Two pieces of information about the economy:
1. Holy smokes, JP Morgan Chase holding $92,000,000,000,000 in derivatives
"$92 trillion is 74 times JP Morgan's assets, and 7 times the entire Gross Domestic Product of the United States...
"JPM has yet to really tank, compared to most of its peers.
"That may be coming soon though.
"Their Chase division of course has massive exposure to consumer credit card debt, which is the next shoe to drop.
"Not to mention JPM acquired Bear Stearns, a cesspool of toxic waste."
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2. A letter to The Herald (UK), 18 November 2008, explains what seems to be going on in the economy.
Things will surely get worse before they get better
"Once they have consolidated their position in the banking industry, financial giants, including Tony Blair's J P Morgan Chase, will use their windfall money gains and bailout money to extend further their control over the real economy.
"The next step will be to transform liquid paper "wealth" into the acquisition of real-economy assets.
"For example, Warren Buffett's Berkshire Hathaway Inc is a major shareholder of General Motors.
"Following the collapse in its stock values in October and November, Buffett boosted his stake in oil producer ConocoPhillips, and mentioned Eaton Corp, whose price on the NYSE tumbled by 62% in relation to its December 2007 high.
"None of this is accidental..."
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