Quickly, Just For The Record On JP Morgan's "Huge" Earnings:

They are COMPLETE bullshit.

Just went thru their press release. Would need to see a 10Q to get more back-up information, but it looks like most of JPM's GAAP net income was generated from:

1) mark to fantasy of their fixed income and derivatives book

2) marking up as much as possible all of the Washington Mutual assets they had marked down to nothing and acquired with U.S. Taxpayer guarantees when they hijacked Wash Mutual's good assets. Looks like JPM is marking those assets back up to fantasy and releasing GAAP (i.e. paper gains) into their earnings account

3) mark to fantasy of their private equity portforlio

Anyone who wants to believe that JPM's huge earnings gains are legitimate also probably believes in Santa Claus.