Does this kinda fit in here?
Zero Sum Speculation
Quote
"Even as it weathers the worst economic downturn in decades, JPMorgan
Chase said Thursday that it had made a $2.7 billion second-quarter profit as a
result of stellar trading and investment banking results."

This was essentially the same story we got from Goldman. Neither bank made
its money the old fashioned way -- by lending to worthy projects; they made
their dough by "trading" and "investment banking." In other words, they made
billions from speculation.

Anyone who takes this as evidence of a recovering economy should work for
the government. Only a government economist or a mental defective (excuse
us for being redundant) could believe that genuine prosperity can be built on a
foundation of speculating by large financial institutions. You can see why by
asking a simple question: whom were they trading against?

Speculating is a zero-sum game. No matter who wins, the economy is not a bit
better off; it has not a centime more in resources. Goldman and JPMorgan
report earning, together, more than $6 billion. Who was on the other side of
that trade?

There is also something fishy about the whole thing. Trading is not only a
zero-sum game, it's a game of chance. Traders lose money about as often as
they make it. Of course, normally, the traders at the big banks have an
advantage; they are not idiots. They make money by taking it away from the
amateur traders, who are idiots. But what amateur traders put up $6 billion?

Our guess: the fix is in. They are taking advantage of the feds' stimulus
programs...and trading against the biggest patsy in the world, the U.S.
taxpayer.

Last edited by itstarted; 07/18/09 10:51 AM.
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