The "New World Order" is apparently the "Same Old Order"

first, the "new wall street world order" emerges, richer than ever - at our expense...

A new order is emerging on Wall Street after the worst crisis since the Great Depression — one in which just a couple of victors are starting to tower over the handful of financial titans that used to dominate the industry.

On Thursday, JPMorgan Chase became the latest big bank to announce stellar second-quarter earnings. Its $2.7 billion profit, after record gains for Goldman Sachs, underscores how the government’s effort to halt a collapse has also set the stage for a narrowing concentration of financial power.

“One theme here is that Goldman Sachs and JPMorgan really have emerged as the winners, as the last of the survivors,” said Robert Reich, a professor at the University of California, Berkeley, who was secretary of labor in the Clinton administration.

i think it's a very questionable assumption to imply that the "worst crisis since the great depression" is over... i, for one, don't believe it's over nor do i believe it SHOULD be over... all that the trillions in bailout money we've thrown around like parade confetti is intended to do is perpetuate the status quo, the very same circumstances that created this mess in the first goddam place...

oh, and besides goldman and jpmorgan, here's the rest of the usual suspects...

Citigroup Reports $4.3 Billion Earned in Second Quarter

Citigroup posted a second-quarter profit of $4.3 billion on
Friday, beating analysts' forecasts. But its earnings were
lifted primarily by the sale of its Smith Barney unit, which
helped offset a decline in operating revenues as the company
continued to be hobbled by the economic and financial crisis.

Bank of America Posts $2.42 Billion Profit on Trading Gains

Bank of America reported a quarterly profit of $2.42 billion,
or 33 cents per share, beating Wall Street forecasts.

Like Goldman Sachs and JPMorgan Chase earlier this week, it
reported a handsome profit from its trading business. But the
company, one of the most troubled big banks, said that
"difficult challenges lie ahead."

dontcha just love the way the nyt qualifies such obscene quarterly profits: "the company continued to be hobbled" and "difficult challenges lie ahead"...?

oh, stop it... i'm tearin' up...

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