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(CNN)   If we're being crushed by an inflation and heading straight for a recession, why are all the nation's banks making so much money right now?   (cnn.com) divider line
    More: Interesting, Bank of America, JPMorgan Chase, Jamie Dimon, coming weeks, Boeing 787, top banks, Credit card spending, Wells Fargo  
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461 clicks; posted to Business » and Main » on 18 Jul 2022 at 11:05 AM (10 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



31 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-07-18 9:38:06 AM  
Way to go Joe.
 
2022-07-18 9:53:55 AM  
Because banks make money lending money at higher rates?

I mean... that's like basic math and sh*t.
 
2022-07-18 10:31:27 AM  
Banks make money by charging fees.  They're engorging themselves by feeding on the blood of the American work force.
 
2022-07-18 11:08:32 AM  
Fees
 
2022-07-18 11:12:06 AM  
From the article:

A plunge in dealmaking has sharply reduced the amount of money investment bankers are bringing in after a blockbuster 2021. Investment banking revenue at JPMorgan fell 61% last quarter. At Morgan Stanley, it dipped 55%.

Home lending is one exception. Wells Fargo reported 53% lower revenue from this business compared to the same period last year, while JPMorgan saw a 26% drop.
 
2022-07-18 11:13:56 AM  
The momentum hasn't caught up with them yet.

/ It's coming
 
2022-07-18 11:39:09 AM  
Wtf is with the misplaced' today's?
 
2022-07-18 11:42:14 AM  

NewportBarGuy: Because banks make money lending money at higher rates?

I mean... that's like basic math and sh*t.


Shhh....profit is a 4 letter word here
 
2022-07-18 11:42:48 AM  
Also paying 0.1% interest on savings accounts.
 
2022-07-18 11:46:23 AM  
Fark user imageView Full Size
 
2022-07-18 11:59:16 AM  
THE GAME IS RIGGED AND THE HOUSE ALWAYS WINS.

duh.
 
2022-07-18 12:22:50 PM  
I'd guess that new banks are at least 1/4 of new commercial construction I've seen here.
 
2022-07-18 12:23:42 PM  

Marcus Aurelius: Banks make money by charging fees.  They're engorging themselves by feeding on the blood of the American work force.


I assume you are paid for the work that you do?
 
2022-07-18 12:26:39 PM  

enry: Also paying 0.1% interest on savings accounts.


They don't need to raise rates to attract deposits.

As much as everyone is biatching, Americans have a shiatton of money right now.


Now, as we start spending more on stupid shiat that we don't need you can expect some movement in rates on CDs and DDAs.

However really, idle money should just be invested.
 
2022-07-18 1:11:25 PM  
I assume we're looking for a more sophisticated answer than "they're amoral scumbags who manipulate the system to their advantage at our expense".
 
2022-07-18 1:59:30 PM  

Marcus Aurelius: Banks make money by charging fees.  They're engorging themselves by feeding on the blood of the American work force.


Crypto/Blockchain: you phoned??
 
2022-07-18 2:01:24 PM  
Unemployment is also at an all-time low and we're still adding jobs at an above-average pace, so it's not all bad.
 
2022-07-18 2:21:36 PM  

dryknife: I'd guess that new banks are at least 1/4 of new commercial construction I've seen here.


Fark user imageView Full Size
 
2022-07-18 2:22:45 PM  

madgonad: Marcus Aurelius: Banks make money by charging fees.  They're engorging themselves by feeding on the blood of the American work force.

I assume you are paid for the work that you do?


If i sit on my ass at home and live off bank stocks, does that count as doing work??
 
2022-07-18 2:23:28 PM  

ImpendingCynic: I assume we're looking for a more sophisticated answer than "they're amoral scumbags who manipulate the system to their advantage at our expense".


Bankster: you called?
 
2022-07-18 2:31:28 PM  

Linux_Yes: madgonad: Marcus Aurelius: Banks make money by charging fees.  They're engorging themselves by feeding on the blood of the American work force.

I assume you are paid for the work that you do?

If i sit on my ass at home and live off bank stocks, does that count as doing work??


No, that's retirement.
 
2022-07-18 3:40:10 PM  

madgonad: Marcus Aurelius: Banks make money by charging fees.  They're engorging themselves by feeding on the blood of the American work force.

I assume you are paid for the work that you do?


Not directly, no.  I also don't charge overdraft fees.
 
2022-07-18 3:48:57 PM  

Marcus Aurelius: madgonad: Marcus Aurelius: Banks make money by charging fees.  They're engorging themselves by feeding on the blood of the American work force.

I assume you are paid for the work that you do?

Not directly, no.  I also don't charge overdraft fees.


You mean kiting checks.

You do understand that before overdraft fees the bank wouldn't pay the check and the retailer would take the returned check to the police and the person kiting the check would be charged with either theft or fraud.

Maybe you are really young, but that is how things used to be. Banks will now PAY the check, let your account go negative, and charge you a fee. MOST people have overdraft protection on their account. For example, all USAA accounts have overdraft protection. The problem is that if your credit sucks you can't get it because overdraft coverage is a credit / loan offering.
 
2022-07-18 4:09:00 PM  

madgonad: Linux_Yes: madgonad: Marcus Aurelius: Banks make money by charging fees.  They're engorging themselves by feeding on the blood of the American work force.

I assume you are paid for the work that you do?

If i sit on my ass at home and live off bank stocks, does that count as doing work??

No, that's retirement.


Actually

Its socialism, capitalist style.

Living off the backs of other peoples labor wo contributing anything back to the company, unless it happens to be a company you worked at for years.
 
2022-07-18 4:09:56 PM  

madgonad: Linux_Yes: madgonad: Marcus Aurelius: Banks make money by charging fees.  They're engorging themselves by feeding on the blood of the American work force.

I assume you are paid for the work that you do?

If i sit on my ass at home and live off bank stocks, does that count as doing work??

No, that's retirement.


Labor creates wealth. Labor came before wealth and deserves the higher regard.
--A Lincoln
 
2022-07-18 6:15:31 PM  

Linux_Yes: madgonad: Linux_Yes: madgonad: Marcus Aurelius: Banks make money by charging fees.  They're engorging themselves by feeding on the blood of the American work force.

I assume you are paid for the work that you do?

If i sit on my ass at home and live off bank stocks, does that count as doing work??

No, that's retirement.

Actually

Its socialism, capitalist style.

Living off the backs of other peoples labor wo contributing anything back to the company, unless it happens to be a company you worked at for years.


Yeah, we get it Thiel. Go back to stealing blood from tweens.
 
2022-07-18 8:38:20 PM  

Linux_Yes: madgonad: Linux_Yes: madgonad: Marcus Aurelius: Banks make money by charging fees.  They're engorging themselves by feeding on the blood of the American work force.

I assume you are paid for the work that you do?

If i sit on my ass at home and live off bank stocks, does that count as doing work??

No, that's retirement.

Labor creates wealth. Labor came before wealth and deserves the higher regard.
--A Lincoln


Most labor does NOT create wealth.

Programmers creating software does - serving fries does not. Most wealth is extracted (grown, mined, or manufactured).
 
2022-07-18 9:11:15 PM  

Moopy Mac: Linux_Yes: madgonad: Linux_Yes: madgonad: Marcus Aurelius: Banks make money by charging fees.  They're engorging themselves by feeding on the blood of the American work force.

I assume you are paid for the work that you do?

If i sit on my ass at home and live off bank stocks, does that count as doing work??

No, that's retirement.

Actually

Its socialism, capitalist style.

Living off the backs of other peoples labor wo contributing anything back to the company, unless it happens to be a company you worked at for years.

Yeah, we get it Thiel. Go back to stealing blood from tweens.


ouch

i must have struck a nerve......
 
2022-07-18 9:16:17 PM  

madgonad: Linux_Yes: madgonad: Linux_Yes: madgonad: Marcus Aurelius: Banks make money by charging fees.  They're engorging themselves by feeding on the blood of the American work force.

I assume you are paid for the work that you do?

If i sit on my ass at home and live off bank stocks, does that count as doing work??

No, that's retirement.

Labor creates wealth. Labor came before wealth and deserves the higher regard.
--A Lincoln

Most labor does NOT create wealth.

Programmers creating software does - serving fries does not. Most wealth is extracted (grown, mined, or manufactured).



who poured the concrete/asphalt on the road so you could get to your destination..........

who cooked your fries so you could grab a quick lunch and continue on your way.

your definition of "wealth" is a bit skewed........which is what i would expect in the "greatest country on earth"

what i value and what you value can be two very different things.

if someone's labor creates value for me, then it is, in effect, creating my version of wealth.

you've been watching too much murcan TV.

i know it's just fries, but if you are hungry enough those fries are Wealth.
 
2022-07-18 10:33:39 PM  

Linux_Yes: who poured the concrete/asphalt on the road so you could get to your destination..........

who cooked your fries so you could grab a quick lunch and continue on your way.

your definition of "wealth" is a bit skewed........which is what i would expect in the "greatest country on earth"

what i value and what you value can be two very different things.

if someone's labor creates value for me, then it is, in effect, creating my version of wealth.

you've been watching too much murcan TV.

i know it's just fries, but if you are hungry enough those fries are Wealth.


Those activities don't create wealth - they actually destroy it.
 
2022-07-19 6:59:15 AM  

madgonad: Linux_Yes: who poured the concrete/asphalt on the road so you could get to your destination..........

who cooked your fries so you could grab a quick lunch and continue on your way.

your definition of "wealth" is a bit skewed........which is what i would expect in the "greatest country on earth"

what i value and what you value can be two very different things.

if someone's labor creates value for me, then it is, in effect, creating my version of wealth.

you've been watching too much murcan TV.

i know it's just fries, but if you are hungry enough those fries are Wealth.

Those activities don't create wealth - they actually destroy it.



not for lazy assed, sit at home murcan stock owners........

run along fascist.
 
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