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It's Economics vs Thermodynamics. Thermodynamics wins. -
Re: JP Morgan smashes expectations with $3.6bn profit
That's Goldman...Originally posted by *T* View Post
...these guys are just necromancers.
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Re: JP Morgan smashes expectations with $3.6bn profit
Writedowns on Mortgage Servicing Make Even JPMorgan Vulnerablemay have to take writedowns, oh no....
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By Michael J. Moore
Oct. 12 (Bloomberg) -- The four biggest U.S. banks by assets may have to take writedowns on $55 billion of mortgage- collection contracts after marking them up by $11 billion in the second quarter, casting a shadow over earnings.
Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. wrote up the value of the contracts, known as mortgage-servicing rights or MSRs, by 26 percent in the quarter as mortgage rates climbed by about 0.35 percentage point. Net gains on the contracts added more than $1 billion to Wells Fargo’s record earnings in the quarter and $1 billion to JPMorgan’s first-quarter profit.
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http://www.bloomberg.com/apps/news?p...d=aPz0hsBTTR4A
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Re: JP Morgan smashes expectations with $3.6bn profit
Originally posted by *T* View Post
JP Morgan is a ticking time bomb:
http://seekingalpha.com/instablog/10...into-jp-morganComment
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Re: JP Morgan smashes expectations with $3.6bn profit
JPM is "too big to fail", they will be bailed out in the unlikely event their derivatives exposure moves against them. They and Goldman are masters at making sure another party takes losses. I wouldn't hold my breath.Originally posted by bcassill View PostComment
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Re: JP Morgan smashes expectations with $3.6bn profit
The only thing that is going to fail is the USG. This shit is getting classic.Originally posted by santafe2 View Post
The FED gives the money to the banks to buy stocks.
Stock market goes up.
Stockholders sell position then profits re-enter the consumer makets through spending.
Banks then continue to replenish stockholders by buying stock with money given to them by the FED.
Wash.
Rinse.
Repeat.
Free money for everyone.
You would have to be a fool not to realize that the system is broke and cannot be fixed without default or massive devaluation. This is a global Ponzi of epic proportions.
The FED's mantra is simply to keep the Ponzi going by any and all means possible. They have no exit strategy.Last edited by Quincy K; October 14, 2009, 11:44 AM.Comment
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