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.
Everyone needs to move their funds to a smaller local bank.
Here in Pennsylvania we have many options, First Niagara Bank, Harleysville Savings Bank and Neffs National Bank are all good ones.
I tried that a few years ago. Bank of America came along and ate my bank - I had to leave again.
Right now I'm with BBVA Compass Bank. Not too big, but owned by the giant and financially shaky Spanish bank BBVA. No nationwide branch network. Very nice people at the branch. No political agenda evident. Electronic banking seems to be a few steps behind other banks. You can't have everything. :)
Look for a small, local bank with local values. That’s your best bet to avoid perversion.
I really want to move to a local bank
They are going down, but it may take some time yet.
I tried that a few years ago. Bank of America came along and ate my bank - I had to leave again.
That's why I found a bank with explicitly biblical values - hard to find, but they're out there. They eventually sold/merged, but they were well-rooted in their principles and sold to another bank with the same values.
Nothing doing, they told me, after I politely explained her situation. So, I pulled the threat out of the bag: "If you don't cooperate, we may not be able to make any payments at all."
They countered with the threat of cancelling her credit card and messing up her credit rating. "She's 90 years old," I told them, "and I'm her power of attorney and won't even let you talk to her. Do you think I really think it is in her best interests to neglect her other needs to favor an uncooperative p*$$ant creditor? Just try me."
They still wouldn't budge. So guess what happened.
Good news! Now, I hope PayPal follows suit.
We better redeem our points this week.
Local banks are being eaten alive, being slowly pummeled to death by Federal regulators, until they cry uncle and sell to some gigantic bank.
Good riddance.
When companies go lefty I have no sympathy for them. However, their bought government representatives will get the Democrat President to bail them out or look the other way if things get bad. Even the IRS will go easy on them if they are allied with the left.
USAA FSB has an agreement with PNC Bank to provide free ATM services to USAA customers.
From my husband who I was reading this to:
“When you insert your card this June,...”
Newsflash: In order to express solidarity for the gay community, from now on, everyone using the Wells Fargo ATM will have to insert their card in the rear of the machine.
All of the big banks are deleveraging as fast as they can to cut costs. Less big loans, more fees, personnel cuts and branch closing a. Not a great time to be in the business.
Where did you read that about Buffet and EIC? Want to show it to someone
I tried that a few years ago. Bank of America came along and ate my bank - I had to leave again.
I just refinanced my home this past week away from Wells Fargo after seeing the TV commercial with the two boyfriends bringing home their adopted baby for the umpteenth time. I’m apparently not their target customer base.
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