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Wall Street Banks Tank Yesterday as Contagion Threat Grows

Courtesy of Pam Martens.

JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley:  Share Price Action Since January 2, 2018

JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley: Share Price Action Since January 2, 2018

By Pam Martens and Russ Martens: May 30, 2018 ~ 

Big Wall Street bank stocks outpaced the decline in the markets yesterday by a big margin. That’s a serious problem but here’s a bigger problem: if you get your information from mainstream media, you have no idea this happened or what it portends for the U.S. economy.

Corporate media (a/k/a “mainstream” media) is obsessed with ratings, clickbait and celebrities behaving badly – which goes a long way in explaining why the U.S. has a billionaire celebrity in the oval office who publicly talks about television ratings when he greets hostages released by North Korea.

It’s also now clear why so many members of Congress claimed that nobody could have seen the 2008 financial crisis coming: mainstream media simply refused to heed and report on the many warnings. The same thing happened yesterday.

The Standard and Poor’s 500 Index fell by 1.16 percent yesterday while big banks on Wall Street fell by three, four and five times that amount. Morgan Stanley fell by a whopping 5.75 percent, helping its decline along by announcing at a conference that its wealth management division has been experiencing a slowdown since March. JPMorgan Chase, which serially touts its “fortress balance sheet,” shed 4.27 percent. Citigroup and Bank of America were down 3.99 and 3.98 percent, respectively, while Goldman Sachs shed 3.40 percent. All of the banks traded on heavier than normal volume – another negative signal.



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