Another Bailout?
The takeover of First Republic Bank by regulators was quickly followed by the U.S. government (FDIC) removing the worthless, toxic assets of the bank — at the expense of taxpayers — and handing the cleaned up bank to JP Morgan Chase. This is not the first time Morgan and Chase banks benefited from bailouts, and this does not mean that the banking system is now “very, very sound”, as it does not reverse the post-1971 shift of the U.S. economy away from physical economy to a speculative casino system.
Credit La Rouche Organization