The August trade deficit came in at 58.4 billion as exports increased .7% while imports gained .3%. Wholesale inventories slipped .1% in August on declines in non-durable or energy products. Rounding out the data for Thursday, Corporate Profits fell 1.7% from a year ago on an after tax basis. If they can maintain their recent upward trend Standard and Poors 500 profits just may go positive in the 3rd quarter, but I wouldn’t hold my breath.
The very public and Congressional skewering of Wells Fargo and its executives including CEO John Stumpf while extremely long in coming has helped to restore a very small amount of respect for the concepts of justice and equality in America as perhaps the banksters aren’t the new untouchables after all. That said it is high time for examples to be made because the bankster lie, cheat and steal business model has to stop. Someone needs to go to jail over this as wholesale fraud and forgery was involved amongst other crimes, this someone needs to come from management and high level at that. As the C suite needs to be put on notice that jail is a very real possibility for malfeasance and criminal acts, this is the only way the message will get through and trickle down. Saying “I didn’t know” or “I can’t remember” is not a valid defense with respect to criminal behavior, as any prosecutor will attest.