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Josh Sigurdson talks with author and economic analyst John Sneisen about the latest scandal being reported about Wells Fargo, Warren Buffet's favorite bank.
As it turns out, Wells Fargo is being hit with a "Repeat Offender" formal enforcement action following an investigation which showed Wells Fargo went out of the way to gouge clients at the foreign exchange desk and that employees were encouraged to do this. One man was even demoted when he complained about it.
Of course Wells Fargo was caught earlier in the year creating about 3.5 million fake accounts and ripping people of for an unthinkable amount of money. The law suit ended with a 142 million dollar settlement.
Later, the bank was caught giving 570,000 customers auto insurance when they never asked for it. In most cases people already had car insurance and Wells Fargo started charging them on top of that insurance. When many people didn't pay they reposessed thousands of cars.
Tha bank has also been caught overcharging mortgage customers and a whole host of other shady dealings. The question is, when are people going to finally learn and turn their backs on this corrupt bank alongside the others who are likely up to similar deeds but simply being far more careful?
The banking system stemming from the central banking system and government is manipulating markets and of course the worthless fiat monetary system. Their entire prerogative is debt servitude. Control of the populace. For when you shove people down a bottomless pit of debt, you force them to ask for a ladder up from the government and banking system which puts them in perfect servitude and it plays right into the hands of the masters.
The solutions are simple. Financial responsibility. Self sustainability.
You cannot have freedom without responsibility. It's a core principle and we all must educate ourselves in order to be the change we wish to see in the world and take care of ourselves and our families or else we become dependent on the state and banking structure which depends on our dependence. It's a two way street and people have to block off that road.
Stay tuned as we continue to break down this crucial issues.
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