It's a Great Time To Be a Banker in America
Matt Yglesias passes along this remarkable chart from Morgan Stanley's Adam Parker showing that 88 percent of all the profit growth in the S&P 500 this year has been concentrated in ten firms in a grand total of two industries: technology and finance. In particular, seven of the ten firms are financial companies. Keep this firmly in mind the next time some Wall Street titan complains yet again that Obama hates banks and is out to destroy them. This is not a sign that Obama has done anything serious to hurt the financial industry; it's a sign that America's bankers are comically thin-skinned whiners.