Posted July 26, 2021
By Aaron Gentzler
Suspicious Timing (Wells Fargo)
“I used to have a personal line of credit with Wells Fargo (actually it was a Northwestern National Bank; later, Norwest),” a reader writes. “The product carried over… until it didn't. When they changed the 'Ready Reserve' product, they made the underlying software behave like a credit card that had cash withdrawn from it.
“As if 18% interest wasn't enough, Wells Fargo also wanted an annual fee. When they wouldn't waive the fee, I waved goodbye to them -- checking, savings, brokerage and mortgage accounts after more than 40 years.
“Dilbert is correct, marketing people have had flies go up their noses and they can't think straight.”
Thanks for the chuckle…
Is this a case of suspicious timing or what? Today, the bank announced its new credit card offering: the Wells Fargo Active Cash Card.
Alongside the new credit card, the bank unveiled a study of Americans’ financial behavior during the pandemic which found “one-third (33%) simplified and decluttered their finances.”
To that end, Wells Fargo wants to help customers streamline their finances by rolling debt balances onto a shiny new credit card. Perhaps even roll over the balances of now-defunct personal lines of credit? Hmm…
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Your Rundown for Monday, July 26, 2021...
“We’re about 90% of the way there,” Sen. Rob Portman (R-Ohio) told ABC news on Sunday, referring to an infrastructure package.
“We’re going to legislate the language with colleagues and with staff, and I feel good about getting that done this week,” he continued.
According to The Financial Times: “The $1-trillion plan would fund investments in roads, bridges, ports, airports, water facilities and broadband networks.”
The immediate sticking point for Republicans and Democrats? Funding for public transportation. And that’s not all…
“The details of the bipartisan infrastructure plan, which is set to cost about $1.2 trillion, are still being negotiated by a group of Senate Democrats and Republicans,” says an article at The National Review.
“Democrats also want to pass a $3.5 trillion proposal via budget reconciliation rules, which allow the Senate to pass certain bills via a simple majority.”
“I hope that it will pass,” says House Speaker Nancy Pelosi. “I won’t put [the infrastructure bill] on the floor unless we have the rest of the initiative.”
Sounds akin to holding the bill hostage… Of course, infrastructure is the hot-potato issue that’s been handed-off from one president to another for decades.
“In this, as in all things, history rhymes: where Franklin Roosevelt promised in a fireside chat that Americans would ‘see the dirt fly,’ Barack Obama, prior to his inauguration, promised Americans ‘shovel-ready projects all across the country.’” says an article at The New Atlantis.
Still waiting for that dirt to fly in the 21st century… Will crumbling infrastructure finally get the attention it deserves? And who will pay for it? Let us know what you think about infrastructure spending.
Market Rundown for Monday, July 26, 2021
The S&P 500 Index is down 12 points to 4,390.
Oil is down nominally, just below $72 for a barrel of WTI.
Gold, on the other hand, is nominally in the green at $1,802.40 per ounce.
Bitcoin is up almost 11% to $38,140.
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Hope your week’s off to a great start; take care, and we’ll talk more Wednesday.
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