Banks and securities firms have reported more than $640 billion in losses, writedowns and credit provisions since the start of 2007 and raised $611 billion in capital to offset those losses, according to data compiled by Bloomberg. New York-based JPMorgan, the biggest U.S. bank by assets, reported third-quarter net income yesterday of $527 million and Wells Fargo in San Francisco earned $1.64 billion.
Those are massive losses. But remember -- they're all contained to the financial sector so everything is A OK.
1 comment:
Hale, I enjoy your posts on HuffPo and DKos, I feel I am much better informed because of them. That's why I am approaching you for a small favor.
I'm on an email chain going back and forth on this economic meltdown issue with about 8 different people. Only one person in the group works in the finance industry and he keeps putting all the blame for this on the government's social engineering through the GSE's. He uses a lot of industry terminology to "explain" why this is, but I suspect that, since he knows that he is the only one in the group in finance, he is just bamboozling us with bullshit and expects us to just trust him on this.
So I was wondering if I could send you a couple examples of his rants and you could tell me once and for all if anything he says has merit or if he's just bs-ing the laymen to shift the blame. His rants aren't long, it would probably take you 5-10 minutes.
If this is cool with you, my email is keef86@gmail.com
Thanks
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