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Wells Fargo to pay $3.7B for mistreating customers

finance.yahoo.com

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Re: Wells Fargo to pay $3.7B for mistreating customers

#221

Post by jliptzin »

Merad wrote: post #206
dvt wrote: post #198

Earlier 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"?

I have started a number of businesses, even what I considered the unsuccessful ones still made me more money than I would have made at any 9-5 I could have had at the time. You just have to be willing to do something boring and compete against businesses that aren’t currently being run well. Starting the 7,000th craft beer company is gonna be really hard but (for example) being the #1 powerwashing company in your town is boring but way more lucrative

Re: Wells Fargo to pay $3.7B for mistreating customers

#222

Post by pempem »

rayiner wrote: post #196
techsupporter wrote: post #133

Earlier quoted context omitted.

> I get what you mean, but what's the alternative? How should you behave if you're exempt from normal social boundaries because of your personal tragedy? Shout at random people? Throw things? Punch some guy in the face? I don't mean to put words in obblekk's mouth (text box) so what I perceived them as meaning is: I don't think the person you're replying to was advocating for direct person-on-person action. When we s…

> To me, it's like when people complain that "those damn unionized trash truck drivers are making $90,000 with a lot of overtime and a pension." Why is the response to try to tear them down, when the correct, to my mind, question is "why don't I have that, too? Because if total salary income were uniformly distributed across the population, the average would be like $80,000 a year.

casting aside a debate of whether its true every job is 80k/yr...lets say it is. What then? the market...the free market would supposedly adjust for all required goods

Re: Wells Fargo to pay $3.7B for mistreating customers

#223

Post by PaulDavisThe1st »

sidewndr46 wrote: post #201
nerdponx wrote: post #152

Earlier quoted context omitted.

Same here. I wasn't financially prepared to buy a house at insanely inflated Covid prices while interest rates were down in the 2% range, and I'm not excited to to buy a house at 7% while prices are still substantially higher than pre-Covid levels. Meanwhile rentals for anything other than a tiny box are just as expensive as a mortgage at those rates. I don't understand how people who do not have 6-figure tech salari…

I wish people would stop referring to 'pre-Covid levels'. We're never going back to that. At this point, it's been years. The government inflated away everyone's wealth & debt, what we got was rampant inflation. There is no 'undo' button on this.

All it takes to "undo" it is for inflation to slow down (already happening/happened), and wages to increase a little faster than inflation. A few years of that, and it will effectively be as if never happened (in aggregate, anyway).

Re: Wells Fargo to pay $3.7B for mistreating customers

#224

Post by TheSpiceIsLife »

bityard wrote: post #187
sizzle wrote: post #139

Earlier 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…

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…

Where I live, I was fortunate to be able to borrow to purchase a very modest, poorly maintained house for $X, about 63% the price of a comparable reasonably well maintained house on the same street.

Five years later everything on the street is now $2.75X while my wage has increased by about 6% in that same time. Rents have also been going yo quite dramatically.

This is in a regional city of about 100,000 in Australia.

The idea that all you need to do is realign your expectations, and work harder, is embarassing.

Re: Wells Fargo to pay $3.7B for mistreating customers

#225

Post by PaulDavisThe1st »

kneebonian wrote: post #215
shitlord wrote: post #178

Earlier quoted context omitted.

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.

Pray for starlink then, because the experience in the rural part of NM that I live in seems to be that it/they cannot keep up with the previously promised service level as more people sign up.

Re: Wells Fargo to pay $3.7B for mistreating customers

#226

Post by pmarreck »

sizzle wrote: post #139
obblekk wrote: post #9

I feel so much cognitive dissonance realizing that there are hard working people literally losing their home and shelter wrongly while I might be sitting across from them at any time, expecting them to behave within normal social boundaries. Imagine a family with a new born, working 50+ hours at a physically demanding job, making $80k/yr combined, and then losing their home for no reason... and then being expected to…

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…

> tech salary with sky high rent

literally one of the few jobs you can do from anywhere and you probably picked downtown SF.

I'm extra judgmental because due to my ADHD, I basically can't do 100% remote jobs

Re: Wells Fargo to pay $3.7B for mistreating customers

#227

Post by PaulDavisThe1st »

hdhdhdh88 wrote: post #181
mbg721 wrote: post #31

Earlier quoted context omitted.

I agree 100%; what can a layman like me do to fix it?

If possible, leave USA. There are political systems around the world that aren’t broken and there are some that are actually being fixed by voters (e.g. Australia). But USA is broken for at least our lifetimes. You only live once.

If this is true, who is going to fix it and where will they come from?

If this is not true, then ... well then you're just wrong.

Re: Wells Fargo to pay $3.7B for mistreating customers

#228

Post by nerdponx »

rayiner wrote: post #194
nerdponx wrote: post #152

Earlier quoted context omitted.

Same here. I wasn't financially prepared to buy a house at insanely inflated Covid prices while interest rates were down in the 2% range, and I'm not excited to to buy a house at 7% while prices are still substantially higher than pre-Covid levels. Meanwhile rentals for anything other than a tiny box are just as expensive as a mortgage at those rates. I don't understand how people who do not have 6-figure tech salari…

You would be surprised at how much family help those families often have. I’m not talking generational wealth. Often just upper middle class parents who saved prudently and did well in the real estate market who can afford to gift $500,000 for a house.

Good point, and I'm not personally so far removed from this same category.

But it's extremely disappointing and frustrating to feel like I personally will not be able to do this for my own children, despite having a higher income than most people my age.

Re: Wells Fargo to pay $3.7B for mistreating customers

#229

Post by twblalock »

kmeisthax wrote: post #172
_skel wrote: post #36

Earlier quoted context omitted.

> Example number ten thousand of why the "vote with your dollars and don't do business with them" defense of capitalism fails completely in practice. Example number ten thousand of how everything bad is blamed on "capitalism." It's a lazy, shallow, knee-jerk reaction that is plaguing this site and ought to be forbidden by the guidelines. When you apply for a mortgage you are informed in advance that it might be sold.…

>When you apply for a mortgage you are informed in advance that it might be sold. Ok, and where can I go get the mortgages that won't be sold and have comparable financing terms to the ones that do? Oh wait, those don't exist (or cost way more)? Hmm. I see. Here's the thing: free markets can only ever hope to work in a world where people have total freedom of association. If I can't take my business elsewhere, then I…

> Ok, and where can I go get the mortgages that won't be sold and have comparable financing terms to the ones that do?

Why should they exist? If they can't be sold, the lender needs to find some other way to make their money on them. What kind of sane economic system would deliver mortgages like that? Should the government subsidize all mortgages?

Re: Wells Fargo to pay $3.7B for mistreating customers

#230

Post by sidewndr46 »

PaulDavisThe1st wrote: post #223
sidewndr46 wrote: post #201

Earlier quoted context omitted.

I wish people would stop referring to 'pre-Covid levels'. We're never going back to that. At this point, it's been years. The government inflated away everyone's wealth & debt, what we got was rampant inflation. There is no 'undo' button on this.

All it takes to "undo" it is for inflation to slow down (already happening/happened), and wages to increase a little faster than inflation. A few years of that, and it will effectively be as if never happened (in aggregate, anyway).

No, that simply isn't possible. Slowing inflation means price continuing to rise.
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