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Banking profits down 87%

Started by morganb · 10 months ago

The banking sector had its worst quarterly performance in nearly twenty years as profits fell 86.5% across the sector. The weakening has forced the FDIC to begin replenishing the deposit insurance reserve this fall. The major loss in profits was tied to loan loss reserve provisions which require banks to keep additional cash [...] ... Continue reading »

1 comment

  • This is really scary. The banks create money out of nothing using the fractional banking system and the Federal Reserve. If they can create money out of nothing and are still having trouble, that is precarious indeed.

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