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Speaking of pushing money down people's throats, remember the Wells Fargo account fraud scandal where Wells opened accounts for their clients without their permission? It seems like the orange man with the Bully Pulpit Twitter account should be tweeting about banking regulations right about now but he doesn't seem to care. Don't worry though. The little guy may lose out but the banks will be fine.
1) Wells Fargo paid over $100,000,000 in fines
2) It took place while President Obama was president
3) What they did was not legal so it wasn't caused by lack of regulations
Yet somehow it comes back to the bad "orange" man
As a matter of fact this was in the news today.
Quote:
America’s most vilified bank CEO since the financial crisis has been officially blacklisted.
Wells Fargo’s ex-chief executive John Stumpf has been barred from the banking industry for life as punishment for his role in creating a culture of aggressive sales quotas that forced millions of customers to own bogus financial products, the Office of the Comptroller of the Currency said on Thursday.
The investigation found 1,469 cases in which customers had policies, mostly renters insurance, opened in their names between 2008 and last year. The department said bank workers were not supposed to help customers sign up. Instead, the policies were available for purchase at kiosks in Wells Fargo branches.
However, a legal filing by the department outlining the alleged wrongdoing references language from an internal Wells Fargo report that noted bank workers did have incentives to sell insurance policies that were similar to those that led to the opening of unauthorized checking and savings accounts: incentive pay and sales goals.
Why is this a bank problem? Don’t take out a loan for anything you don’t need.
One could say the same about drug dealers. "Just don't buy drugs you don't need".
Banks are pushing easy credit, encouraging spending and encouraging debt holding. They did this before, after the Republicans cut back on regulations of the banking industry they tanked our economy.
I agree easy money was the biggest factor in the last financial disaster.
But I don't think money was pushed down peoples throats. The picked us the glasses and gladly drank what was easily available. People should be responsible for their actions. This is coming from someone who has made more than one not so smart financial decision in his life. But in the end any issues were my fault not easy credit etc.
It doesn't take much to talk people into accepting money. The banks understand the human nature, and while it sounds like a good idea to "be responsible", it simply doesn't work that way in many cases. Predatory lending WAS a big factor in the crises, and we are on a path to repeat the mistake. You can be responsible all day long, but when others bring down the whole economy, you will pay the price too.
Anyone counting on a bailout from Trump better think again.... this guy will do things his way unlike the last group of clowns that were in office in 2008 and 2009.
LOL. He is in middle of $25 billion bail out as we speak
One could say the same about drug dealers. "Just don't buy drugs you don't need".
Banks are pushing easy credit, encouraging spending and encouraging debt holding. They did this before, after the Republicans cut back on regulations of the banking industry they tanked our economy.
Not it wasn't Republicans, but you are so biased I would expect dishonesty. It was Dodd-Frank a DEMOCRAT sponsored bill that became law and regulations that required poor underwriting, and loads to unqualified people.
Bottom line is banks should not loan to unqualified people, and people need to take PERSONAL RESPONSIBILITY for over extending their credit and borrowing too much.
Why is this a bank problem? Don’t take out a loan for anything you don’t need.
Yeah...because it’s just that simple.
Do you guys on the right EVER hold the oligarch’s feet to the fire for bad behavior?
Quote:
Originally Posted by BeerGeek40
Anyone counting on a bailout from Trump better think again.... this guy will do things his way unlike the last group of clowns that were in office in 2008 and 2009.
If the banks need a bailout, Trump will be first in line to give it to them. Who are you kidding? Trump isn’t a hardliner on the banks.
Let’s not forget how the banks bailed HIM out and restructured HIS debts to keep HIM from going completely bankrupt.
Trump owes the banks a ton of favors, and he will return those favors, or else!!
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