With huge profits reported this week from two bailed-out institutions, Sacramento-based real estate investor Reggie Lal is euphoric:
JPMorgan Chase & Co. posted a 36 percent jump in second-quarter profit Thursday, easily surpassing analysts' expectations, as strength in investment banking offset higher credit losses. JPMorgan, the second big bank to report stronger earnings this week after Goldman Sachs Group Inc., earned $2.72 billion, up from $2 billion a year earlier. Revenues soared 39 percent to $25.62 billion.Results were driven by record investment banking fees and revenue in its bond business, much like Goldman Sachs. At JPMorgan's investment bank, revenue jumped 33 percent to $7.3 billion and profits more than tripled to $1.5 billion.
Amazing what a bail-out will do for you !! (emphasis in original)
Meanwhile, Janine, a laid off security guard living in a tent city along the Sacramento River (because funding was cut for shelters) offers her perspective just before authorities evict them (via Invisible People TV):
Janine from InvisiblePeople.tv on Vimeo.
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