Bank Profits Skyrocket; Big Banks Lead The Way
OPS_admin | May 20, 2010 | Comments 0
Bank profits soared to their highest level in two years as near-zero interest rates and lower reserves for future losses allowed U.S. banks to book an $18 billion quarterly profit in the midst of a prolonged economic downturn.
Big banks led the way, accounting for $15.6 billion, or nearly 87 percent, of the industry’s total first-quarter profit, according to a Thursday report by the Federal Deposit Insurance Corporation. Defined as banks with more than $10 billion in assets, they account for about 78 percent of the industry’s total assets.
Boosted by the lower cost of funds they enjoy versus their smaller competitors, the big banks’ margin on interest rates — the difference they pay in interest versus what they charge — jumped to its highest level since 2002. Banks with more than $10 billion in assets also tripled their return on assets relative to the same period a year ago. It’s the highest level since the third quarter of 2007.
Full Story: Bank Profits Skyrocket; Big Banks Lead The Way.
Filed Under: Economy - Labor
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The oligarchs openly talking about a coup d'état in America?
Multi-millionaire lobbyist Grover Norquist is calling for the impeachment of President Obama. In an interview with the right-wing National Journal - Norquist warned that if President Obama wins re-election and decides to let the Bush tax cuts for the top 2% expire at the end of the year - then Republicans will "have enough votes in the Senate in 2014 to impeach [him]."What does that mean? It means that the super rich in America - and their political operatives like Norquist in Washington, DC - have now compared a tiny tax increase on the wealthy to high crimes and treason - the only Constitutional basis Congress can use to impeach a President. It sounds like the oligarchs are now openly talking about a coup d'état in America.-Thom(Do you think will try it? Tell us here.) -
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" We the corporations" On January 21, 2010, with its ruling in Citizens United v. Federal Election Commission, the Supreme Court ruled that corporations are persons, entitled by the U.S. Constitution to buy elections and run our government. __________
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The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. 
