Back to business as usual

The collapse of the US financial sector never happened. Seriously;

“The financial giant JPMorgan Chase has announced second quarter profits of over $2.7 billion. The company repaid $25 billion in TARP aid last month but continues to rely on other federal help through the Federal Deposit Insurance Corporation and the Federal Reserve. JPMorgan is the second major Wall Street firm to post a huge profit this week, following Goldman Sachs’s announcement of a $3.44 billion second quarter.”

Cue gibberish in the business press about the ‘wisdom of the markets’ and unfettered capitalism increasing productivity and innovation. We’ll be told this was just a blip and a ‘market correction’. That’s probably the case if you’re life hasn’t been destroyed by the economic crisis, but if you’re a mere mortal, you should still be asking why elected governments allow unelected private enterprises to dominate our everyday lives.