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At the end of my “Wall Street days” in the early 2000s, I came across a chart depicting a full one-third of U.S. corporate profits emanating from the financial sector.  As I was duly employed by then cash cow Salomon Smith Barney (i.e, Citigroup), I was well aware of how powerful banks had become; not to mention, how corrupt they had become…

The Moon and $30 Million for Jack Grubman

It was hard to believe such data then; as working in the industry, I was well aware of how it made essentially ZERO contribution to economic growth.  Sure, they “helped” companies raise money; but frankly, banks act more like carnival barkers than industrialists.  Nearly all the companies Wall Street took public in the late 1990s went down in price; and most of them – internet start-ups come to mind – either went bankrupt or wasted away…

On the bankruptcy of internet companies: An empirical inquiry

Irrespective, it did not seem possible that a bunch of PAPER PUSHERS could be considered GDP components in the first place; particularly as their work resulted in MASSIVE capital losses – including their own

List of banks acquired or bankrupted in the United States during the 2007–2012 global financial crisis

From the commencement of 2008’s Global Meltdown I, it is now “FIVE YEARS LATER”; and thanks to the INFLATION and CAPITAL MISALLOCATION engendered by the most maniacal MONEY PRINTING orgy of all time…

QE4-Ever: Fed Announces 4th Round of Quantitative Easing

ECB cuts rate to record-low 0.5%; Chief hints at bolder moves

Japanese central bank doubles money supply in fresh bid to spur inflation

2013 – The Year of the Non-G7 Rate Cut

…the GLOBAL economy is plunging toward its 2009 lows…

Europe in recession – Finally, it’s official

Eurozone unemployment hits record-breaking 12.1%, 19.21mn out of work

Welcome Back Recession: Chicago PMI Implodes To 49, First Sub-50 Print since September 2009

…yet, “Wall Street” is recording NEAR RECORD profits…

Wall Street records Biggest Profit since before the Financial Crisis

…as its core business collapses

Wall Street Jobs Plunge as Profits Soar: CHART OF THE DAY


Fed ZIRP Commitment

For some time, I have sought out the aforementioned chart – without success.  However, I just came across it again; and lo and behold, the financial sector still generates nearly 25% of this once great nation’s “profits”…

Financial Profits Share of Total Profits

…while the lifeblood of a healthy economy – MANUFACTURING – continues to disappear
In 2012, nearly 12 million Americans (or 9 percent of the workforce) were employed directly in manufacturing.
Frankly, there’s not much more to say here – other than that the House of Cards that is the United States economy is built on “FRAUD 101.”