How are tens of billions per year in large bank profits so insulted from the pain in the real economy and…
The Fed announced that large US banks passed a new (phony) stress test and were allowed to do share buybacks again.
But how are tens of billions per year in large bank profits so insulted from the pain in the real economy and banks are not making loans into the real economy as measured by the velocity of money?
Jason talks about how banks have changed their business models for profit over the last few decades thanks to insights from former manager director of Goldman Sachs and Bear Stearns, Nomi Prins.
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