I have no idea why Wells Fargo isn't at the top of the list of protests of outrageous, abusive banks for story after story proves they ripoff people right and left. From ATM fees to checking account fees to foreclosures to credit cards, they are really a predatory lender.
Yet the focus in on Chase, who isn't anywhere near as bad by the numbers, not saying they are good, but in terms of regular people don't come close to Wells Fargo.
I am one who "...had to battle potentially (it wasn't potentially) wrongful (if you only knew what Wells Fargo did to me and my family it would make you nauseated) efforts to seize their homes despite not having defaulted on their loans (me), being protected under a host of federal laws (me), or having been in good standing (me) under bank-approved plans to either restructure their mortgages or temporarily delay required payments (I got a 6-month run around on the restructuring...banks did this with intent to foreclose). We were promised again and again it would be restructured, finally the day before the house went up for auction (we were part of the South Carolina office that screwed us) we had no choice and my wife drove 220 miles to file chapter 13 and halt the foreclosure). As my wife was on the road, a representative of Wells Fargo said "if she turns around I think we can get this to go through." That shameful course of action by Wells Fargo was nothing compared to what they did while we were under protection. And yet, having never missed one house payment, we lost everything; including the home we spend a decade fixing up with sweat and real equity, turning a house realtors would not even touch because of its condition, to a very special home for my family. The only reason I would like to think God exists, would be to correct what happened to us and all those others treated like dirt by the banks and derided by a public who thought folks such as us were freeloaders that wouldn't pay our mortgage. Gotta luv a stone throwing society that stands with the stone makers.
I don't like to overview initial claims ever week, but this week initial claims was 339k, an 16k drop.
That said, last week was revised up by 3,000, so it's a wait and see. We don't see anything economically speaking that would get initial claims down to 2007 levels happening and it would not surprise me to see this week's figure revised upward next week.
i.e. we think initial claims is still stuck in mud.
The govt is not "making 34B," at least in the end, they won't make squat. They're going to get crushed. How much will they be "making" when all those kids who studied lib arts and now work at starbucks default? The govt will be losing bigtime on this because the govt is terrible at deciding who is worthy of credit.
No, not at all, workers are displaced by foreign guest workers and there are many cases where workers had to train their replacements before being fired.
There is a whole "industry" processing foreign guest workers and overall they are cheaper so business can labor arbitrage. They also commit age discrimination, race discrimination (against U.S. domestic diversity) and sex discrimination.
Age is most common because they believe older people are not so submissive and it is perceived they are more expensive, although neither is true.
at least with respect to low-wage positions, anyway. I'm not up to speed on the details of white collar immigration policy, and in any event you spent a lot of time focusing (rightly) on impacts to low income and minority communities in your post.
But the status quo exemplifies the rub, doesn't it. A legal system so completely sideways to reality on the ground that pouring money into enforcement you might as well torch mountains of cash in the town square to better results . . . at least you could roast marshmallows. A permanent grey market of untaxed, unregulated activity.
I dunno, I'm not claiming answers, myself. I just struggle with how you swim upstream against issues like this that have proven historically resistant to enforcement efforts, even in this case the political reality is even more intractable against strong enforcement mechanisms that would be seen as targeting the political demographic-du-jour. Like marijuana, except politically no one's historically been afraid of stoners :)
There needs to be extremely tight and enforced laws to make sure all Americans are preferred, first for any job within the borders of the United States.
There has to be acknowledgement flooding labor markets will hurt U.S. workers, even at the highest levels of skill.
Alternatively, one can place fees on guest worker Visas that are so high, a business really must have that worker and cannot find a U.S. citizen worker.
i.e. if it is an engineering position, a 50k fee for a Visa or a 50k fee to hire that person would stop U.S. worker displacement for a company is only going to pay that large of a sum if they really need the talent and really cannot find a U.S. engineer to do the job.
I only wander through this site from time to time, so I'm really only looking at this one article, but what it's lacking is an alternative. Just for people who aren't regular readers you might throw in a link to your "solution" post. I mean, are you disagreeing that the system is broken? Do you favor the Herman Cain electrified fence approach?
I did find this blog post to be an interesting mix of data and completely unsupported assertions presented as fact.
"Most of the new Visas focus on STEM jobs, so clearly the U.S. engineer is going to be wiped out, turned into a dinosaur by flooding the U.S. labor market with anyone who claims they can write a couple of lines of C# code."
[citation needed] and in any event any company that would in that manner en masse offload its domestic programming workforce to save on personnel costs could already do so by just offshoring the whole thing. Besides, foreign workers in the US still have to grapple with cost of living in the same geography as US workers . . . is the wage disparity that great between US programmers and foreign programmers (factoring in variables like experience) that we're really talking about "wiping out" US programmers? That seems like a bit of a stretch.
Thank you for your response. After reading CR my 'gut response' was the same as yours: 'what is he smoking'. But, I'm not informed enough to challenge his conclusions so I appreciate your conformation.
So i received my check for 600 dollars. basically they r saying i never was in a modification process with them. ya i did all the paperwork for fun then. only to be told i was denied. got rid of my car payments, still didn't help. stopped paying my cards while still trying. didn't help enough. finally had to move because we weren't able to make the payments. went from 2 incomes to one and dropped more than 30000 a year in income isn't enough. to top it all off, all the homes in my old neighborhood were sold for less than 25% of what i bought it for and r subsidized housing.
Links don't work on anonymous comments, you have to login. CR on new home sales.
750-800k sales annualized from ~420k is almost double. That puts sales levels around 2000 time frame. So it depends on what he means by "several years". Next couple of years well, they are running out of institutional investors and these are new homes vs. picking off cheap foreclosures and short sales. Wages just do not support it and anyone believing a flood of immigrants is going to buy up all of those new homes, think again. It's called wage repression if they flood the labor market and people, the average wage, just cannot afford these houses, even at this beyond belief low 30 year mortgage rates.
I can see 500k in 2014 though even with most Americans staying flat broke, busted as most are today. Unless they grow the middle class and every policy I see is opposite to do that, including this immigration agenda, I don't see how that many people will be able to afford a new home, even with the increase in overall population, I don't see how the U.S. returns to even 2000 new home sales levels.
Sure, oversea people and businesses can murder people if they get in the way. Okay, but if someone wants to enjoy the protection of incorporation in the US (which abides them to follow our laws), then they can't claim business as usual. If they want to do what is permissible in other countries (e.g., bribe ministers for contracts, engage in ethnic cleansing to secure areas rich in resources), then they can incorporate overseas if they don't like FCPA and our other laws. The point of our laws and the whole purpose of being some sort of "model" (at least in the past) was to ensure our companies didn't engage in business as usual and foreigners at low levels overseas could at least believe that our government was better than their corrupt politicians and businesses. If we can't be any better, then scrap all the laws and let's just go for broke, anarchy and mayhem and anything goes as long as it's the highest bidder calling the shots here and abroad.
How much money was made off of one phony tweet? Nothing better than having automated programs operating off of inputs that then trade in the pico-seconds trillions of dollars and Congress, the world, sits on their hands acting like somehow once one gets into engineering, computer science, technology they cannot possibly regulate...probably because they are so clueless on what technology means financially, economically, in terms of regulation.
Notice that, anything involving a latency of a cable, router or has any math in it is completely ignored by regulators?
Bill McBride (Calculated Risk) thinks " housing is historically the best leading indicator for the economy, and this is one of the reasons I think The future's so bright, I gotta wear shades."
http://www.calculatedriskblog.com/2013/04/a-few-comments-on-new-home-sal...
The laws were passed in the 1970s to stop this very thing. Same with RICO laws to stop all organized crime. If big business can merely pay a small fine to get out of criminal and civil liabilities while the little person doing the very same thing inside his own country cannot, then the laws are a complete joke. Big multinationals bribing with impunity internationally was the very thing FCPA was supposed to stop. The corruption just doesn't reward corrupt officials, it also shows people in foreign countries that $ controls game. It helps support and strengthen corrupt elites overseas because if their wallets are open to billions of dollars from multinationals, then the constituents in other countries will not be listened to and the officials will merely serve the whims of multinationals. Basically what we have now. If someone in Argentina or Nigeria that wants to be ethical and honest sees that $ controls his government from corporate coffers, there's no incentive to be honest or fight corruption - he/she will simply be ignored as corporate boardrooms control his country.
Bribes in foreign countries are really common and often the only way to "do business", but it is illegal.
In the big picture, U.S. payola to these various corrupt governments I take on a case by case basis on what that corporation is buying with their bribe, i.e. market access or to ensure their workforce remains slave labor?
=================
Technical note, meta tags must be separated by commas. Meta tags are automatically turned into links, they tag all content by subject, so they must be separated.
Second, please format your links. There is a rich text editor to help you and just highlight the link, click on that "chain" icon and put in your text. Raw links in posts are horrific and in terms of people finding your post, Google buries anything with raw links in it.
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I'm sure it's the same in every industry. It's sad, and makes honest people uber-pissed, because I know the people who really do care and know the good, bad, right vs wrong are royally screwed over by those who just don't care and honestly believe "greed is good," "everyone lies," and "screw everyone, #1 counts." It's greed, politics (actual politics and office politics), and all the other stuff hard workers were aware of, but didn't have to worry about all the time because these problems never ran the entire show globally from cubicles to labs to transational organizations (e.g., IMF, World Bank, etc.) and didn't infect every aspect of our lives.
How many people that are geniuses and veterans or loyal Americans are now homeless, unemployed, "unemployable," or dead? One is too many, but we're way, way beyond that. Looking around, honest men and women should be filled with rage and sadness (if they aren't personally trying to stay off the streets). Dark days, dark days.
This is Rome 5th Century - we're done. Everyone at the top is looking out for themselves, privatization or outsourcing everything they can, debasing currency (just look at the QEs and central bank actions globally), "elites" engaging in parties while ignoring the increasing disparity between the 1% and 99%. Endless new wars on this or that costing trillions (I think we can find a Roman legion in Britain or elsewhere if we look hard enough). Privatization of prisons + jails and law enforcement, schools, military, and any other sector they can make $ from. This isn't an Empire under Augustus, we're far, far beyond that. Vandals at the gate and our govt. and corporations not only allowed/promoted it, but will try to make profit from our destruction. And if you call them out on it, they'll pass a new law, make you an outlaw, and toss you to the lions. People that think a thought are "overqualified" and treated as lepers and the elites want people to look at the latest celebrity news or other crap to ignore the crumbling infrastructure, lack of jobs for citizens, and 100% corruption. But hey, I'm sure the Senators and Emperor are above reproach, those being fed to the lions are the real criminals (yeah, right).
I have no idea why Wells Fargo isn't at the top of the list of protests of outrageous, abusive banks for story after story proves they ripoff people right and left. From ATM fees to checking account fees to foreclosures to credit cards, they are really a predatory lender.
Yet the focus in on Chase, who isn't anywhere near as bad by the numbers, not saying they are good, but in terms of regular people don't come close to Wells Fargo.
I am one who "...had to battle potentially (it wasn't potentially) wrongful (if you only knew what Wells Fargo did to me and my family it would make you nauseated) efforts to seize their homes despite not having defaulted on their loans (me), being protected under a host of federal laws (me), or having been in good standing (me) under bank-approved plans to either restructure their mortgages or temporarily delay required payments (I got a 6-month run around on the restructuring...banks did this with intent to foreclose). We were promised again and again it would be restructured, finally the day before the house went up for auction (we were part of the South Carolina office that screwed us) we had no choice and my wife drove 220 miles to file chapter 13 and halt the foreclosure). As my wife was on the road, a representative of Wells Fargo said "if she turns around I think we can get this to go through." That shameful course of action by Wells Fargo was nothing compared to what they did while we were under protection. And yet, having never missed one house payment, we lost everything; including the home we spend a decade fixing up with sweat and real equity, turning a house realtors would not even touch because of its condition, to a very special home for my family. The only reason I would like to think God exists, would be to correct what happened to us and all those others treated like dirt by the banks and derided by a public who thought folks such as us were freeloaders that wouldn't pay our mortgage. Gotta luv a stone throwing society that stands with the stone makers.
What, since most states never decoupled their state tax system from the Federal, is the fiscal impact on lets say, a state like New Mexico?
I don't like to overview initial claims ever week, but this week initial claims was 339k, an 16k drop.
That said, last week was revised up by 3,000, so it's a wait and see. We don't see anything economically speaking that would get initial claims down to 2007 levels happening and it would not surprise me to see this week's figure revised upward next week.
i.e. we think initial claims is still stuck in mud.
The govt is not "making 34B," at least in the end, they won't make squat. They're going to get crushed. How much will they be "making" when all those kids who studied lib arts and now work at starbucks default? The govt will be losing bigtime on this because the govt is terrible at deciding who is worthy of credit.
No, not at all, workers are displaced by foreign guest workers and there are many cases where workers had to train their replacements before being fired.
There is a whole "industry" processing foreign guest workers and overall they are cheaper so business can labor arbitrage. They also commit age discrimination, race discrimination (against U.S. domestic diversity) and sex discrimination.
Age is most common because they believe older people are not so submissive and it is perceived they are more expensive, although neither is true.
at least with respect to low-wage positions, anyway. I'm not up to speed on the details of white collar immigration policy, and in any event you spent a lot of time focusing (rightly) on impacts to low income and minority communities in your post.
But the status quo exemplifies the rub, doesn't it. A legal system so completely sideways to reality on the ground that pouring money into enforcement you might as well torch mountains of cash in the town square to better results . . . at least you could roast marshmallows. A permanent grey market of untaxed, unregulated activity.
I dunno, I'm not claiming answers, myself. I just struggle with how you swim upstream against issues like this that have proven historically resistant to enforcement efforts, even in this case the political reality is even more intractable against strong enforcement mechanisms that would be seen as targeting the political demographic-du-jour. Like marijuana, except politically no one's historically been afraid of stoners :)
There needs to be extremely tight and enforced laws to make sure all Americans are preferred, first for any job within the borders of the United States.
There has to be acknowledgement flooding labor markets will hurt U.S. workers, even at the highest levels of skill.
Alternatively, one can place fees on guest worker Visas that are so high, a business really must have that worker and cannot find a U.S. citizen worker.
i.e. if it is an engineering position, a 50k fee for a Visa or a 50k fee to hire that person would stop U.S. worker displacement for a company is only going to pay that large of a sum if they really need the talent and really cannot find a U.S. engineer to do the job.
I only wander through this site from time to time, so I'm really only looking at this one article, but what it's lacking is an alternative. Just for people who aren't regular readers you might throw in a link to your "solution" post. I mean, are you disagreeing that the system is broken? Do you favor the Herman Cain electrified fence approach?
I did find this blog post to be an interesting mix of data and completely unsupported assertions presented as fact.
"Most of the new Visas focus on STEM jobs, so clearly the U.S. engineer is going to be wiped out, turned into a dinosaur by flooding the U.S. labor market with anyone who claims they can write a couple of lines of C# code."
[citation needed] and in any event any company that would in that manner en masse offload its domestic programming workforce to save on personnel costs could already do so by just offshoring the whole thing. Besides, foreign workers in the US still have to grapple with cost of living in the same geography as US workers . . . is the wage disparity that great between US programmers and foreign programmers (factoring in variables like experience) that we're really talking about "wiping out" US programmers? That seems like a bit of a stretch.
Thank you for your response. After reading CR my 'gut response' was the same as yours: 'what is he smoking'. But, I'm not informed enough to challenge his conclusions so I appreciate your conformation.
So i received my check for 600 dollars. basically they r saying i never was in a modification process with them. ya i did all the paperwork for fun then. only to be told i was denied. got rid of my car payments, still didn't help. stopped paying my cards while still trying. didn't help enough. finally had to move because we weren't able to make the payments. went from 2 incomes to one and dropped more than 30000 a year in income isn't enough. to top it all off, all the homes in my old neighborhood were sold for less than 25% of what i bought it for and r subsidized housing.
Recent article from Manufacturing and Technology News. Says many of the same things I have been saying on this issue for some time
if there were a true shortage there would be upward pressure on wages - not happening
if skills were in demand - schools teaching these skills enrollments would swell - not happening
employers would increase internal training programs - not happening
read articles here
http://www.manufacturingnews.com/news/mit0419131.html
http://web.mit.edu/press/images/documents/pie-report.pdf
Links don't work on anonymous comments, you have to login. CR on new home sales.
750-800k sales annualized from ~420k is almost double. That puts sales levels around 2000 time frame. So it depends on what he means by "several years". Next couple of years well, they are running out of institutional investors and these are new homes vs. picking off cheap foreclosures and short sales. Wages just do not support it and anyone believing a flood of immigrants is going to buy up all of those new homes, think again. It's called wage repression if they flood the labor market and people, the average wage, just cannot afford these houses, even at this beyond belief low 30 year mortgage rates.
I can see 500k in 2014 though even with most Americans staying flat broke, busted as most are today. Unless they grow the middle class and every policy I see is opposite to do that, including this immigration agenda, I don't see how that many people will be able to afford a new home, even with the increase in overall population, I don't see how the U.S. returns to even 2000 new home sales levels.
Sure, oversea people and businesses can murder people if they get in the way. Okay, but if someone wants to enjoy the protection of incorporation in the US (which abides them to follow our laws), then they can't claim business as usual. If they want to do what is permissible in other countries (e.g., bribe ministers for contracts, engage in ethnic cleansing to secure areas rich in resources), then they can incorporate overseas if they don't like FCPA and our other laws. The point of our laws and the whole purpose of being some sort of "model" (at least in the past) was to ensure our companies didn't engage in business as usual and foreigners at low levels overseas could at least believe that our government was better than their corrupt politicians and businesses. If we can't be any better, then scrap all the laws and let's just go for broke, anarchy and mayhem and anything goes as long as it's the highest bidder calling the shots here and abroad.
How much money was made off of one phony tweet? Nothing better than having automated programs operating off of inputs that then trade in the pico-seconds trillions of dollars and Congress, the world, sits on their hands acting like somehow once one gets into engineering, computer science, technology they cannot possibly regulate...probably because they are so clueless on what technology means financially, economically, in terms of regulation.
Notice that, anything involving a latency of a cable, router or has any math in it is completely ignored by regulators?
It is a huge corporate no-no to engage in this, no doubt. China they will execute people for it.
Yet other countries, if you don't bribe, you're not going to do business in that country, at all.
I don't know if you saw Frontline's Black Money, we embedded it as a FMN here.
All about multinationals bribing around the globe, unfettered.
Bill McBride (Calculated Risk) thinks " housing is historically the best leading indicator for the economy, and this is one of the reasons I think The future's so bright, I gotta wear shades."
http://www.calculatedriskblog.com/2013/04/a-few-comments-on-new-home-sal...
Wonder how you respond?
The laws were passed in the 1970s to stop this very thing. Same with RICO laws to stop all organized crime. If big business can merely pay a small fine to get out of criminal and civil liabilities while the little person doing the very same thing inside his own country cannot, then the laws are a complete joke. Big multinationals bribing with impunity internationally was the very thing FCPA was supposed to stop. The corruption just doesn't reward corrupt officials, it also shows people in foreign countries that $ controls game. It helps support and strengthen corrupt elites overseas because if their wallets are open to billions of dollars from multinationals, then the constituents in other countries will not be listened to and the officials will merely serve the whims of multinationals. Basically what we have now. If someone in Argentina or Nigeria that wants to be ethical and honest sees that $ controls his government from corporate coffers, there's no incentive to be honest or fight corruption - he/she will simply be ignored as corporate boardrooms control his country.
Bribes in foreign countries are really common and often the only way to "do business", but it is illegal.
In the big picture, U.S. payola to these various corrupt governments I take on a case by case basis on what that corporation is buying with their bribe, i.e. market access or to ensure their workforce remains slave labor?
=================
Technical note, meta tags must be separated by commas. Meta tags are automatically turned into links, they tag all content by subject, so they must be separated.
Second, please format your links. There is a rich text editor to help you and just highlight the link, click on that "chain" icon and put in your text. Raw links in posts are horrific and in terms of people finding your post, Google buries anything with raw links in it.
Finally, consider capitalizing your title as if you are writing a school essay.
The meta tags are most important for if you don't use commas and also select pre-existing meta tags if they are present, it destroys the categorization methods on the site.
Let me know if you need any further help with formatting and so on.
I'm sure it's the same in every industry. It's sad, and makes honest people uber-pissed, because I know the people who really do care and know the good, bad, right vs wrong are royally screwed over by those who just don't care and honestly believe "greed is good," "everyone lies," and "screw everyone, #1 counts." It's greed, politics (actual politics and office politics), and all the other stuff hard workers were aware of, but didn't have to worry about all the time because these problems never ran the entire show globally from cubicles to labs to transational organizations (e.g., IMF, World Bank, etc.) and didn't infect every aspect of our lives.
How many people that are geniuses and veterans or loyal Americans are now homeless, unemployed, "unemployable," or dead? One is too many, but we're way, way beyond that. Looking around, honest men and women should be filled with rage and sadness (if they aren't personally trying to stay off the streets). Dark days, dark days.
This is Rome 5th Century - we're done. Everyone at the top is looking out for themselves, privatization or outsourcing everything they can, debasing currency (just look at the QEs and central bank actions globally), "elites" engaging in parties while ignoring the increasing disparity between the 1% and 99%. Endless new wars on this or that costing trillions (I think we can find a Roman legion in Britain or elsewhere if we look hard enough). Privatization of prisons + jails and law enforcement, schools, military, and any other sector they can make $ from. This isn't an Empire under Augustus, we're far, far beyond that. Vandals at the gate and our govt. and corporations not only allowed/promoted it, but will try to make profit from our destruction. And if you call them out on it, they'll pass a new law, make you an outlaw, and toss you to the lions. People that think a thought are "overqualified" and treated as lepers and the elites want people to look at the latest celebrity news or other crap to ignore the crumbling infrastructure, lack of jobs for citizens, and 100% corruption. But hey, I'm sure the Senators and Emperor are above reproach, those being fed to the lions are the real criminals (yeah, right).
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