J.P. Morgan's Profit Is America's Loss
JPMorgan Chase earns $3.3B in Q1 on strong trading
No longer are banks making money banking....that is because many of their customers are shutting down and/or going bankrupt and lending is a money losing proposition . Banks financial statements are probably not much more than outright fraud.
So now banks must make "money" trading as banking is a money losing proposition.....and the joke is we are providing those banks with a pile of essentially unlimited free money to fund trading....instead of providing that money to the taxpayers to pay off the banks.
And guess who they are trading against????? That is right, the managers of your pension/retirement/and investment accounts.........as they continue to infect you with more and more toxic debt.
Heads I win....tails you lose........and it looks like America is on the tail end of this one as the nation continues shutting down.