Here's a fun string of articles!
First - From Reuters.com: JPMorgan Q3 net falls; bank eyes expenses
OK, bank profits are down. Big deal, so what? Well, let's compare that article with this one.
From DailyKos.com: JP Morgan buys NYPD for $4.6 million
In a response to the protestors of Occupy Wall Street (I know, I just can't seem to drop the topic), the bankers at JP Morgan made an unprecedented 4.6 million dollar donation to the New York Police Department. OK, now go back to the Reuters article. What's the figure that they report as a loss for Q3? $1.02 per share from its position last year. Down to $4.3 billion, from its $4.4 billion position last year at this time.
So, with these "monumental" losses, JP Morgan now must cut 1,000 jobs from their banking firms. The Reuters article goes on to throw in a bunch of technical finance jargon that have my head spinning like the girl from the exorcist. I will require the services of an old priest, and a young priest, if I am to have any hope of excising the demonic odor of pea soup from my furnishings. I'm quite sure that someone with a more stable background will be able to take these articles and explain them in a way that makes complete sense, both in regards to morality and sound business ethics. And I am also quite sure that such a faceless business casual professional would be completely full of shit.
In the long run, all you have is a bank laying off a large number of their employees in one sector, in order to open up funds for paying their new security force. Just wait until old man Morgan decides it a prudent business decision to purchase Blackwater. We'll see who's laughing then.
Let me tell you friends. There is only one cure for this kind of angst.
Singing Lord preserve us, and protect us!
We've been drinking Whiskey for Breakfast!!