The earnings of Apple, IBM and Western Digital are legitimate. They make things and sell them.
The “earnings” of Bank of America, Wells Fargo, Citicorp, AIG, Goldman Sachs, JP Morgan and General Electric are a sham. These reported earnings were nothing but accounting entries relieving their loan loss reserves and the interest earned on the backs of taxpayers by borrowing from the Fed at 0% and reinvesting the money in Treasuries. Their earnings, which account for about 70% of the reported S&P 500 earnings, are a sham and don’t benefit the country in any way. They just enrich the oligarchs that run these criminal institutions. So it goes.
What kind of a warped economy has 10 companies out of 500 account for 88% of the incremental profit earned in this country?