The mega banks are reporting higher profits that were most likely created years ago and stuffed into offshore repositories in off balance sheet transctions. From 1998 to 2008, they siphoned trillions of dollars out of the US economy using worthelss and faslely represented “Mortgage-backed bonds.”
How is it that both manufacturing and services declined over the last 40 years while the banks reported gains from the creation, issuance, sale, and trading of securities related to the US eonomy?
How is it that the financial sector accounted for about 16% of US GDP in 1970’s but now accounts for nearly 50%?
Does any of this make sense? Why is the Fed suporting a flasely portrayed financial sector? Can we ever make a landing without returning to fundamental economic values?
https://www.nytimes.com/2023/0
Biggest U.S. Banks Report Bumper Profits Amid Industry Turmoil
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The system is working exactly as designed with the Fed’s knowledge. Corruption!
No rhyme or reason. Economy functions on fraud.