The MSM was certainly quiet about Wells Fargo’s shitty 2nd quarter results where they saw revenue fall, while using accounting entries to relieve loan loss reserves to generate a fraudulent miniscule profit. Wells Fargo is the largest mortgage lender in the world. The number of mortgage originations crashed by 58% versus last year. A critical thinking individual might ask how we could be experiencing a strong housing recovery with skyrocketing price appreciation if the largest mortgage lender in the world is experiencing a crash in their mortgage lending business, with a 39% decline in mortgage banking income. Luckily, there are few critical thinking people in the country and none in the captured mainstream media who are touting these shitty results as solid.
It’s amazing how much profit you can generate with accounting entries. The brilliant CEO of Wells Fargo reduced his provision for future losses by $435 million versus last year, therefore generating the standard EPS beat required by the Wall Street shysters. The economy is currently in recession, subprime auto loans are beginning to go bad, the housing recovery fraud will lead to future mortgage losses, and student loan debt is a ticking time bomb. So Wells Fargo dramatically reduces the amount set aside for bad debt losses. Just like they were doing in 2007.
They are also desperately trying to sell their student loan portfolio before it becomes an exploding cigar in their faces. I’m sure Obama and his minions will pay top dollar to acquire that subprime slime. The brilliant bankers at Wells Fargo increased auto loans by 11% as everyone knows consumers with less and less household income are great credit risks. If you can fog a mirror, you can get a 7 year auto loan. What could possibly go wrong?
Even the criminal banking cabal can no longer crank out fraudulent profits to prop up their stock prices. This little game of extend, pretend and defend their criminal acts and fraudulent accounting is growing long in the tooth. The collapse is coming. You will not be warned. It will happen over a weekend. On Monday they will have changed the rules. You will be the loser. Take your money out of the banks.
We buy all you houses. We pay cash. We no need stoopid mortgage application. Soon you pay us rent. We get rich. You get broke. We laugh at you. Then we kick you out on street. We makey you suck our dick. Then we shoot you. World no need americans no more.
“The collapse is coming. You will not be warned. It will happen over a weekend. On Monday they will have changed the rules. You will be the loser. Take your money out of the banks”
Words to the wise. If you still have your money in the banks, good luck getting it out. Major banks in Europe are insolvent, collapsing, which will lead to knock-on effects here, as many of the TBTF banks are insolvent as well. The Fed is impotent to save them, the Fed has shot their load already, the government is broke, $17.6 trillion in debt. The FSA, disability, SS, SNAP, they all gotta be paid and fed. So, the government is going to bail-in and confiscate your money, and issue you an IOU (T-bill), also known as Obama’s MyIRA, remember that? That’s if your lucky. Most won’t be. The debt bubble is going to blow, the dollar is toast, the petrodollar is on it’s way out. No bailouts this time, boys, better do like the bankster did the other day, suicide by shotgun. The banksters are going to burn in hell, like all the crooked politicians and lawyers.
“The collapse is coming. You will not be warned. It will happen over a weekend. On Monday they will have changed the rules. You will be the loser. Take your money out of the banks.”
Admin, I’ve been telling everything with ears this – and referring them to your site, for some time now. Nothin’….these sheep think there so special they’ll get a certified letter in advance.
“Take your money out of the banks.”
—-Admin
Ok, tough guy. WTF do we do with our IRA’s sitting in Merrill Lynch (Bank of America)? That’s our #1 retirement cushion.
I can move my IRA to USAA, which I consider the safest banking and insurance company in the country, but it’s still a bank. But my account manager at Merrill is one of the smartest and most honest persons I know. He has my complete trust.
I don’t think people like me have any really safe options.
SSS
There are no safe options when the oligarchs decide to change the rules overnight (Cyprus). I’m sure your account manager is a great guy with your best interest at heart. There were lots of great guys working for Bear Stearns and Lehman Brothers too. They are just cogs in the machine.
FDR didn’t pre-announce the banking holiday and confiscation of all the gold in the country before he did it.
The oligarchs will attempt the same heist. It will be done for the good of the country that you contribute your IRA to those in need – bankers & politicians & shadowy billionaires.
I’d get as far away from Bank of America as possible.
We are all going to get screwed. It’s just a matter of when. My advice is to drink heavily.
Well, we took our money out of the IRA/403b’s, paid the taxes and the penalty, paid off our debts and moved to New Zealand. It won’t be good any where when this thing blows but some paces are better than others and being debt free not matter where you are is good if there is a functioning govt that might more easily pin you down if you have personal debt. Kissinger said that the NWO is different in different regions of the world or some such and the American region is one the will probably be one of the less desirable ones to be in.
Houses are being bought for cash by banks, speculators and foreigners.
That keeps house prices buoyant and helps to keep the ponzi state afloat a while longer.
The middle class are being systematically plundered so cannot consider a mortgage.
Most are condemned to become lifetime renters especially those under 35.
This will get ugly slowly.
Hey, I can read that graph–don’t you see that uptick on the far right? That means recovery, man!
/sarc off…(this is what MSNBC will say–this is the BEST TIME TO BUY!)
@SSS,
“He has my complete trust.”
You’re joking us, right?
Be skeptical, at least, of anyone working in finance.
@SSS, who said …. “He (my 401(k) account manager) has my complete trust.”
You’re joking us, right? Be skeptical, at least, of anyone working in finance.
—-Maddie’s Mom
No, I’m not joking. What I didn’t mention (to Admin) is that my wife was this guy’s financial assistant at Merrill Lynch for 17 years. She never, EVER mentioned one single instance of his doing anything shady, or solely in his self interest, for his large portfolio of multi-millionaire clients (and we’re not one of them). She baby-sat for his 3 kids during that entire time, and we watched the kids grow up into fine young citizens. He and his wife confided with us when they had a family issue and asked our advice. Really, they did. We partied together. In other words, the relationship goes way past “just business.” Way.
Now do you understand? I should have mentioned that in the first place. Perhaps Admin’s response would have been different.
@SSS, It doesn’t matter if he’s a great guy – he’s a salesman who knows his product. This particular salesman believes in his product, but whats that gonna do for you when the train leaves the tracks? I’m not ripping on the guy….I know an AG Edwards guy who is the salt of the earth, but even if he’s never heard nor cared to learn about LIBOR, SHIBOR, metals manipulation, Hypothecation, HFT’s, and on, and on…..if I walked up and asked him about a larger macro issue such as the petrodollar he’d just look at me funny. Fractional reserve/credit based reserve systems with predetermined lit fuses, ‘doomed to implode’ …..crickets. My point is why would you overlook the issue for the man? Maybe I read you wrong, but thats just how I saw it. I started asking my guy questions a few years back, he didn’t.know.shit. He just blathered on about the dorsey-wright shit or whatever, S&P comparisons, and whatever else. Nice guy, but essentially not very bright. Good looking guy, witty, and polite – perfect for the job.
@SSS,
Yes, additional details convinced me he’s a gem.
You lucky guy.