Read the Wednesday Afternoon Wrap-Up for 5/29/2013 and the Thursday Morning Commentary for 5/30/2013
At the end of my “Wall Street days” in the early 2000s, I came across a chart depicting a full one-third of U.S. corporate profits emanating from the financial sector. As I was duly employed by then cash cow Salomon Smith Barney (i.e, Citigroup), I was well aware of how powerful banks had become; not to mention, how corrupt they had become…
The Moon and $30 Million for Jack Grubman
It was hard to believe such data then; as working in the industry, I was well aware of how it made essentially ZERO contribution to economic growth. Sure, they “helped” companies raise money; but frankly, banks act more like carnival barkers than industrialists. Nearly all the companies Wall Street took public in the late 1990s went down in price; and most of them – internet start-ups come to mind – either went bankrupt or wasted away…
On the bankruptcy of internet companies: An empirical inquiry
Irrespective, it did not seem possible that a bunch of PAPER PUSHERS could be considered GDP components in the first place; particularly as their work resulted in MASSIVE capital losses – including their own…
List of banks acquired or bankrupted in the United States during the 2007–2012 global financial crisis
From the commencement of 2008’s Global Meltdown I, it is now “FIVE YEARS LATER”; and thanks to the INFLATION and CAPITAL MISALLOCATION engendered by the most maniacal MONEY PRINTING orgy of all time…
QE4-Ever: Fed Announces 4th Round of Quantitative Easing
ECB cuts rate to record-low 0.5%; Chief hints at bolder moves
Japanese central bank doubles money supply in fresh bid to spur inflation
2013 – The Year of the Non-G7 Rate Cut
…the GLOBAL economy is plunging toward its 2009 lows…
Europe in recession – Finally, it’s official
Eurozone unemployment hits record-breaking 12.1%, 19.21mn out of work
Welcome Back Recession: Chicago PMI Implodes To 49, First Sub-50 Print since September 2009
…yet, “Wall Street” is recording NEAR RECORD profits…
Wall Street records Biggest Profit since before the Financial Crisis
…as its core business collapses…
Wall Street Jobs Plunge as Profits Soar: CHART OF THE DAY …
…care of illicit gains made from INSIDER TRADING, ACCOUNTING FRAUD, and FREE FEDERAL RESERVE MONEY…
For some time, I have sought out the aforementioned chart – without success. However, I just came across it again; and lo and behold, the financial sector still generates nearly 25% of this once great nation’s “profits”…
…while the lifeblood of a healthy economy – MANUFACTURING – continues to disappear…
In 2012, nearly 12 million Americans (or 9 percent of the workforce) were employed directly in manufacturing.
-nam.org
Frankly, there’s not much more to say here – other than that the House of Cards that is the United States economy is built on “FRAUD 101.”
