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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

#381

Earlier quoted context omitted.

> You want to fleece your own... but others you let just... walk in ? I don't recall the person you replied to mentioning that. Why is it impossible to levy property taxes on real estate in your own state from people who live somewhere else?

Its not impossible. That's not the point What i mean is real estate taxes as they are today are not a factor to seriously dent foreign or corporate wealth from vacuuming all properties available. 10k year in property tax is a pittance to a Sheik, a shenzen factory owner, an indian tech entrepreneur, your average venezuelan govt bureaucrat, or a REIT. 10k is not peanuts to the average wage earner in the US. The former…

> real estate taxes as they are today are not a factor to seriously dent foreign or corporate wealth from vacuuming all properties available

That can be fixed - namely, via land value taxation, at a rate as close to 100% as possible.

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

#382
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…

> This is all happening because Obama didn't have the balls to just let the shoddy banks crash and burn, and we continued QE for around a decade to alleviate blowback from 2008. This, combined with other factors (a lax policy w.r.t. foreign investments in real estate), will screw us in the long run. It also happened because most of the FBI agents who worked on white-collar fraud prior to 9/11 were reassigned to count…

What the… dude, the bank bailouts of 2008 were signed by bush and co. And (as a dem) were absolutely necessary. Obama, if anything, just kept the machinery moving.

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

#383

Earlier quoted context omitted.

Why do you think your life won't start until you buy a house? It's psychotic how much psychological weight people put on homeownership.

To be fair, it's tough to start accumulating furniture and other big heavy objects until you have a permanent place to put it. Buying tons of these items while renting is a risky gamble - if your landlord decides to gouge you, it's not such an easy thing to just pack it all up and move.

IKEA furniture tends to be quite movable…

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

#384
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…

> Incidents like this make it easier for me to understand "protest voting" against the system politically.

Hell, it makes me understand arson and kidnapping.

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

#385
post #369
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…

Telling someone to spend less than they make is not exactly "glamorizing the hustle".

Their point is that you don’t have to sacrifice in order to get where you need to be. I’ll let you and anyone else reading this comment decide how much sense that makes.

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

#386

Earlier 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…

> 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…

Great, yes. I do that too. Also, I live somewhere that falls well below my salary (COL wise) and I live beneath my means. I don’t live poor or poorly, but I don’t live like a hundred-thousandaire like we all used to see around 2008.

There is happiness and fulfillment to be found in a very reasonable dedication range. I work, like WORK work barely 5 hours a week from home and make $300k a year. My company is over the moon with my contributions.

I didn’t graduate last year. I put in the work, learned the craft and I have valuable contributions to give from my experiences. You will too someday. But right now you need to learn.

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

#387

Earlier quoted context omitted.

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…

Do you have a sense of how many properties are owned by folks from other countries, as a percentage of the total housing stock? The national association of realtors[0] put out a press release saying their purchases accounted for about 1.6% from April 2021 through March 2022, however it's not clear from their figures whether that is all existing homes or a mix of new and existing. If that is right that doesn't seem to…

I bet that 1.6 are mostly in high cost areas like the coasts pushing up prices.

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

#388
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…

> As a landlord [...]

> [...] opt to rent forever, which is not at all a bad thing since owning a primary residence is never an investment. (Although there is room for nuance here that I won't get into.)

I suspect you "won't get into" it because you know full well that you're the one who stands to benefit from that advice, at the expense of the vast majority of everyone else.

I mean this as kindly and respectfully as possible: landlords - you included - are a large part of the reason why there is a housing crisis here in the US (and, from what I gather, other "developed" countries). Y'all buy up housing as investments, acting in a literal-rentseeking capacity and offering no value beyond maybe maintenance that tenants themselves could be performing (whether directly or by hiring the same professionals you'd be hiring). People like you are the ones who exploited my father until the day he died, who continue to exploit the surviving members of his household, who continue to exploit myself, my friends, my coworkers, my neighbors, all for that nice cushy "passive income". People earning "at least twice as much as the median wage" are unable to escape the rent treadmill because of people like you keeping them on that treadmill in the first place - not to mention having the gall to suggest that being stuck on said treadmill is "not at all a bad thing".

Out of respect for Hanlon's razor, I'm going to assume that you genuinely lack the self-awareness to understand how your income derives from economic parasitism; the alternative interpretation - that you are indeed aware of the externalities you impose on the rest of us, and yet choose anyway to peddle advice that's patently to your benefit and to the recipient's detriment - is far less charitable.

You're welcome for all that rental income. You can properly thank me and every other American stuck subsidizing you and your fellow landlords by selling your rental properties to your tenants - at the prices you paid, minus what they've already paid back to you in rents.

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

#389

Earlier quoted context omitted.

In the US, the police (and people not involved in the protests) will happily beat you up, run you over, or shoot and kill you for disruptive protests.

I mean, they won't just happily do _all_ of that. You're exaggerating a bit and using extreme cases as if they were the norm. In particular you may say this with a straight face only if you're unaware of how this actually is the common reality of other countries. We've all heard of cases of police running over crowds in some circumstances, or of the odd shooting (actually when?). But that's not what the average prote…

At least 830 documented incidents in 2020 including over 140 police violence incidents against journalists specifically. https://en.wikipedia.org/wiki/List_of_police_violence_incide...

There have been 104 incidents of vehicles driving into protests between May 27 and September 27, 2020, with two fatalities in that time period https://en.wikipedia.org/wiki/List_of_vehicle-ramming_incide...

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

#390

Earlier quoted context omitted.

$30 a day is almost $1000 per month, that's completely unrealistic for 90+% of under 25s, most people don't hit that kind of saving power til they are 30. And I don't see any evidence in your post that previous generations did that? My parents certainly didn't, they started saving at 30 on teacher's salaries and bought a house three years later. That house (in Cambridge, UK) is now worth £800k, I can't afford that, d…

We are not talking about "90%+" here. This thread is in response to someone who "can't afford a house on a tech salary." Tech comp has been over 100K/year out of college for a while now, and even on somewhat less you should either be saving a ton or have much fat to trim in your expenditure.

> Tech comp has been over 100K/year out of college for a while now

The vast majority of IT work in the US pays around half that.

Even taking that figure at face value...

> or have much fat to trim in your expenditure.

Yeah, fat like exorbitant rents that landlords keep jacking up year after year solely because they have the power to do so. Fat like corporations charging more for less because they can get away with it. Fat like our federal government and the banking system it artificially props up debasing our currency and whittling away at the buying power of those dollars.

The fat to trim ain't in individual working Americans' budgets. The fat to trim is systemic - and by God are we overdue for some trimming, no matter how badly it might hurt the feelings of the ownership class.

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