Real Vision’s Jack Farley welcomes Chris Whalen, chairman of Whalen Global Advisors, to make sense of the release of earnings from big banks such as JPMorgan Chase ($JPM), Goldman Sachs ($GS), and Wells Fargo ($WFC). Whalen explains why the eye-popping net income figures, which exceeded expectations, are largely due to booking released loan loss reserves as profits as well as trading revenues, which may not be sustainable. Whalen argues that quantitative easing has reduced banks’ earnings power by compressing their net income margins. Lastly, he and Farley discuss the ongoing role of the Federal Reserve as well as today’s direct listing of Coinbase.