The latest news from the most venerable house in Wall Street is disturbing to the markets but is to be expected. What Vince Cable calls Casino banking is clearly alive and well in the US as well as in the UK.
Of course if JP has lost 2 billion it would be nice to know who was at the other end of those trades because it or they would be making the corresponding gains.
There is no economic benefit from this kind of activity. The individuals involved take millions in remuneration. This comes out of the economy. Yet they put nothing into the economy.
Ours has become an economy where the battle is for money and not for value added. Money can be distributed in many cases without any real economic activity. The result of course is that some will get richer and others will get poorer. Who are the
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