Citigroup, Wells Fargo, Bank of America, and investment firm BlackRock reported increased earnings Wednesday, while everyday consumer goods prices have increased due to President Joe Biden’s inflation.
Bank of America earnings per share soared 111 percent to 78 cents, and Wells Fargo earnings surged 247 percent to 97 cents a share, as Citigroup earnings per share are set to increase 298 percent to $1.99.
Also increasing their profits, BlackRock, whose principle is a supporter of mitigating the theory of “climate change,” recorded earnings, adjusted for non-recurring costs, at $10.03 per share, along with a stock price increase of 26 percent since Biden assumed office.
In more good news for the Wall Street elites, JPMorgan Chase posted on Tuesday “second-quarter earnings of $11.9 billion, or $3.78 per share, which exceeded the $3.21 estimate of analysts surveyed by Refinitiv.”
Goldman Sachs additionally reported second-quarter earnings Tuesday “of $15.02 per share, topping analysts’ expectation of $10.24 earnings per share,” CNBC explained. “The bank posted its second-best ever quarterly investment banking revenue as a rush of IPOs hit Wall Street last quarter.”
The reaping of large profits by big banks and the Wall Street firms comes as consumer goods prices are increasing due to inflation.
But despite Biden’s claims, “No one is talking about this great, great, you know [inflation],” Federal Reserve Chair Jerome Powell said Wednesday that inflation “will likely remain elevated in coming months” before acknowledging “that price gains have been larger and more persistent than many” Democrats predicted, the Associated Press reported.
Breitbart News reported Wednesday the Producer Price Index rose 7.3 percent in June from 12 months earlier, the largest demand since 12-month data was first introduced in 2010. In comparison to May, the index rose one percent. On average during the pre-pandemic Trump administration, the index rose by around 0.2 percent per month.
The rising index translates to specific price increases for items, such as used cars (29 percent), strawberries (26 percent), blueberries (15 percent), Baguette (11 percent), furniture (9 percent), olives (6 percent), takeout/fast food (6 percent), tampons (5 percent), flowers/plants (5 percent), dog treats (4 percent), rose wine (3 percent), computers (2 percent), craft beer (2 percent), milk (1.6 percent), and bread (1.3 percent).
Meanwhile, big tech is censoring content that connects Biden’s economic polices with Biden’s inflation, presumably because increased prices for the American worker exposes the Democrat Party’s chances of retaining the House and the Senate in the 2022 midterms.