The Earnings Report for Main Street

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Prakash Laufer"To add insult to injury to working America, in came the earnings reports from Goldman Sachs and JPMorgan Chase. At these mega banks, balance sheets are healthy, profits are up and bonuses for top executives are bigger than ever. JPMorgan Chase just reported $11.7 billion in profits and $26.9 billion in compensation and bonuses. Goldman Sachs made a record-high profit of $13.4 billion in 2009 and is slated to hand out $16.2 billion in compensation and bonuses.

These are some of the same institutions whose predatory and unethically risky actions brought our economy to its knees. But, thanks to billions of dollars in government resuscitation, they seem to be recovering nicely from their near-death experiences.

The "earnings report" for the rest of the U.S., however, includes — drum roll, please — higher unemployment and continued foreclosures, with no relief in sight. It sounds like a raw deal because it is. Big banks and Wall Street financiers ignited the foreclosure crisis, setting our economy ablaze, resulting in the loss of millions of homes and jobs.

While Americans everywhere are suffering, not all are suffering equally. Communities of color are, once again, experiencing the brunt of this recession. [...]"

Read the full op-ed by Prakash Laufer on NewJerseyNewsroom.com.

 


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