Thread regarding Wells Fargo & Co. layoffs

I’m not sure what happened with the student loan forgiveness stuff, but sounds like that may be a decent strategy to prevent some of these issues you’re calling out. Let’s see what happens!

@1jov+1mz1r5kV

Yes, it's trickle down impact. People won't be able to make their payments on their student loans initially because they will need to put that money towards home, transportation, food, etc. The problem is, the government starts to garnish your wages after a certain amount of time going delinquent. So yes, pretty quickly, you'll see home, credit card and auto financing defaults. It's going to get ugly. Eventually the can is going to have to stop being kicked down the road.

Won’t credit cards and auto loans be an issue too?

This is another example of how the elites are manipulating us. If you have been paying attention, none of what has been happening makes sense. Why spend years giving everyone the capability and encouragement to work from home? Why after a “pandemic” are they are trying to reverse this capability so quickly? Why give everyone expensive laptops when the desktops worked well previously? Why not have assigned desks if everyone is forced to come into work 3 days or more? Why be so concerned about the climate one minute, but then force everyone to return to the office even if you work remote previously?

The stable fund option in WF 401K has about 30% in securities backed by commercial real estate (CMBS - I think those are the initials) - anyway, heads up.

I’m still waiting for all the innovation that was going to happen as a result of being together in person.

@wnf+1mz1r5kV

Are you claiming that the building sold for more? Evidence?

A lot of people, from Warren Buffett / Munger on down are "down" on commercial real estate. Since you think there's nothing to worry about, this surely represents a fantastic high-reward investment opportunity for you. Go for it.

I didn't know employees of Stansbury Research posted on this site OP. Where's the mindless endless video ending in a product pitch. The sky is falling is their specialty.

@kar+1mz1r5kV - The student loan issue will hit hard.
NEVER believe ANYTHING a Government person says with their first words are ....let us help you!
Farmers Know it - during the Carter Admin they were made endless promises and teases....Don't plant your land ..we will pay you NOT to........Farm collapses skyrocketed.....generational farms were lost, suicides skyrocketed.

The government housing loan policies leading up to the 2008 bottom dropping out of housing was a failed Barney FRANK policy that did not require any proof of credit, a job, etc to get a mortgage (undocumented mortgages).....of course the government said it was all the banks and their bad loans....LIARS it was BAD policy of FHA/Sallie mortgages mandatory by the GOVERNMENT.
If you did not pay your Student Loans during the pause .....prepare to LOSE every asset you have.

Sorry to be the bearer of bad news, but the more immediate shoe to drop will be Student Loan Payments. Supposedly we will see payments starting back up in August. I don't know about all of you, but I keep seeing younger people getting into homes and driving nicer cars. I can nearly guarantee those people were approved with the thought that the government was going to write them off (right or wrong, I don't care, I don't have one so I'm indifferent). If payments start back up, the first 30-day defaults will be seen in September. If those are high, get ready for the p-o-storm to follow. Student loans are like taxes, you can't get out of them unless the government agrees, and there is just too much money sitting out there needing to be paid back to just write off. It's going to be soon, it's going to be fast hitting, and it's going to be more wide spread.

Once the massive shift in building use happens, where exactly would people RTO to? That's how it impacts RTO generally. In the case of WF, RTO is more about pushing attrition than corp real estate, that's just a fringe benefit in the eyes of the hacks in NYC.

I hate RTO, and will never support it.

But wouldn't a corporate real estate crash mean that Wells is sitting on a ton of assets that currently aren't worth anything? Meaning, they can't sell the buildings, so they might as well fill them up with people? I could see the fossilized C suite thinking this way.

I would love to see a corporate real estate crash. This would eventually result in those properties being used for more community-oriented things (stores/restaurants that locals want, etc.).

I'm just not sure that real estate crashing would somehow result in more WFH for us, as much as I would love that.

Definitely will bring in more H1B to fix the labor shortages.

Agree with all of you! THIS is what is driving the hardcore RTO stance. It’s not about us being better together or mentoring young people or collaboration or whatever BS they attempt to gaslight us with. It’s about dollars and cents and while the transition to WFH just makes sense logically for everyone involved, the dramatic shift in the usage of commercial property would and will be devastating for the entire economy. They are trying to soften the blow and bring about a gradual shift, but the cat is out of the bag now thanks to Covid. We are in for quite the ride.

I like how we spend millions extra to build to LEED standards, ignoring the fact that no building can ever be as green as WFH, which costs the company nothing.

And yet we’re dropping a 10 story albatross in the middle of Irving, TX when we should be backing away from toxic corporate real estate investments and expenditures all together. WF really is to d-mb to get this right.🤦🏻‍♂️

Yep it's the next shoe to drop and it's going to be U-G-L-Y.