“Among the items of interest in JPMorgan Chase’s written [earnings] presentation was that it spent $6.7 billion in this past third quarter buying up its own stock and thus boosting its stock price artificially beyond outside investor demand. The third quarter buybacks of its stock came on top of spending $5 billion in the second quarter and $4.7 billion in the first quarter, bringing its net repurchases of its own stock just so far this year to a whopping $16.4 billion — money that could have otherwise gone to loans to small businesses to kickstart innovation and job growth in America.
The [House Financial Services’] Subcommittee notes that buybacks have skyrocketed from less than $200 billion in 2000 to a record $811 billion last year. The mega banks on Wall Street are responsible for a big chunk of those dollars.
Another unprecedented and totally crazy aspect of today’s banking scene is that criminal felony charges no longer matter. You can be a bank like JPMorgan Chase, holding $1.6 billion in deposits for risk-adverse savers, while also being regularly charged with crimes.”
Pam and Russ Martens, Capping the Craziest Banking Era in US History
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are those recent #s?
And there lies a large part of our problem. Americans are taxed to the point government is consuming a large portion of the seed money that would have gone into new business or innovation in the past.
“Tax The Rich!” also snares many who would start a business.
Now, we are incentivized if not forced to go into debt to improve our lot in life. Starting a business, get a loan. Furthering your education, get a loan.
Wait until we fully implement the Chinese Social Capital Model. Innovation will grind to a halt because many new businesses or innovators also won’t be able to borrow money, including most reading this site.
““Tax The Rich!” also snares many who would start a business.”
it actually nails more up & comers than it does the rich–
rich people are living off of tax free or tax reduced investments while the exec or top salesman is living off of w-2 income,which is taxed at a much higher %–
but try telling that to the average voter–
JP Morgan typically is not involved in small businesses or start-ups(unless you are Joe Biden’s kid or similar). They are a money center bank meaning they loan to other banks and very large businesses/governments etc. with loan syndications, bond issuance etc. The guy starting a body shop, tool and die, injection molding, vet practice is not their customer. Plenty of banks more than happy to make those loans. The $16B in buybacks is actually a vote of no confidence in themselves. JP Morgan would make loans to anybody they thought they could make money from instead they give the money back to their shareholders in effect saying “we have no way to put this money to work so we are going to give it back to you in a short term self-serving way.” The repurchased shares could be canceled (Reducing the total shares outstanding) held as Treasury stock and then used later but over time it makes JP Morgan and any other company that buys back their own stock less attractive.
The Chinese Social Credit Score, by the time that is implemented the US will be a smoking ruin……it would require a complete command and control economy with information systems…yes the tech is there but the constitution would have to be eliminated/amended to the point of irrelevance. Not happening without a serious fight.
i just read at another site that jamie dimon,the head of jp morgan,blames the recent turmoil in the repo market on govt regulation–