In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
Yet it shows us that the anti-bank political climate in Washington might be good for Wall Street’s biggest investment bank. A great stock, Goldman Sachs might get better because of the new status quo in the nation’s capitol.
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Another reason why bank revenues are growing is that upper income families are making more money. University of Berkeley Economist Emmanueal Saez reported that the incomes of the richest 1% of US workers increased by 7.7% in 2015, CBS reported.
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Goldman Sachs lost more than half of its net income between March 2015 and March 2016. The bank reported a net income of $9.288 billion in March 2015 that fell to $4.37 billion in March 2016. That’s a decline of $4.918 billion and it appears to be accelerating.
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Silicon Valley could soon become the world’s new financial center, displacing New York. This means it will set the pace for the world’s economy.
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