Amid Surging Bank Profits, JPMorgan's Dimon Says 'Housing Market Has Turned The Corner'

Jamie Dimon, Chairman and CEO of the biggest bank in the world, contemplating the benefits of being capitalist successful in the USA.
Announcing record net income, JPMorgan Chase & Co, issued a very rosy picture of economic progress on Friday, in its 3rd-quarter report.

Chairman and CEO of the bank, Jamie Dimon, said:

"The Firm reported strong performance across all our businesses in the third quarter of 2012."

Further, and more pertinently respecting the general economy and its impact on the November 6 election, Dimon said:
"Importantly, we believe the housing market has turned the corner. In our Mortgage Banking business, we were encouraged that credit trends continued to modestly improve, and, as a result, the Firm reduced the related loan loss reserves by $900 million."
In fact, JPMorgan reported "an increase of $594 million from the prior year" in its mortgage businesses. 

If the housing market has really turned the corner, combined with recent good news about consumer confidence and spending, it appears that all the right notes are being sounded for President Obama, just in time to make his case that his policies are turning the economic corner for the USA.

While it is reported that Jamie Dimon usually gives money to Democrats, most corporate CEOs spread their contributions around to insure they will have purchased influence in Washington DC, regardless of outcomes dependent upon the silly political preferences of the little people.

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