JP Morgan/Chase Bank announced RECORD profits, again!

JP Morgan Chase executives said the bank would increase stock buybacks so that a mounting pile of tens of   billions of dollars in excess cash doesn’t grow further”.

1.  JP Morgan/Chase Bank again registered RECORD profits. So much money, it doesn’t know what do with it so they will buy back tens of billions of dollars of its own stock further enriching the already decadent rich in America.

2. This is not unique to JP Morgan or the banking industry: Just about every business sector is raking in record level profits and record level stock prices. They are all flooded with excess profits derived by charging too much for their products and not paying their employers enough in wages/benefits.

3. On average for the last two years, Corporate America has bought nearly One Trillion dollars/year of their own stock. It’s a tool of the rich to protect income from taxes and further gives huge amounts of additional income/wealth to the rich. A generation ago, it was illegal to buy back corporate stock. Now everyone is doing it. There is so much cash in the hands of corporate America. In contrast a pittance of wealth among the working class.

4. All of this profit is in sharp contrast with the net worth of most Americans. They are struggling to survive with stagnate wages, diminishing work benefits and rising prices for essentials like housing and food. This is unfair and immoral, and it must end. A robust government must protect the working class from gross greed in Corporate America. This is NOT sustainable!

5. To put into perspective the gross imbalance in wealth/income in America, The three richest people in America have a total net worth equal to the total combined net worth of 165 million Americans! That is absolutely outrages and immoral!