Chart of the Day: It’s a Good Time to Be a Bank

The latest FDIC report is out, and I know you’ve been waiting for it. Check out how our banks are doing!

Isn’t that great? And don’t be bitter just because you and I are more likely to be getting 2 percent raises this year. America’s banks made their money the old fashioned way: they lobbied for it. The FDIC explains:

The 5,542 FDIC-insured commercial banks and savings institutions reported net income of $60.2 billion during the three months ended June 30, an increase of $12.1 billion (25.1 percent) from a year earlier. Higher net operating revenue (the sum of net interest income and noninterest income) and a lower effective tax rate contributed to the increase in industry net income. Assuming the effective tax rate before the new tax law, net income would have totaled an estimated $53.8 billion, an increase of $5.6 billion (11.7 percent) from second quarter 2017.

Without the Republican tax cut, bank earnings would have increased $5.6 billion last quarter. But with the Republican tax cut, bank earnings increased $12.1 billion. Ka ching! We should be seeing some very nice bonuses on Wall Street this year.

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We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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