2013-07-30 — huffingtonpost.com
``Banks are certainly coming by their dominance the old-fashioned way: by hoovering up all of the money in the world. And yet all of this money being made by banks doesn't seem to be much help to the rest of the economy. Bank profits absolutely killed it in the second quarter, while profit growth in the rest of the S&P 500 has vanished, notes Bloomberg Businessweek's Roben Farzad. Bloomberg figures that bank earnings rose 27 percent in the second quarter, which was the only thing keeping the S&P 500 from reporting a net drop in profits for the quarter. With the banks, S&P 500 profits were up 3.3 percent in the quarter, Bloomberg estimates. Without them, S&P 500 profits would have been down 1.2 percent. ''
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