. We are not afraid, they need us more than we need them. We are awake!

    • you can have money…. get educated and off your azz

    • Sir, I am a 59 yea old disabled Vietnam era veteran. You should really learn some respect before you speak.

  • Cara Tomchek Steinmetz

  • Cannabis should be the world wide currency so we can reverse the carbon content in the atmosphere and turn it into products which could then be bought with the flowering tops. Land labor and capital in a perfect harmony. We would have a grass roots currency. Money would grow on trees and be happiness.
    https://m.facebook.com/notes/isaac-arnaldo-bautista/how-cannabis-can-save-our-economy-and-our-world/740246692694780/?ref=bookmark

  • Look at the stock market down almost 3000 points for what because the bankers stole it again . Wake up people they are stealing all our money with no way of going to jail

  • Have a look at the stalk market charts for TD bank, Scotia bank! cibc! BMO, Royal etc. The charts tell a different story.

  • yes they are the crooks charging such high interest rates and fees for their servivice

  • Time for a money free world. Bring on an Anarchistic Resource Based Economy. Thats an on demand automated system where money is no longer required,

  • THEY ARE THE REASON FOR GLOBAL DESPAIR.. http://www.veteranstoday.com/2015/11/29/unknowingly-occupied/

  • I have no doubt that of things dont change a shitload of nutcases who are fed up will end up storming their mansions and reenacting the beheadings of the French Revolution. Your money cant hide you from 350 million pissed off people

  • Enough of this! Fuck my life. Merica start freaking out… This is wrong

  • MSM just reported yesterday Diamond bought $24 million in JP Morgan stock. The commentator jokes about how last year Diamond made $25 million. So the stock of his own bank tanked and then he scooped up a big chunk. Sound fishy to anybody else.

  • Stop feeding the hogs….

  • Want to stop them? Don’t give them your money…keep it hidden somewhere known only to you…

    • …then they will make it illegal to do so, or they will just have to “earn” their money some other way…which I doubt they can or will do

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