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.
Charlotte was never really home to Wachovia. First Union trashed its reputation, bought Winston-Salem based Wachovia, renamed itself Wachovia, and trashed that, too. Wachovia was a very conservatively run bank previous to that.
ABSOLUTELY THE POST OF THE DAY!!
(convulsing in laughter at the brilliance) !
Local banks and credit unions are a better choice for a variety of reasons. One of out local banks even advertised that they never made any subprime loans. Guess they weren’t big enough to show up on Washington’s Affirmative Action radar.
LOL!
conservative but always arrogant
Had all of our banking functions thru WF but switched all functions except one to a local credit union. We maintain a no-cost checking acct with WF in order to use their network of ATM machines, and it is resupplied with one tiny direct deposit. This account was originally a First Union National Bank acct, and was grandfathered as to fees. Occasionally have to write a check out of that account to bleed it off...which is then deposited into the credit union account. The Pride advertisement at the ATM is still a slap in the face when we occasionally visit for a withdrawal.
It was not the bank for a small checking account. People with larger deposits were treated well, though.
Financially, Wells Fargo is probably the strongest major bank in America.
And their stock price confirms that claim.
Wells Fargo stock is up over 40% in the last 10 years, a period of time that includes the Great Recession.
Compare that to the three largest Banking ETFs: XLF, VFH, and KBE.
Those three ETFs are down 20%-40% over the last ten years.
And stupid, I financed a car back in the sixties with Wachovia and the payment book and other paperwork did not have the mailing address anywhere on it. I had to keep a piece of paper on which I had handwritten the address so I could send a payment to them. What kind of fool doesn’t furnish the address for you to send their money to? Any mail I ever received from them had only Wachovia Bank, Charlotte on it.
You lost in court and are writing from your cell?
Not us, the only extra money we spend, is to up grade older items like gutters so he doesn’t have to climb a ladder to clean them. Had Lowe’s do the covered ones, and wrote it into the contract we could pay with Lowe’s gift cards we get at Kroger’s that gives us gas points. Or the retaining wall that was rotted out. Next project is removal of carpet in the living room for a medium grade wood flooring you can install yourself, as carpet attributes to the sinus issues. 1 a year.
If it was up to me DISH would be gone. But he has to have the sports pkg.
I'm sure you know how to print labels; right?
Leave your OWN message on the machine after you use it!
Here are some starters:
Genesis 13:13
Genesis 19:9
Romans 1:24-29
1 Corinthians 6:9-11
Nope. Wells Fargo got nada.
GREAT idea.
Thanks
.
Charlotte has made Frisco look conservative for the last 30 years.
It sounds like you and your husband are using good sense. Many people treat their house like a fly-by-night investment vehicle, rather than as the place they live!
At our age having enough retirement money is more important, because of the Obama Depression that will take years to reverse. Cuts/guts to Medicare and Tri-Care Life. We’ve been pinching pennies ever since he went into office.
We got out of crime riddled Memphis, a 3,800 sq ft 2 story 40 year old house, and chose a 12 yr old 3 bedroom starter house. Got rid of a lot of over sized furniture too along with 35 years of JUNK. He tends toward being a hoarder of the wrong stuff. Just moving over the county line cut all insurances in half along with lower property taxes. And very little violent crime.
The one luxury I want is a adjustable king bed with a best level mattress. For many it may sound a luxury, but with my health it has become a necessity. You can’t duplicate the ‘recliner’ with pillows. I’ve been sleeping in the recliner for a year now so I have relieve from a degenerative back + Osteoporosis, non diabetic Peripheral Neuropathy and an Enlarged Heart, I don’t need the swelling legs or the pain that sends my BP into the heart attack zone from the Chronic pain. Just not found the right one yet.
Good luck finding the right mattress. Sleep is really important!
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