Posted on 06/23/2016 4:55:05 AM PDT by Kaslin
Market watch recently reported that Wells Fargo stock has plunged into its greatest losing streak in nearly nine years. This comes as little surprise given the fact that the company has experienced a takeover at the hands of radical leftists. Leftists may be experts in certain things like organic gardening, herbal healing, and folk music. But they are not known for their expertise in economics and personal finance. In case you have missed Wells Fargo’s recent radical political shift, here are some of the highlights:
-GOP Convention Boycott. It is pretty difficult to imagine a bank boycotting a major political party and that party not being the Democrats. As bad as the GOP has failed at reeling in big government, the Democratic Party has always been worse. For decades, they have actively promoted massive government as a basic tenet of their political philosophy. Given the clear antipathy towards capitalism shown by Democrats it’s fair to ask what non-economic issue could possible lure a major bank into actually favoring their party. A brief perusal of the Wells Fargo twitter account supplies a ready answer.
-Multicultural Social Media Activism. A couple days ago I took the time to read the last ten tweets on the Wells Fargo twitter page. Of those ten tweets, seven were about “diversity and inclusion.” Six of those seven tweets were specifically about homosexuality. And therein lies the explanation for their decision to boycott the GOP. While you will not see them at the Republican convention, you will still see their floats at every major gay pride parade in America. The Wells Fargo logo is always prominently displayed somewhere between the inflatable penis floats and the men wearing assless chaps and doing pelvic thrusts to the sound of the Village People singing YMCA.
-PRIDE Cards. You don’t have to log on to the Twitter account to get an overdose of gay activism from Wells Fargo. Just visit one of their ATM machines this month, which is now officially LGBT PRIDE Month. When you insert your card this June, Wells Fargo will remind you that we are all “Stronger Together” before inviting you to customize your debit card. Seconds later, a rainbow colored card will appear with the word “PRIDE” emblazoned across the front. From there, you will be directed toward a special link that allows you to choose from an array of four different gay pride debit cards. What a fabulous way to remind everyone that withdrawing is not the same thing as staying in the closet!
-Anti-Bullying Legislation. If you think you can avoid Wells Fargo LGBT activism by doing your transactions with a teller rather than an ATM machine you are wrong. In February, I made the mistake of wearing a purple and black tie into a Wells Fargo branch office. The teller encouraged me to wear it again on upcoming LGBT anti-bullying day, which is also in February. I can remember a time when you could go to a bank and cash a check without hearing about the plight of poor oppressed homosexuals being teased during recess in our government run schools. But at least it helps divert attention from the fact that Wells Fargo has corporate offices in nations that execute homosexuals. Talk about a lethal injection of corporate hypocrisy. I mean, it almost shocks the conscience.
-Trans Flag Incident. The 54-story Charlotte Wells Fargo building was recently lit up in the “transsexual flag” colors in order to protest the allegedly “trans-phobic” North Carolina HB2 law. I hope that some day they will do the same with the Wells Fargo corporate building in Qatar. All of the genital mutilation done there is on an involuntary basis.
-Minority Loan Program. Not all of Wells Fargo’s short sighted and wrong-headed activism is tied up in the LGBT movement. They also have a minority loan program, which focuses more on race than sexual preference. The last time banks started to give people loans based on the lender’s desire for social engineering rather than the borrower’s actual qualifications it almost destroyed the economy. But since the economy has “recovered” the progressives have decided it’s time to try again. If “progress” fails again, we all know what will happen. The government will bail out the banks because the banking industry is no longer truly private. Maybe that’s why leftist social engineers are now overrunning them.
In a nutshell, all of this political extremism makes me nervous for a couple of reasons. First, it is hard to imagine Wells Fargo is doing all it can to maximize my investments when they are putting so much time and effort into divisive identity politics. Second, it is hard to accept that a company that celebrates shortsighted risky behavior can be trusted to take appropriate risks with my long-term investments.
That is why I am withdrawing all of my assets from Wells Fargo after I return from my summer vacation. I would advise other right-thinking investors to do the same. In the end, Wells Fargo progressive politics will never lead toward progress. In fact, it will eventually lead the company toward a financial collapse.
Don’t take my word for it. Keep your eyes on the falling stock prices.
Thanks for that!
Buffett is deep inside WFC well when he isn’t deep inside Ms. Quick. Berkshire owns like 10% of WFC.
In 1973, I started with Crocker Bank. They were swallowed be Wells Fargo in 1986.
Left Wells Fargo and switched to First Interstate Bank. Wells Fargo swallowed them in in 1996.
The hand writing was clear on the wall...no matter who I chose, I was going to wind up at Wells.
Now this leftist crap at Wells 20 years later makes me think it’s time to move again. But is there a bank left that doesn’t do this?
Trying to lock up 2% of the population as customers while alienating the other 98%. A good business model? I don't think so.
Subprime crisis redux ping
Thanks for the news. My wife has a Wells account. Cannot wait to pass this on to her.
WFC used to be a well run organization, 40 years ago. My buddy was president of one of their sub units at a time when “diversity” was not an issue.
And when they do you can be sure that we’ll bail them out again.
This is what I would like to know too. The last time a similar article was posted I wondered the same question aloud but no response. It's nice the author is taking his money out of WF but where's he putting it? Under his mattress?
That might explain the increase in ROBO calls to refi. In 5 yrs we will have this house paid for at 3.2% fixed rate. They can’t beat it and the refi fees are to high. We’d lose more than gain. If we dipped into savings more, it would be 3 yrs, not worth it. We plow any extra money into increased house payments as is.
At 77 hubby is not going to refi when it would cost more to do so.
Later
Wells Fargo—money launderers.
Same story at MetLife.
To be fair, banks aren’t actually given an option when it comes to minority-specific lending programs. Uncle Sam’s heavy hand is at work on that count.
Looks like Wells Fargo is the JC Penney and Target of banks.
Which bank is less homo happy?
The Piggy!
It would be very unwise to re-fi at this point. One reason they’re pushing it is that, in addition to the fees the bank collects, they often persuade people to borrow more at the same time.
Do you mean...
...is there any big business in America that is NOT infected by fags at the top?
Me too. Unfortunately, getting out from under the thumb of BOA is what got me under WF!
PNC Bank out of Pittsburgh, PA is good.
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