Posted on 01/15/2025 7:03:13 AM PST by libstripper
Big bank profits surged in the fourth quarter and Wall Street roared back to life, with net income rising 50% at JPMorgan Chase and more than doubling at Goldman Sachs.
The banks benefited as big corporate clients grew optimistic about the economy and the incoming Trump administration, spurring a return to dealmaking, fundraising and trading.
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Making money with other people’s money.
Wish I had thought of that.
Yes, and it’s all going in the right direction. Energy prices (the largest driver) are affordable, inflation “sticky” at 3%, so what, check this out:
In 2023, the average rate of inflation was 4.1%.
In 2022, the average rate of inflation was 8.0%.
In 2021, the average rate of inflation was 4.7%.
What’s so bad about 3%?
“Making money with other people’s money. Wish I had thought of that.”
It’s what we’ve all done all of our lives.
I’m sure their profits are directly tied to record consumer debt levels, particularly credit card debt.
Exactly. Their profits are not necessarily a good sign.
Yes, their profits are a good sign. Why are people so negative when opportunity is everywhere?
The numbers to crunch are increases in wages vs increases in housing costs (cost to own, cost to rent) over the past four years.
It is a disaster.
The standard of living for the bottom 80% has declined very significantly.
It will take several great years just to get back to even.
The bottom 80%, hysterical. People with decent skills are doing fine. People with good skills are doing very well. People will low skills aren’t. Whose job is it to improve my skills?
You can find the data.
I am not making any value judgments here.
Thanks, I’ve watched the data for 45 years.
Doug’s.
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