From Pine View Farm

The Fee Hand of the Market 0

Free-market capitalism, indeed. The editors of Bloomberg explain how the banksters parlay bad judgment and reckless bets into places at the public trough.

To be precise, JPMorgan receives a government subsidy worth about $14 billion a year, according to research published by the International Monetary Fund and our own analysis of bank balance sheets. The money helps the bank pay big salaries and bonuses. More important, it distorts markets, fueling crises such as the recent subprime-lending disaster and the sovereign-debt debacle that is now threatening to destroy the euro and sink the global economy.

Remember, when you hear talk of “bail-outs” of Greece and Spain and wherever, who’s actually being bailed-out: banks who placed bets in made loans to Greece and Spain and wherever. Greece and Spain and wherever get to wave at the money as it goes by.

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