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(Slate)   Obama is so terrible for Wall Street that 60% of S&P 500 earnings growth comes from seven banks   (slate.com) divider line 38
    More: Sick, earnings growth, Wall Street, obama, Morgan Stanley, competitive market  
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1771 clicks; posted to Business » on 26 Nov 2012 at 4:22 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



38 Comments   (+0 »)
   
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2012-11-26 01:38:08 PM
And Rmoney was so horrible that he was opposed to this.

funny how elections work.
 
vpb [TotalFark]
2012-11-26 03:16:42 PM
I wonder what sort of scam they have come up with this time.
 
2012-11-26 04:28:57 PM

vpb: I wonder what sort of scam they have come up with this time.


It's called the Federal Reserve.. scammin folk for over 70 years!
 
2012-11-26 04:36:43 PM
Wait, banks are making a profit with the Fed pumping $40 billion to them every month? While the rest of industry is still fairly stagnant? Fancy that.

/DNRTFA (yet)
 
2012-11-26 04:44:17 PM
Obama is so terrible for Wall Street that 60% of S&P 500 earnings growth comes from seven banks

It'd be better of the growth were spread over a greater number of companies.
 
2012-11-26 04:50:20 PM
Banks are paper-pushers, that's it. Investment banks figure out where to allocate resources. Banks do not innovate--they parasitize, sometimes beneficially. Banks raking in huge proportions of profits is the most glaring sign that the economy is chronically ill if not fatally afflicted.
 
2012-11-26 04:51:04 PM
Having banks privately owned are kinda like having privately owned prisons.

wait.
 
2012-11-26 05:01:56 PM
Um Obama is the most pro Wall St. president since GWB. In the Dodd-Frank bill he made it illegal for the largest banks to fail. Doesn't get more pro-bank than that.
 
2012-11-26 05:08:23 PM
I do have to say it is quite surprising to see Fark go, "YEAH BANK PROFITS!" so suddenly.
 
2012-11-26 05:12:39 PM
So, that's what he posts? One farking chart without context?

Am I not seeing a link?
 
2012-11-26 05:23:29 PM
zerohedge.com has covered this topic extensively..
 
2012-11-26 05:26:32 PM
The banks are pissed it wasn't more concentrated.
 
2012-11-26 06:05:06 PM

chicken licken: Um Obama is the most pro Wall St. president since GWB. In the Dodd-Frank bill he made it illegal for the largest banks to fail. Doesn't get more pro-bank than that.


He's also the the least pro Wall St president since GWB, being, you know, the only POTUS since GWB.
 
2012-11-26 06:33:52 PM
OBAMA SOSHALIST!
 
2012-11-26 06:50:12 PM
It's called the Federal Reserve.. scammin folk for over 70 years!

100 years, Sir! I believe their 100 year anniversary comes on December 31st. The Fed was created because the government for some reason didn't think that JP Morgan had enough money, and wanted him to have even more. The economy has been paying the price ever since.
 
2012-11-26 07:28:02 PM
Wonderful analysis in that piece. "Hey, look at this!" Well ... okay.
 
2012-11-26 07:41:10 PM

TofuTheAlmighty: Banks are paper-pushers, that's it. Investment banks figure out where to allocate resources. Banks do not innovate--they parasitize, sometimes beneficially. Banks raking in huge proportions of profits is the most glaring sign that the economy is chronically ill if not fatally afflicted.


Have you ever opened up a 10-K? Banks do better when the economy is good.
 
2012-11-26 08:25:25 PM
How is BAC on that list? That stock has flat lined for 3 years.
 
2012-11-26 09:06:16 PM

Why Would I Read the Article: It's called the Federal Reserve.. scammin folk for over 70 years!

100 years, Sir! I believe their 100 year anniversary comes on December 31st. The Fed was created because the government for some reason didn't think that JP Morgan had enough money, and wanted him to have even more. The economy has been paying the price ever since.


This is what conservatives, umm, no I mean liberals, umm, no. hmmm. This is what you actually believe.
 
2012-11-26 09:56:24 PM

links136: Having banks privately owned are kinda like having privately owned prisons.

wait.


banks probably own the prisons.... wait.... crap...
 
2012-11-26 10:47:01 PM

Debeo Summa Credo: Why Would I Read the Article: It's called the Federal Reserve.. scammin folk for over 70 years!

100 years, Sir! I believe their 100 year anniversary comes on December 31st. The Fed was created because the government for some reason didn't think that JP Morgan had enough money, and wanted him to have even more. The economy has been paying the price ever since.

This is what conservatives, umm, no I mean liberals, umm, no. hmmm. This is what you actually believe.


So you're cool with the heads of private banks controlling the economy
 
2012-11-26 11:31:36 PM
The current bullshiat bankerspeak is: 'Waiting to deploy capital'.

www.flyclothing.com
 
2012-11-27 01:21:14 AM

MugzyBrown: Debeo Summa Credo: Why Would I Read the Article: It's called the Federal Reserve.. scammin folk for over 70 years!

100 years, Sir! I believe their 100 year anniversary comes on December 31st. The Fed was created because the government for some reason didn't think that JP Morgan had enough money, and wanted him to have even more. The economy has been paying the price ever since.

This is what conservatives, umm, no I mean liberals, umm, no. hmmm. This is what you actually believe.

So you're cool with the heads of private banks controlling the economy


The Fed is control by the Board of Governors, who are appointed by the President and approved by Congress.
 
2012-11-27 01:47:15 AM

links136: Having banks privately owned are kinda like having privately owned prisons.

wait.


Or any business for that matter! Yay socialism!
 
2012-11-27 01:50:12 AM

MugzyBrown: Debeo Summa Credo: Why Would I Read the Article: It's called the Federal Reserve.. scammin folk for over 70 years!

100 years, Sir! I believe their 100 year anniversary comes on December 31st. The Fed was created because the government for some reason didn't think that JP Morgan had enough money, and wanted him to have even more. The economy has been paying the price ever since.

This is what conservatives, umm, no I mean liberals, umm, no. hmmm. This is what you actually believe.

So you're cool with the heads of private banks controlling the economy


If you don't like it, why'd you vote for fartyMcDougal-ramma-lamma-dingdongbongo?
 
2012-11-27 01:52:06 AM

Why Would I Read the Article: The Fed was created because the government for some reason didn't think that JP Morgan had enough money, and wanted him to have even more.


Actually, the Fed was created because JP Morgan put up his own money (and urged other business leaders to do the same) to stop the Bank Panic of 1907, thereby preventing the economy from crashing into an economic depression of catastrophic proportions. Essentially, it was the world's first Keynesian act (spend money to stop a crisis), and it worked.... and from that simple gesture, the seed of an idea was planted: What if the government can do that?

Now we have the Fed. Notice we don't have any depressions resulting from bank panics anymore (something that happened frequently in the old days). Of course, that doesn't prevent depressions happening for other reasons, but let's try to solve one thing at a time here.
 
2012-11-27 01:53:54 AM

MugzyBrown: So you're cool with the heads of private banks controlling the economy


The heads of private banks have always controlled the economy.
 
2012-11-27 02:04:56 AM

TofuTheAlmighty: Banks are paper-pushers, that's it. Investment banks figure out where to allocate resources. Banks do not innovate--they parasitize, sometimes beneficially. Banks raking in huge proportions of profits is the most glaring sign that the economy is chronically ill if not fatally afflicted.


THIS is what's killing the dollar and the economy, not the banks. The banks are taking free money from the Fed to offload more mortgage backed securities... And you idiots wonder why gas prices are up 200% and corn prices are up even more since jan 2009. Don't blame the banks. Blame the govt for not letting the banks go under so that the wheel keeps spinning in the economy and the spending spree continues into oblivion in Washington.
quantumpranx.files.wordpress.com
 
2012-11-27 02:29:45 AM

tjfly: TofuTheAlmighty: Banks are paper-pushers, that's it. Investment banks figure out where to allocate resources. Banks do not innovate--they parasitize, sometimes beneficially. Banks raking in huge proportions of profits is the most glaring sign that the economy is chronically ill if not fatally afflicted.

THIS is what's killing the dollar and the economy, not the banks. The banks are taking free money from the Fed to offload more mortgage backed securities... And you idiots wonder why gas prices are up 200% and corn prices are up even more since jan 2009. Don't blame the banks. Blame the govt for not letting the banks go under so that the wheel keeps spinning in the economy and the spending spree continues into oblivion in Washington.
[quantumpranx.files.wordpress.com image 490x294]


You cannot possibly be serious. In January 2009, oil and gasoline were at prices indicating the beginning of the Second Great Depression.
 
2012-11-27 03:19:55 AM

vpb: I wonder what sort of scam they have come up with this time.


"morons who pay fees for things"

/ heeeeey, I pay fees for things...
 
2012-11-27 03:23:47 AM

Why Would I Read the Article: It's called the Federal Reserve.. scammin folk for over 70 years!

100 years, Sir! I believe their 100 year anniversary comes on December 31st. The Fed was created because the government for some reason didn't think that JP Morgan had enough money, and wanted him to have even more. The economy has been paying the price ever since.


Please read the second chapter of whatever book you got this opinion from.

Your grasp of this historical "fact" is frightening. "lets make JP morgan look like the bad guy cause he was rich" Never mind that he saved the damn country....
 
2012-11-27 04:34:05 AM

I sound fat: Why Would I Read the Article: It's called the Federal Reserve.. scammin folk for over 70 years!

100 years, Sir! I believe their 100 year anniversary comes on December 31st. The Fed was created because the government for some reason didn't think that JP Morgan had enough money, and wanted him to have even more. The economy has been paying the price ever since.

Please read the second chapter of whatever book you got this opinion from.

Your grasp of this historical "fact" is frightening. "lets make JP morgan look like the bad guy cause he was rich" Never mind that he saved the damn country....


He also destroyed Westinghouse and Tesla to protect his own interests in Edison. Captains of industry, as a class, are not good people. They mercilessly crush anyone who they perceive as a threat.

The fact that Morgan had the resources to do what he did is a good indication of what he was like. Anyone with those resources is as much of a threat as an asset to society. Talk about systemic risk and too big to fail. There is such a thing as having too much wealth, too much power, even if it's used in good ways. Consolidation is inherently a bad thing because of this.
 
2012-11-27 04:36:08 AM

stuhayes2010: How is BAC on that list? That stock has flat lined for 3 years.


Still trading at a P/E of 27.50

/thank goodness for that $.01 quarterly dividend
 
2012-11-27 07:19:39 AM

tjfly: Don't blame the banks. Blame the govt for not letting the banks go under


Becasue nothing bad would result from all the banks going under.
 
2012-11-27 07:32:32 AM
Bankers and Wall Street do a great flim flam job as grifters.

First the Democrats with a wink and nod rally against the Wall Street crowd for the base.

Yeah, Yeah fat cats.

Then Wall street makes the right donations and send them a Treasury Secretary from Goldman Sachs each election to educate the Presidents.

The Republicans are willing to go along with Wall Street with the belief in free markets . Then they get screw over as Wall Street robs the Reagan working class of their pensions funds when crashing the market.

Wall Street is a casino run by a mafia.
The original intent of raising money for business and investment is a joke. It's all algorithms now baby.
 
2012-11-27 08:12:03 AM

LoneWolf343: The Fed is control by the Board of Governors, who are appointed by the President and approved by Congress.


And the Federal Open Market Committee is comprised of 7 unelected beuracrats and 5 unelected presidents of private federal reserve banks who are appointed by a board of directors mostly controlled by the member banks.
 
2012-11-27 08:59:06 AM

MugzyBrown: LoneWolf343: The Fed is control by the Board of Governors, who are appointed by the President and approved by Congress.

And the Federal Open Market Committee is comprised of 7 unelected beuracrats and 5 unelected presidents of private federal reserve banks who are appointed by a board of directors mostly controlled by the member banks.


...And?
 
2012-11-27 10:35:21 AM
Oh, lovely, *this* thread again.

tjfly: what's killing the dollar and the economy


How's it possible to do those things at the same time?

Is there a model out there that shows a decline in the value of the dollar, starting from today, hurting the US economy instead of helping it?
 
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