Banks Take a Hit in Tough Economy

Thursday, October 13, 2011

A great deal of anger has been directed at the profits of the banking industry since the onset of the recession. One of the focal points of Occupy Wall Street, and of the like-minded protests that have emerged throughout the country, is precisely this discontent with the earnings of banks, particularly during a period of such economic duress for the rest of the country. But the quarterly reports from the banks have been showing that they've taken considerable losses over the past three months.

Louise Story, Wall Street and finance reporter for The New York Times, discusses the possible short and long-term effects of the past quarter in the banking industry.


Louise Story

Produced by:

Jen Poyant

Comments [2]

Angel from Miami, FL

I agree with "listener". All corporations are benevolent organizations seeking only the noble endevour of revenue streaming whilst avoiding any/all harmful interaction with individuals, civic associations, and government entities. I just don't support the myth that folks in command of such enterprises would employ their resources for nefarious purposes of any kind. You go "listener"! Way to stand up for the big guys.

Oct. 13 2011 09:53 AM

Of course careful avoidance of Dodd/Frank, Durbin and other government interference which is instigating the banking crisis.
Please invite Gretchen Morgenson, a Pulitzer Prize-winning business reporter at your partner The New York Times who co-authored the book "Reckless Endangerment". The book may finally put to rest the constant stream of tropes and misinformation about the current financial crisis although specious progressive narratives on this issue may be shaken.

Before the banks were demonized it was the oil companies, before them it was the insurance companies, before them it was the car companies and on and on until you reach the Kulaks.
There is nothing original about OWS and their supporters ideology.

Oct. 13 2011 08:11 AM

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