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View Diary: Already In Deep Hot Water, JPMorgan Chase May Have Just Reached Its Boiling Point (Part I of II) (181 comments)

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  •  Yet the Afterparty Is Raging on in New York (16+ / 0-)

    There was a slight dip at the start of the crisis in 2008, but when the Fed rushed in with unlimited free bailouts for banks in the year that followed, the party surged again.

    We were just told by our building management company that our rent would go up again this year -- which makes an increase of over $700 a month in two years. The cause? Demand for housing by young Wall Streeters who are the recipients of this government largesse.

    My guess is that the party will only stop again briefly in the case of a problem with Europe.

    The Fed and Treasury will shoot hundreds of billions or trillions at U.S. and foreign banks from their magical canons in response to any looming crisis, while screaming at working people for austerity. The banks will survive, the 1% will get richer, and talk about reform will be suppressed ...

    And we'll all wait for the next crisis waves, three to four years down the road.

    "I'll believe that corporations are people when I see Rick Perry execute one."

    by bink on Thu May 24, 2012 at 05:37:13 AM PDT

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