The Ongoing New Financial Era Thread

[Blue&White]

Trade war backfire: Steel tariff shrapnel hits U.S. farmers

I put Trump voters into 2 broad categories - those who voted for him because the alternative was Hillary Clinton and those who voted for him because they actually believed him and in him. And, it's the latter group that he has screwed at every opportunity. Here is just one more great example.

[psu_dad]

You can have underpaid workers in other countries make stuff for you at low prices, thus putting Americans out of work. Or you can employ Americans to make stuff at higher prices.

Pick your poison.

[Blue&White]

This isn't about bringing back manufacturing jobs, though. Nothing he's doing is going to have any impact on where goods are produced. He's not even making that argument, really, outside of the very limited example of the steel industry. And, given the advancements in automation its' unlikely a whole lot more people are going to be employed in steel industry as a result of this.

[psu_dad]

This isn't about bringing back manufacturing jobs, though.

Sure it is. The entire point of tariffs is to cause an increase in the price of imported goods, so as to make similar goods produced here more price-competitive. That's not to say it's going to work.

Hey, we can stick with the global economy paradigm if you'd like. We can continue to buy cheap stuff from China and Mexico and let the American working class continue to take it up the butt. Maybe you and I can run for POTUS in 2020 on that platform: "Vote for us and take it up the butt!" I'll get started on the campaign buttons.

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Seriously, in the long term it doesn't matter. We're screwed. The golden post-WW2 era of industrial America and the prosperity it brought the working class is gone and probably not coming back. We'll continue to have a large sector of the working class who can't get quality jobs and we'll continue to borrow money to subsidize the necessities (food, health care, etc.) they can't afford. And then we'll either collapse in debt or the Zombie Apocalypse will render it all academic.

[Blue&White]

Wells Fargo fined one BILLION dollars



Funny image aside, as of me hitting "submit" on this post their stock is up $1.22. So, if you want to know what to think about that fine, the market reaction says you should think it's a joke.

[tempe]

It is a joke - on the general public. NPR offered a nice piece that puts the fine in perspective.

[psu_dad]

Funny image aside, as of me hitting "submit" on this post their stock is up $1.22.

Providing banking services to regular shmoes is a small part of their business. I guess the other parts (business banking services, wealth management, etc.) are doing well. Perhaps bringing this scandal to "closure"has investors feeling confident about their future. Who knows.

Back in the late 70s when I moved to Colorado, I asked a few people for a local bank recommendation. One acquaintance told me: "Forget Wells Fargo, My wife used to work for them. They're bad news."

[tempe]

back to the steel thing. Interesting read/listen:
https://www.npr.org/2018/04/24/60436975 ... ld-america

[Blue&White]

Wells Fargo Employees Altered Information on Business Customers’ Documents

We need a "3 strikes and your out" rule for corporations.

[sameoldlama]

Or stop allowing WF to pay fines with OPM and start slapping cuffs on them and make them pay fines with their money.