On the Day we Reach a Monthly Foreclosure Filing Record Banks Announce Record Profits and the Stock Market is up 80 Percent.
It is rather fitting that on the day we hear about banks reaching record profits once again, because after all it is so difficult to borrow at zero percent and gamble in the stock market and make a gain, that we also find out that March was the highest month of foreclosure filings ever (and we’ve had some bad months). If there was ever a more clear indication between the split from Main Street and Wall Street this is probably the strongest indicator so far.
I’ll include the charts below but being blunt about the situation, the bailouts worked. If we define “worked” as boosting banking profits once again while 40,000,000 Americans are on food stamps and 17 percent remain underemployed then all is well again in the economy. Yet this isn’t what the American people bargained for in the bailouts. In fact, they didn’t want the bailouts if you remember the massive anger from both aisles calling their representatives.
But the cronies didn’t listen since they receive millions in lobbying dollars and $13 trillion went to Wall Street in the biggest wealth transfer witnessed by the disgruntled American public.
