Last Week's Market Overview And Understanding Global Banking
Marvin Clark | Jun 12, 2015 06:27AM ET
{{169|DOW}} + 38 = 18,039
SPX + 3 = 2130
NAS + 5 = 5082
10-YR YLD – .10 = 2.38%
OIL – .87 = 60.56
GOLD – 3.60 = 1183.00
SILVER + .02 = 16.13
Retail sales rose 1.2% in May on a understands how banking works . Warren is a Senate Banking Committee member, who has challenged the size of large lenders and their political power. She has said it was a mistake for the government to refrain from breaking up big banks after the 2008 financial crisis. Last month, as firms including JPMorgan pleaded guilty to resolve probes into market-rigging, she criticized regulators for granting waivers that let the companies continue operating certain businesses.
At an event in Chicago on Wednesday, Dimon said, “I don’t know if she fully understands the global banking system.” I think I have to agree with Jamie Dimon on this one. If Warren fully understood banking, she would have looted billions of dollars in a bubble inflated through accounting control fraud, crashed the economy, orchestrated the largest upward transfer of wealth in world history in the bailouts, paid herself a big bonus out of the bailout money, and become a billionaire in an industry where net profits equal government subsidies. And then paid millions to buy politicians to push back on regulations, while rigging every market from Libor to Forex to…, well every market. That’s what understanding banking means.
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