Matt Levine’s newsletter (which is like the highest-quality recent addition to my life except for my Peloton) on foreign ownership in Chinese companies is fascinating.
so idk but this seems kind of foreboding?
Wells Fargo is ending a popular consumer lending product, angering some of its customers, CNBC has learned.
The bank is shutting down all existing personal lines of credit in coming weeks and no longer offers the product, according to customer letters reviewed by CNBC.
The revolving credit lines, which typically let users borrow $3,000 to $100,000, were pitched as a way to consolidate higher-interest credit-card debt, pay for home renovations or avoid overdraft fees on linked checking accounts.
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Eh. These are pretty aggressive personal revolving credit lines. I doubt most banks offer anything similar. There were probably good reasons for that.
I didn’t even know normal people could get something like this tbqh. I’d probably have one for a rainy day if I had known.
This is not to say I think things are stable and won’t crash. I’ve felt we were standing on the edge of a precipice since at least 2015.
Try two hours.
In the case of Wells specifically, this is probably a regulatory decision. Ever since the multi-account scandal they have been rightfully under immense scrutiny from regulators and that’s the kind of product that is ripe for allegations of disparate underwriting standards.
Just makes me think of a 22 divorce thread from years ago (?) where the poster was really concerned about which party got the 10k line of credit.
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I know next to nothing, but I would guess Uber is trying to own the market until self-driving cars takeover. Then their expenses will go way down when they cut-out the drivers. Profit! I’d imagine that’s also the plan for Door Dash. Their problem is that there are more competitors in their market than Uber has in their’s.
All of these companies leveraging their future on self driving cars deserve to be bankrupted. We are not close to full autonomous vehicles. They can’t sustain the hemorrhage.
Pizza robots could work in cities and put Door Dash etc. out of business.
Even more pathetic they seem to think the companies creating the technology will respect their marketing spend and cut them in. Lol no.
I really do wonder if there is a whiteboard up somewhwere at SoftBank saying
- Lose billions of dollars subsidising taxi rides
- Treat drivers like crap and do all the misogynies to make sure your brand name is tainted
- Wait for someone else to invent self driving
- ???
- Profit
The saudi princes were underpants gnomes this whole time. Should’ve called it Soft Brain Bank amirite.
The fact that they’re wasting mostly Saudi money is the only redeeming part of the whole thing.
But it’s all going to advertising companies. And everything in the crossfire gets decimated thanks to “disruption”.
Yesterday: SnP down 1.5% sky falling.
Today: 8th ATH in 10 days
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Yeah it’s not a happy story, but at least the Saudi’s lose a fuckton of money all the way through.
Were retirement accounts traditionally not included?
I figured that’s a great example of something that is positive net worth but not at all a liquid asset.
I think typically 401k and similar assets are typically included, but DB pensions and SS are not because someone has to actually calculate the actuarial present value of those.
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I’m old enough to remember when Henry from 22 used to say that just about every Canadian over 50 was a millionaire unless they were really lazy or stupid. I assume his accounting methods were something like this.
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i mean theoretically if we can print money to bailout corporations we can also just print money to bailout SS if it ever goes bankrupt. it would be political suicide for any president to let it go bankrupt under their watch.