By Karen Starich
JP Morgan's earnings report tomorrow will most likely bring no new surprises, but should we beware of the profits? I would not be overconfident about the banks here as there could be some reversal or exposure of the banks accounting quirks and debt value adjustments on October 15th-17th. Saturn has moved into Scorpio now which will bring a shift of inexorable pressure on the big banks to reform their banking practices and attitudes.
On October 10th Jaime Dimon made comments during his discussion with the Council on Foreign Relations that the banks are strong and America is weak. The truth may be the opposite and we could start to see some revelations to that effect in the near future.
The Fiscal Cliff
Who ever coined that term? There is no such cliff, and any concept of default will most likely be avoided on or near December 26th. Just as Dubai mysteriously bounced back from it's economic collapse (no one seems to accurately know how the GDP is accounted for there, and companies have no obligation to submit accurate accounts to their banks , or anyone). So, America will also mysteriously bounce back from this economic setback and move on with or without the big banks in 2013.
The following is by Karen Starich, who uses astrology to forecast events in the financial markets. Please join our free webinar on October 17th where I will be discussing the astrology of the coming elections, the "fiscal cliff", and economic opportunities for 2013.
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