The Spark

the Voice of
The Communist League of Revolutionary Workers–Internationalist

“The emancipation of the working class will only be achieved by the working class itself.”
— Karl Marx

Profits Shoot Up for Criminal Banks

Jul 22, 2013

The “too-big-to-fail” banks reported vastly increased profits for the past three months.

Goldman Sachs doubled its profits, compared to last year. Bank of America jumped 63%, to four billion dollars. Wells Fargo corralled 5.5 billion dollars and JPMorgan Chase, 6.5 billion.

Altogether, the six largest banks sucked TWENTY-THREE BILLION DOLLARS out of the economy in just three months, and sequestered it for their shareholders.

And this is hailed as a sign that the economy is getting better!

No, this is not better. After the banks suck their exorbitant interest rates and fees out of the little money that most people have available, there’s nothing left to buy goods and services that push the economy forward.

These banks crashed the economy in 2007. Yet not only are they allowed to profit from their crimes, but we are told that they are to be congratulated!

Pardon us if we don’t do as we are told. Not for them!