Wells Fargo In CRISIS! - Is A Crash Imminent?
In this video, I talk with author and economic analyst John Sneisen @TheEconomicTruth about the latest troubles for Wells Fargo as the bank sees the lowest mortgage number since the last financial crisis!
In last year's Q4, mortgage applications plunged by 10 billion dollars which is 16% down year over year to around 63 billion dollars.
The mortgage origination pipeline dropped to 24 billion dollars which was just shy of the post financial crisis lows in late 2013.
Well, now in Q1 of 2018, Wells is seeing the biggest lows since the last financial crisis. The mortgage application pipeline did not rebound and sits at 24 billion dollars still.
Even worse is the mortgage applications themselves which are seen as an indicator for the housing market which has been heavily affected by rising interest rates, now falling to 58 billion dollars in Q1. That's down 2% year over year. The worst since the financial crisis.
We have yet to see any bullish indicators but Warren Buffett's favorite bank is not looking good down the line. Wells has been caught up in scandal and fraud for quite some time. Not to mention the return of collateralized debt obligations which we saw right before the crash of 2007 and 2008. We are seeing all the tell-tale signs that this crazy derivatives market is going to implode and for that reason individuals must prepare themselves for the worst.
Self sustainability and financial responsibility is key and that comes from education which far too many shy away from as it's deemed "boring" to most. But it couldn't be more important. If you don't control your money, your money will control you and you will end up in debt servitude, right where the banks and government want you.
Of course as we always mention, the fundamentals are off the table due to the level of manipulation in the markets as well as in the monetary system, so we cannot put a date on the coming crash, but it is indeed inevitable. One cannot avoid the inevitable. The vast manipulation and centralization will always end in long term bearish markets following short term artificial bull markets.
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Let the banks fail! Crypto will take over.
It’s going to be interesting to see which major global bank starts to have major issues first. I’m amazed they’ve managed to stay as free from troubles as they have since 2009.
There's definitely a meltdown on the horizon. Perhaps it'll represent a good opportunity for Crypto to steal the show
Let the banks fail. The whole debt-based financial system needs to go! As far as home buyers go, maybe people just realized that mortgage literally means death pledge.
Funny stuff.
Well's might be the first bail in.
Another bank in trouble ⁉️ NAH❗️😆 You shouldn’t look at it as depressing . There is nothing depressing about this fucked up system collapsing into itself . Its a good thing . 😁