Late: Did J.P. Morgan Get It Right?

8 minutes

Well, at a little after 7 this morning, JP Morgan Chase, the world's largest bank as measured by revenue, released their 3rd quarter earnings.

And Wall Street Analysts gathered around their terminals to view these all important results. Because this may be the single most important earnings report of the season. To paraphrase the old saw about General Motors, we can up date it to say: As JP Morgan goes so goes the nation.

And to cut to the chase the news here was all good. JP Morgan beat all estimates and delivered an earnings per share of $2.92 besting Wall Street's estimate by nearly 70 cents.

But how the House of Morgan got there is really a fascinating story. And it is illustrative of just how this economy operates.

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