Go to google and type in, "corporate profits" and count the number of posts that speak of record profits.
Highest profits ever! Well Hallelujah! The recovery is on. We know this to be true by this post:
JPMorgan Chase's Fourth-Quarter Profit Rises to $4.8 Billion ...Which includes some pearls of hope (ummm we might be being a little cynical here). Consider:
JP Morgan kicked off the banking industry’s earnings season on Friday with news that its profits surged 48 percent last year amid signs that consumers and businesses had slowly regained their balance in the aftermath of the financial crisis. The bank posted a $17.37 billion profit in 2010, up from $11.73 billion a year earlier, as losses on troubled loans eased. That strength held up in the fourth quarter, when JPMorgan handily beat Wall Street estimates with earnings up 47 percent, to $4.83 billion, or $1.12 a share, from $3.28 billion, or 74 cents a share, in the quarter a year earlier.
Hello..... see that little sentence in red up there? Must be true because the article goes on to state that
The solid results show how JPMorgan has emerged from the bailout era as one of the nation’s most powerful banks and seems poised to take further advantage of its position as the economy rebounds. Indeed, 2010 was the most profitable year in the history of JPMorgan, surpassing its earnings even at the height of the boom. Jamie Dimon, JPMorgan’s chairman and chief executive, offered what was perhaps his most upbeat assessment in three years, heralding signs of stability returning to the markets. “You are hopefully starting to see the foundation of a good recovery,” he said in a conference call with reporters
And
Workers in JPMorgan’s investment bank, on average, earned $369,000, compared with roughly $380,000 in 2009. Top producers, however, can still expect to collect multimillion-dollar bonus checks.
Well were glad to see somebody is recovering. However, should you be living in a bubble let us bust it by demonstrating that this is BULLSHIT! From:
