I hope so. This country needs a enema.
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Wells Fargo Suspends Credit lines ?
- Thread starter Bulldog Man
- Start date
Appears they're in some type of financial crisis. Doing away with personal lines of credit. I have a cd they're, since it was Wachovia and first atl. I wonder how much of a hit I'd take if I cashed it out. I renew every 5 years and I'm half way into it.
If you'd have ever been by your local stop'n'puke convenience store and seen a bulkier-than-usual-satellite dish on its rooftop it was likely a WU 2 way terminal that store used to help transfer the wealth out of this country for illegals to send money (called remittances) to their relatives back home. AFAIC, WU is no bueno, IMO...I believe it's how they got the money to break back into big time banking.
Of course, been going on sin the US government gave super low interest loans to New Americans. Which has ticked me off since it's inception.
All money in existence/circulation is DEBT, not CREDIT. Think about it-- there is only ONE way for money to enter the hands of the people.
To make it as simple as possible to understand, lets pretend that there is only one bank and only one business in existence (like a super-mega-monopoly walmart). Then lets break it down at the highest level:
1. No money/currency exists, so the Gov decides to invent a common currency. The Gov/Fed then prints $1,000,000. No more, no less.
2. They then give that $1,000,000 to a bank. How does it get from the bank to the people?
3. The bank LOANS that $1,000,000 to a business, and the businesses promise to repay the loan, WITH INTEREST, using the profit they will by make selling their goods/services.
4. The business hires employees and use the LOAN to pay them. The employees use their salaries to purchase goods/services from the business.
5. The business makes monthly payments to repay the LOAN over time, WITH INTEREST.
6. For the sake of simplicity, let's say the interest on that loan totals to $1,000. So the business owes the bank the principal $1,000,000 plus $1,000 interest.
7. BUT WAIT-- there is only $1,000,000 in existence! The Fed only printed $1,000,000 to begin with, so there is only $1,000,000 in existence. How can the business repay the bank when the money LITERALLY doesn't exist??? Only $1,000,000 was printed! The $1,000 interest cannot EVER be repaid because it doesn't exist! What do we do?!?
8. Now we start over and begin at step #1 again. The Fed prints another $1m, gives to banks, banks loan it to PEOPLE employed by the business (to purchase house, car, etc,) because they have consistent income and believe they can pay back the loans over time--WITH INTEREST--using a % of their paycheck.
9. BUT WAIT-- the money that will be used to pay the interest hasn't even been printed (yet)! It doesnt exist!
10. So we start over again and go back and forth and back and forth until......POP.
Money is DEBT. All money every issues by the Fed was issued in the form of a loan. Plain and simple. Dont save your greenbacks. Use em while they're worth something to invest in REAL value, e.g. gold, guns, cryptos, alcohol, DIRT (land), ownership of factors of production, whatever YOU think is of value. Paper is paper. How many countries/nation-states have we seen go belly up overnight in the last century, where on Monday Mr. Billy Bob who's run his own business for 50yrs retires and has enough money saved up to live lavishly for years-- then by Wednesday, his entire life savings can barely buy him a loaf of bread? Let's just say more than one-- and considering 1/5 US dollars currently in circulation were printed/issued in the last year as well as the insane turmoil/civil unrest globally, some very dark times could be on the horizon...
*drops mic*
This was VERY surprising to discover this morning: https://www.wsj.com/articles/wells-fargo-posts-profit-as-economy-grows-11626264565
Something fishy going on. Did they dump a bunch of stocks, other debt?
This **** ain't gonna stop until the hangings start
Yep. Its all just hot air, and enough hot air into a balloon eventually causes the balloon to pop.
Closed a ton of branches and laid off a ton of employees. Basically just cut expenditures as much as possible, but the revenue growth is still shocking nonetheless.
