Record Bank Profits?!

While many Americans are still trying to pick up the pieces and hoping the equity they once had in their homes will find its way back, it’s good to know banks aren’t hurting. On Wednesday the FDIC released their quarterly report for the banks they insure, and U.S. banks have now recorded a new all-time high by netting $40.3 Billion in Income. That’s right, they may have written a few hundred thousand bad loans and sold scores of useless mortgage-backed securities, but we’re relieved to see that they’ve figured out how to still make more money than ever before in history!

Guess where all these profits generate from? You and I – the consumers and borrowers that pay all the fees! Is it just me, or does this whole “we’re in this together for the recovery and future of the economy and country” seem a bit unbalanced?

Do you think we need action in Washington to better appropriate the tax dollars that get used to bail out institutions like these FDIC insured banks? Or is what’s good for the banks good for the rest of us as it trickles down to build things? Is anyone else holding their breath waiting for that?!