Well that’s a big relief: Banks report record earnings.

Via WaPo:

Banks report record earnings of $40.3 billion in the first quarter

Profits at the nation’s banks topped $40.3 billion in the first three months of the year, the largest quarterly total on record and evidence of the industry’s robust recovery, the Federal Deposit Insurance Corp. said Wednesday.

“The banks are back,” [Moody’s Analytics chief economist Mark] Zandi said. “Only four years after the banking system was literally looking into the abyss, it is highly profitable again.”

bankprofitsI don’t know about you, but I have been so worried about the tiny handful of citizens that comprise our nation’s bankers. Like all oppressed minorities, they have long suffered from a disproportionate lack of political clout, and are unfairly demonized just for going about their business. Although we can try to empathize, none of us can truly imagine the burdens they live with and the pain they endure.

But today, once again, we see affirmation that the American Dream really is within the reach of anyone who has the strength of character to work hard and pull themselves up by their bootstraps.

God* bless America!

__________
* By which I mean Vishnu. Obviously.

This entry was posted in economics by Iris Vander Pluym. Bookmark the permalink.

About Iris Vander Pluym

Iris Vander Pluym is an artist and activist in NYC (West Village), and an unapologetic, godless, feminist lefty. Raised to believe Nice Girls™ do not discuss politics, sex or religion, it turns out those are pretty much the only topics she ever wants to talk about.

2 thoughts on “Well that’s a big relief: Banks report record earnings.

  1. Behind every great bank profit is a great crime. Just had Bill Gates down here in Australia for a few days – a monopolist masquerading as a philanthropist.

  2. Someone I retweeted on Twitter yesterday said:

    Cate Long ‏@cate_long 29 May

    So US economy = $15 trillion and US banks have $233 trillion of derivatives on their balance sheets… sounds about right…

    Yep.

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