No fine is enough for these giant banks that repeatedly engage in this behavior. They should be broken up, disbanded, and the responsible officers tried on criminal charges.
Wells Fargo to pay $3.7B for mistreating customers
211–220 of 465 posts
Re: Wells Fargo to pay $3.7B for mistreating customers
#212Earlier quoted context omitted.
I don't mean to marginalize your frustration, but I feel like you may have unrealistic expectations. First, you have a tech industry salary, which is probably at least twice as much as the median wage, if not more. Not only is it white-collar work with practically no risk to your physical safety (assuming you exercise, eat right, etc), but monetarily this puts you _way_ ahead of most people right out of the gate. If…
> Since you asked for it, my advise is to live well under your means, save aggressively, set goals, and never stop learning. If you want to challenge yourself, look into a concept called "early retirement." Good luck. Ah yes, glamorizing the hustle. You'll surely make it if you just "work hard enough," wink wink. Working a 9-5 career is (and has been) a net negative ROI for at least 2 decades, if not more. To be comp…
So an important point that people seem to be always ignoring in the housing discussion is that of the boomers, and I don't mean as in "the boomers bad they screwed us" sense. I mean in a demographic sense.
The boomers were the largest generation of Americans and also are close to retiring or starting to retire, at the same time their children's children are entering the workforce, all of which were still relatively large demographics. This has created a temporary situation where we have a lot of people currently in the property market, because the boomers haven't quite retired and left their homes at the same time the millenials and zoomers are entering the market.
In another 10 years as the boomers begin to move to retirement homes, and assisted living centers, and die off (the move to sedentary office work along with poor dietary habits led to this) we'll see the pressure on the housing market ease as the massive generation currently occupying homes, the boomers, cease to occupy these homes and put them back into circulation.
The biggest risk in this case is that investment firms, such as Goldman and Berkshire try and steal the housing without ever intending to release onto the market.
If that happens I would say "reasonable men [will end up doing] unreasonable things", Madame Guillotine becomes a popular political figure, and trees start getting watered and “Wo unto them that join house to house, that lay field to field, till there be no place, that they may be placed alone in the midst of the earth!”[1]
1. Isaiah 5:8
Re: Wells Fargo to pay $3.7B for mistreating customers
#213Earlier quoted context omitted.
I don't mean to marginalize your frustration, but I feel like you may have unrealistic expectations. First, you have a tech industry salary, which is probably at least twice as much as the median wage, if not more. Not only is it white-collar work with practically no risk to your physical safety (assuming you exercise, eat right, etc), but monetarily this puts you _way_ ahead of most people right out of the gate. If…
> Since you asked for it, my advise is to live well under your means, save aggressively, set goals, and never stop learning. If you want to challenge yourself, look into a concept called "early retirement." Good luck. Ah yes, glamorizing the hustle. You'll surely make it if you just "work hard enough," wink wink. Working a 9-5 career is (and has been) a net negative ROI for at least 2 decades, if not more. To be comp…
[deleted]
Re: Wells Fargo to pay $3.7B for mistreating customers
#214No post body was provided.
Re: Wells Fargo to pay $3.7B for mistreating customers
#215Earlier quoted context omitted.
I can’t even afford a home right now on a tech salary with sky high rent paying off my landlords 2% refi’d mortgage and student loans making it impossible at 6-7% fed interest rate hikes and inflated home prices after the insane COVID housing price bubble increase. I feel like life won’t start for another 5+ years for people like me, unless we gamble on being underwater on an inflated mortgage entering at the peak of…
If you're living in a tech hub and really want to own a home in the short term, get a remote job and move somewhere cheaper. It sucks, but these places aren't going to get cheaper anytime soon. Meanwhile there's plenty of property in the rest of the country that's more affordable. When the market recovers, you might be able to sell your home for a profit and move back.
Seriously, now that starlink is out there are wide swathes of the country that become a lot more feasible to live and work in.
I am in a growing town that is quickly turning into a sprawling suburbia that I wanted to escape from originally and already have my eye on a little town that is a lot more slow paced and remote.
Re: Wells Fargo to pay $3.7B for mistreating customers
#216I haven't been with Wells Fargo for a few years now, but I did get a check for about $200 in the mail the other day due to some fees that had been processed in an "unintended manner" apparently.
Re: Wells Fargo to pay $3.7B for mistreating customers
#217Earlier quoted context omitted.
The alternative is to hold the institutions that inflict this suffering on people proportionately accountable for it. One of the reasons we don't, is because the socially required reaction to this abuse is to suck it up, and suffer in silence. What is the equivalent of a bank having its home wrongly taken away from it? Locking the doors on one of its branch offices and boarding it up for a few months? There's an enor…
The solution is to weaken the liability limitation of LLCs. If a company willfully breaks the law, its shareholders need to be held responsible, in proportion to their ability to affect change in the the company.
That's not the problem. Wells Fargo shareholders won't be proportionately punished for this, regardless of whether it's an LLC or not. The root of the problem is that the firm itself isn't being proportionately punished.
Solve the second problem, and then maybe the first one will become the bottleneck.
Re: Wells Fargo to pay $3.7B for mistreating customers
#218Earlier quoted context omitted.
I'm sorry but if one thing America should have learned over the last six years is that the two parties are nothing alike, equating them as the same and making a poor faith effort that voting is useless is extremely moronic.
Neither party is willing to solve homelessness by actually fucking housing people , and you're calling a homeless person a moron because their assessment of the two parties which, to avoid disturbing the existing economic order, mutually assent to that permanent state of crisis , doesn't include enough conciliatory language for you about how Orange Man Bad? Jesus Christ.
Re: Wells Fargo to pay $3.7B for mistreating customers
#219Earlier quoted context omitted.
Neither party is willing to solve homelessness by actually fucking housing people , and you're calling a homeless person a moron because their assessment of the two parties which, to avoid disturbing the existing economic order, mutually assent to that permanent state of crisis , doesn't include enough conciliatory language for you about how Orange Man Bad? Jesus Christ.
So to be clear, you are saying my tax money should be used to house the homeless, at exorbitant rates, while I cannot afford to buy house myself. I don't agree with this. I don't think homelessness can be solved by building more housing. Not sure if you have lived near homeless encampments before. If you know you know.
Treating the "homelessness" as a single problem is naive. I live near homeless encampments and near people who have been quietly living out of their vehicles for 5+ years. Some percentage of the homeless population can be fixed with cheaper housing. Some percentage of people can avoid being homeless altogether with cheaper housing. And some percentage will be homeless regardless of how cheap the housing is (i guess unless it's free and they agree to not break whatever rules/laws apply to them).
Meanwhile both sides just shout at each other and funnel millions of dollars into groups that don't make any real progress and have no accountability. It's the same useless polarization that exists in politics except I'm not even sure it's a political issue at this point given how 1-party the place i live in is.
Re: Wells Fargo to pay $3.7B for mistreating customers
#220Earlier quoted context omitted.
> Since you asked for it, my advise is to live well under your means, save aggressively, set goals, and never stop learning. If you want to challenge yourself, look into a concept called "early retirement." Good luck. Ah yes, glamorizing the hustle. You'll surely make it if you just "work hard enough," wink wink. Working a 9-5 career is (and has been) a net negative ROI for at least 2 decades, if not more. To be comp…
> [...] doing your own startup is one of the few relatively low risk gambles one can take. I was under the impression that around 90% of startups failed. Was I mistaken, have the numbers changed, or do we just have very different thresholds for "low risk"?
The cool part is, you get to try again.