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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

#241

Post by dvt »

saagarjha wrote: post #237
dvt wrote: post #232

Earlier quoted context omitted.

That's even more of a no-brainer, as an average 9-5 has practically zero upside, so your net worth is likely to stay flat (if not even go down). We like to pretend that the /r/wallstreetbets or crypto people are crazy, but most are median earners that feel that there's no way to break out without gambling. When we look at the housing situation, most are sadly right. What do people want? To marry a cute girl, buy a ho…

I mean, you already probably know this, but the risk profile of a startup that fails is not that you keep your money constant. It’s that you’ve been spending it all on rent and utilities for the last 7 years and have nothing to show for it. You’re still gambling away your savings, at a much slower and controlled rate, and the house at least doesn’t have the advantage over you, but it’s still incomparable to the risk…

Yep, a 9-5 has no risk, but no upside. In my humble opinion, a startup provides the best "balance" between risk and upside for those of us that come from lower or lower-middle class. I think your 7-year example is a bit contrived, since (barring exceptions like biotech, space, etc.) if you're working on a project for more than 6 months without product-market fit and/or growth, you're doing something wrong.

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

#242

Post by PaulDavisThe1st »

sidewndr46 wrote: post #239
PaulDavisThe1st wrote: post #233

Earlier quoted context omitted.

wages increasing faster than inflation means that effective (sometimes called "real") prices fall. If in year N an item costs $1000 and you earn $10k a year, but in year N+M the item costs $1100 but you earn $12k a year, the real price of the item has gone down.

Yeah, except we're talking about returning to pre-Covid levels. Not whatever you just made up. That would imply prices return to the previous levels. That will never happen with inflation.

No, it doesn't mean that at all. Real prices are a function of the ratio between the cost and earnings. If earnings rise faster than cost, real prices fall.

Now, whether or not that's a likely scenario is a separate question, but it is absolutely not impossible and has happened before.

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

#243

Post by obblekk »

dang wrote: post #179
obblekk wrote: post #46

Earlier quoted context omitted.

Out of curiosity, do you union upvoters set for merges, or something similar? Not sure if that would be good, just curious.

Happy to answer but I don't understand the question!

I meant if there are 2 posts that you merge, do you also merge the upvote count (maybe by doing a union on the two sets of upvoters)?

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

#244

Post by 77pt77 »

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…

> there are hard working people literally losing their home and shelter wrongly

I don't get this. Would it make it any different if they weren't "hard working people"?

If so, how and why?

If not, why even mention that?

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

#246

Post by sidewndr46 »

PaulDavisThe1st wrote: post #242
sidewndr46 wrote: post #239

Earlier quoted context omitted.

Yeah, except we're talking about returning to pre-Covid levels. Not whatever you just made up. That would imply prices return to the previous levels. That will never happen with inflation.

No, it doesn't mean that at all. Real prices are a function of the ratio between the cost and earnings. If earnings rise faster than cost, real prices fall. Now, whether or not that's a likely scenario is a separate question, but it is absolutely not impossible and has happened before.

Have you ever been into a store and had them list the price of an item as 0.00389% of your annual income?

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

#247

Post by klyrs »

tourist2d wrote: post #182
klyrs wrote: post #123

Earlier quoted context omitted.

Quoted post unavailable.

So it's better to teach children what targets they should rape/murder instead? Your take is quite brain-dead.

I agree, your interpretation of what I'm saying is pretty vapid.

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

#248

Post by sizzle »

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…

Thanks for the thoughtful response. I mentioned 2% interest rates meaning in the I doubt we’ll ever see those low interest rates again in the next decade.

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

#249

Post by Terretta »

PascLeRasc wrote: post #235
dghlsakjg wrote: post #141

Earlier quoted context omitted.

My oldest credit file is a credit card that I don't use anymore but it is owned by WF. If I close it, my credit score is negatively impacted by losing a decades old credit line. I don't particularly care about my credit score, and this sort of lock-in is pretty low friction, but changing banks can have costs. I hate them, over the years that I banked with them, they have consistently been a bad bank. I think I have a…

The idea that closing your oldest credit line immediately puts you out on the street penniless is a redditism that's been parroted too much. That old account closed in good standing will continue to support your credit score, and if you have another credit card that's been open for a few years, the score hit will be 10-15 points. You shouldn't feel like you're trapped with Wells forever.

Penniless, no. Dings your credit score, absolutely.

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

#250

Post by sizzle »

IG_Semmelweiss wrote: post #236
bill_joy_fanboy wrote: post #199

Earlier quoted context omitted.

> First, you have a tech industry salary, which is probably at least twice as much as the median wage, if not more. This is exactly his point. If he can't make it with what he has going for him, who can? > You only options are to accept that and adjust your budget/income/location appropriately, or opt to rent forever, which is not at all a bad thing since owning a primary residence is never an investment. (Although t…

what about people that dont pay taxes i.e. every other chinese, saudi, indian, russian, EU and LATAM millionaire that owns several properties in miami, orlando, nyc, LA, dallas, houston, phoenix, etc. What about banks and REITs that are passthru entities for the same folk above ? What about SV out-of-staters that don't pay state taxes but work remote at places like LV, Salt Lake, or Boise ? You want to fleece your ow…

Wow this is news to me, thanks for sharing the examples I’ve never knew about that are gaming the system. Very eye opening.
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