Despite Global Economy Plummeting into Despair, Mega Banks Boast All-Time Record Profits

thefreethoughtproject.com

After seven years of benefiting from the greatest transfer of wealth in history, the U.S. banking industry topped it off with record profits in 2015. The Great Fleecing may have reached its height just as the scheme known as Quantitative Easing ran out of gas.

“The U.S. banking industry earned net income of $163.63 billion in 2015, the highest net income of any year in the SNL bank regulatory database, which dates back to 1991…

The largest four banks, JPMorgan Chase Bank NA, Bank of America NA, Wells Fargo Bank NA and Citibank NA together earned 42.7% of the industry’s income in 2015.”

This bonanza stands in stark contrast to the plight of the middle class, whose wages have stagnated while health insurance costs reach crippling proportions. Wealth inequality in the U.S. has greatly expanded–a trend that defines countries with Quantitative Easing (QE) programs.