Banks in trouble

JP Morgan Chase profits dropped 53% AND things are getting worse for the financial sector. Taking over Bear Sterns is a drag on Chase, but the number of loan defaults is up due to a poor economy.

Not sure of when we turn the corner, but right now there is talk of the recession becoming worse and as more banks are in trouble the government might not have enough money to bail them all out. The fed had to rescue Fannie Mae and Freddie Mac. It seems that we are going deeping down into a depression.