A decade had been encouraging or at least assailed hitting its sales reps to create millions of fake accounts primarily checking accounts saving accounts credit cards for their customers that were not authorized by their customers and essentially this allows wells fargo to reach sales quotas to drive increased fees and to basically bolster their bottom line that the expense of their customers it also goes on top of several other scandals the past few years that wells fargo has faced a rating from the car loan scandal whereby they did not give the rebates to customers for prepaying their car loans Car Insurance scandal Life Insurance can the whereby they overcharge customers for that and of all scandals even most recently a hundred Million Dollars settlement where they were found to have but overcharging veterans for mortgage refinancing under if you cant do anything like kick the veterans boy what a horrible thing so whats the fed going to do with regard to their assets or and so the fed reserve sanction is a very extraordinary one basically the Federal Reserve will be preventing wells fargo from increasing their assets beyond what they were at the end of the twenty seven thousand calendar year at twenty seventeen their assets that about one point nine trillion dollars and so until last wells fargo meets certain Federal Reserve. Mandates regarding Risk Management and a change in their management culture they will not be permitted to grow their assets size beyond that they also have to replace four Board Members thats why this comment about the fear of god and bank or brooms at their potentially capping their assets and if you look at what happened with the last six banks since that time june of two thousand and fifteen when all these nefarious actions came in to. The light wells fargo really has been on the bottom of the barrel but you think you wrote to your right you wrote an op ed recently where was it in seeking out the euro do you think they can actually get beyond that real quickly how are they going to do that i think by now theyve been dreading scandals been dragging in the past few years and theyve certainly lagged behind other major banks in terms of performance i think however now to the scandal finally will be put to rest hopefully they will hopefully finally be able to start growing again after its finally resolved ok eric reimer public strategist and public commentator on these things thank you so much for being with us great to have you. Time now for a quick break but stick around because when we return well discuss the market meltdown why did it occur is there more to come well get into it all in as we go to break here are the numbers that the closing bell. Rung out of the close to the best out of the guilty. To the concepts those paying to perform i had to actually prepare myself to die. Hed want to know so you trust me. As most of. You. In the home will start her. Scanty was. She had the goods. So well see if you think. What. Was it you could with us there was just not yet more here to depreciate. Education a couple so kind of b. S. I mean here. In america a College Degree requires a great deal. Paying a decades long debt. Studying so hard it requires trying to. Go through humiliation to enter an elite society. And paci into debt sometimes quite literally. Launch of the true colors of universities in the us. The us Supermarket Chain kroger is selling off its Convenience Stores the cleveland based chain will sell eight hundred stores to e. G. Group which operates a chain of british gas stations for two point one five billion dollars Convenience Stores operating under the names turkey hill loaf and jug quick shop and tom thumb generally are in the southeast United States that took in four billion dollars in annual revenues last year kroger will hold on to their supermarket based gas stations and Turkey Hill Dairy the sale as part of a previously announced plan to refocus on improving their supermarkets and kroger says they will also use revenue to retire their debt and pay back and buy back shares. If you feel like youre having a harder time finding a bank you may not be imagining it banks are closing branches in less profitable areas and the wall street journal reports that seventeen hundred were shuttered in the twelve month period that ended july of last year the journal calls this the longest string of Bank Closures since the Great Depression bank of america for example has closed fifteen hundred locations since two thousand and nine mostly in rural areas while bank of america citi and other big National Names have been closing branches since the two thousand and eight financial crisis regional banks are now accelerating the overall trend the prevailing of a t ms an online and mobile banking of also heavily contributed to the pressure to close. And we now move to discuss in detail the market meltdown more than eleven hundred point drop yesterday following fridays six hundred sixty six point fall there was a panic type selling yesterday what to make of it to help us sort it out we bring in melissa our mo of stock swoosh and naomi osland the chief market analyst of think markets here we go melissa first what do you think is going on. Well good morning or good out to be nice to see a bar. I really wouldnt panic if we had a huge rally today into the close which im really not surprised about even though we sell on friday and we fell yesterday and we fell little bit more than was expected there really wasnt a catalyst for that to happen and i did actually this morning my trading room if we have hundred percent today retrace the bar from the sell off far from yesterday then were going to turn right around and we actually did that so the panic lasted for no more than one day really and i was looking at it yesterday and i said theres no catalyst for this there simply was a reaction i think to the negative earnings that reported last week google and apple did not have good earnings thursday night they gap down with the market on friday and i think investors took some profits you also have Interest Rates and bonds going up so you may see some repositioning of money so i think thats why you had some selling ok well thats a one to one to know you want about you what you want your spending. Orlaith things were having me i think the catalyst for us it was the u. S. Nonfarm payrolls started on friday right because soon received and seen that rage in cream and coming in the inflation fear of the quam among traders was that a k. Now the fed is behind the curve very hard to because inflation is has started to take up and you know this inflation game especially with the wakes what happened yesterday because during the time that in the last hour there was a massive explosion in the tele t. Index and that caused a massive attention of investors yes i agree with the guest that there is no major catalyst because everyone does believe that the fundamentals of the u. S. Economy are very strong because wages are improving u. S. Nonfarm payroll does tell you that the employment market is strong but as you said earlier there are certain jobs within the u. S. Market which are becoming this they are not that popular hence the banks are closing those jobs and it is important for the companies to make sure that the are also educating. Their employees and students are also getting the top of rank in terms of their education so as you were setting saying earlier in your. Section talking about cryptocurrency is just the regulations are really great and what i want to touch that is the villain the i. C. Or market the start ups such as developer they are doing a great job because thats what exactly theyre trying to do theyre trying to create a boot camps where they can teach students about the Artificial Intelligence so hence these jobs which are eliminating due to the technology and this technology is one of the factor that we are seeing in inflation and hence we have not seen the village increment but that of aging crimen is happening because of the tax incentives come. Thats traded that market selloff right but that was just only an excuse because the fundamentals are still strong and i disagree with that guest by saying that i think things are still good but i have what i do concur is that yes ok the expectations are far ahead because markets or the analysts are predicting numbers which are not realistic so we have a reality check thats what happened ten percent correction in the market is an excellent thing because i mean even if we get a twenty percent correction wed be more than happy to look at it because the fundamentals are sound ok well thats a lot to unpack the you raise so many good questions there so you know it seems like everybody has sort of an answer and i very much respect to both of your views i have heard even people some crazy conservative commentator say well this is president obamas fault because the cheap money despite the fact that everybody sort of like the cheap money for the last nobodys complained about it you know as markets been going up and then i heard somebody earlier talk about its the trump tumble i mean for gosh sakes my view is that by and large president s dont have that much of an impact on the stock market sure when there is Something Like legislation passes but whats your thought on that melissa i mean is this donald trump or Barack Obamas fault or does this have to do more with these underlying economic fundamentals. Well i will tell you that the market was bullish under president obama yes it was for the eight years that obama was president the market was bullish but you got to look at where when a bomb it started it was right after that huge debacle with the banking crisis so we really had nowhere to go but up after that and we did but when trump was elected after that in two thousand and sixteen of them were two thousand and sixteen the market took off and it never looked back for fourteen and a half months the market power trended up so we dropped for todays big deal the fact is that theres that old adage the trend is your friend and thats still in place we dont really have to do a correction people always like to predict corrections when it happens it happens if youre in the market long term is a long Term Investor this selloff doesnt mean anything to you if youre short term daytrader than you might have short of the last two days as far as trump goes his policies are in place now because tax reform passed at the end of two thousand and seventeen and people are looking ahead with the High Expectations that was something your other guest said thats true the expectations are high but it doesnt mean were not going to meet them look at what the markets done look at all the cash these companies are going to be saving and taxes are going to do something with it a lot of them have been given bonuses a lot of them have been given wage increases and theyre also going to influence the the savings on their businesses with growth and that is going to happen and its something that takes time this just past it may not reflect right now the second but it might reflect in the next six to twelve months of earnings for these companies so you have to be optimistic fundamentally and technically theres just no downside here for a ten percent correction to happen in two days that is scary for people because its that its a speed that the that it happened was what was scary if it had gone to do and taken seven days to happen we want to be talking about it the fact is that it was a fact that it happened very quickly but i want to say one quick thing people here is when you panic when you are down money and the trend changes. Everyone was ok so you might get out more last week before we fell on friday and monday but people were still up and people are still in there for a one case and the trend is still intact and even more so after todays close so there was no reason to really panic if you were up in stocks and you wanted to take profits there was nothing wrong with that last week if youre in for the long term and you hold it through but the trend is your friend you panic when youre down like what i have said for panic and we got up in the morning and we got down overnight in the after hours at some huge number that would be panic city usa but that didnt happen and actually we were acting crazy last night in the after hours the market dropped a lot and then it recovered recovered by the open today the volatility has been high the last twenty four hours the last forty eight thats true but we were in such of such a territory of low volatility almost no volatility you can expect that to go on for every other just like you can expect the market to go up in a Straight Line forever which youre pretty much did for november two thousand and sixteen intel two days ago so be it realistic you know let me ask you about something melissa did there we just got about a minute left but shes talked about the speed and that is i think concerning you want the High Frequency traders traders ive called because theyre written out of market so quickly but when things happen in markets today you want them because they provide liquidity but when things happen in markets they have been in an awful hurry is that a concern that you have. Absolutely i think High Frequency trading is good in terms of providing a liquidity but hes all for things because when the thing starts melting up and then you start seeing the dow drop five hundred six hundred eight hundred thousand and fifteen hundred that is a machine war and this is what we study in the morning to our notes for the investors that this is nothing but a machine will product which is sold by an institution to suppress the wallet and that product wasnt right and thats the thats the flavor thats what you get in the market in let me ask both of you just really quick one i want to couple word answer are you now buyers are you sellers or you wait in sears Buyers Sellers wait in sears melissa. Wait to nothing way for the market to catch up and sell it strength again today with a good sign but if you want a confirmation wait to the market cap that name. Buy of the best stop loss as yesterdays low. Thank you so much sure appreciate both of you joining us well get to this again on the future hopefully not too soon on a big tumble like this and thats all for today tomorrow we have a treat for you with the queen of crypto a reef a con youre going to love it plus space x. Has successfully launched a rocket into space well have more on that today with ed schultz and watching the hawks wallace is there be sure to check it out and be sure to catch boom bust on you tube at youtube dot com slash r t thanks for watching catch an extra. Two americas two intensely charged in opposing news narratives to Cable News Networks reflect these divisions or rather function as triggers intensifying Cultural Divide also what has happened to journalism is it now a profession inhabited by hacks and the politically possessed despite its time given the history of the soviet union has dominated International Sport however this was not about the lives of those champions from. You know. This is what you. Are you are you were the first some of you to limp with nine hundred fifty two when the polluted seats of concentration camp prisoners and frontline soldiers. Were there with your. Much. Because youre worth. Months old and still shall go with it i was across the facility with the video area on the go thats about the notion that your bus will push through personal parcel in to shows you little doesnt mean you dont welcome still more simply repeating your love for losers shipments of the army in the book you should doesnt worry the us. I. Was just two days to the start of the Winter Olympics hopes diminish for dozens of russian athletes fighting to overturn that ban. They are made to unlocked germanys two largest parties angle of locals conservatives and the social democrats finally reached an agreement to form a coalition government. A new party has been launched in the u. K. With the aim of reversing greggs it but the support its getting from across the channel is leading to accusations of french meddling in britains internal affairs. A very warm welcome youre watching r. T. International with me becky aaron good to have you with us now there are only two days to go until the twenty eighteen Winter Olympics in south korea and its still unclear who will compete the court of arbitration for sport has heard the case of dozens of russian athletes but no decision was reached on wednesday with the session adjourned for another day the athletes are challenging the International Olympic committees decision to ban them from competing in the wake of the doping scandal r. T. Israeli patrol and co reports. The Olympic Dreams of almost fifty russian asked right now depend on the court of arbitration for sports and for the pm chang games this is their new home. The court convened for a few hours on wednesday but there was no decision we resumed the hearing tomorrow. But simply a final decision can be rendered at the end of the day tomorrow what is come after the Opening Ceremony the goal is really to finish for you and then when it is going to so i would say to me the last moments of the announcement should be striving to not simply could be a little. It is a huge court case as many as forty seven russian athletes and coaches with a clean doping test history against the International Olympic committee but in a sense its a battle between the court of arbitration for sport forecasts and the i. O. C. Heres why a group of russian winter asked the war and this silly a few months ago banned for life by the i. O. C. Their medals were taken away but then all of this was overturned by cas last week regardless of that the olympic officials decided to flash a red card plus there were more russian winter athletes who didnt get lifetime bans but despite the fact that they had never been caught cheating before as well they still heard that they cant come to pyongyang so its the careers and the Olympic Dreams of these athletes that a Swiss Law Firm is trying to save and the hearings are happening right behind these doors swiss lawyers are saying that the grounds for the lawsuits are the nontransparent nature of the criteria plus the on lawful nature of the verdict itself and most importantly discrimination on basis of. Citizenship and remember that some of the people whose fate is being protected here are reigning olympic champions. Movement does not consider me an athlete who deserves to be a part of it without even providing an explanation ive never given a reason to doubt my honesty and my integrity. The games in korea were to be the first in my career together with my partner weve been working towards these in the mix for many years it was my cherished dream. I was shocked to lympics my dream and i was working towards this goal throughout my entire sports career ive given no reasons to doubt that im clean. So to put it very mildly cason the i. O. C. Dont see eye to why the court clears a group of russian athletes but the olympic officials cant be bothered this situation put the two organizations almost on a brink of conflict the secretary general of cass says that there is no crisis but see for yourself who these costs are the decision is she streamlet disappointing these decision shows the the urchin to meet for reforms in the internal structure of castes i must support my and my panel of other traitors and so far i think the procedure was fully respected their reaction was very strong understand this is the disappointment of the i. O. C. Because they expected another verdict but we should not. Its better to wait before criticizing the decisions themselves because theyre not being drafted yet. So again theres very little time for cast to make up its mind the opening ceremonies coming up on friday february ninth but whatever the decision is the russian sport cas and the i. O. C. Will never be the same again we spoke to a russian skater who didnt receive an invitation to the games despite being cleared by cas a week ago. It is sad for me to see other russian athletes posting videos and photos from korea clearly the first explanation which comes to mind is that they want to get rid of the strongest competitors maybe they were upset because we were ranked first at the saatchi Winter Olympics they give no explanation do not share their reasons thats why the fear of losing seems the only plausible motive behind the decision i saw those looks from my foreign colleagues i heard them sneaking around some foreign athletes even took pictures of me it wasnt a pleasant feeling when other athletes refused to enter an elevator with me i felt helpless because there was no way for me to prove them wrong we spoke to cosmo incur a lawyer representing some of the athletes currently appealing the i. O. C. Ban relief necessary to take all legal steps available to us to ensure participation or arsonists in the uk. We hope that the independent panel that was composed will truly and. At the facts and of the law in front of them and. To the right decision. The i. O. C. Has almost plenary power to even ignore what the court of arbitration for sport says decided and i think nations would probably say we dont want the i. O. C. Making arbitrary decisions that what may one day affect our athletes International Sports community and member nations really need to get together and create a body that can enforce rules fairly and across the board equally because we do not have that right now. Earlier the i. O. C. Issued strict rules regarding russian athletes uniforms as russian competitors are only allowed to compete and a neutral flag the uniform should bet the words and live pic athletes from russia or its an acronym. It should also be of a single low dual color and we know it will be grey nervousness flag or any of its colors white blue and red are allowed and i didnt start one russian Design Company from so it supports a russian athlete by launching a line of specialty sheds putting on the acronym we spoke to one of its designers with stuff that is stupid to deprive people of their own country and identity because whatever uniform athletes wearing we all know that their own russian athletes thats why we came up with the project using a strange name for a limp dick teen olympic athletes from russia a we wanted to show you there for us and for athletes truth and sport it would drive us and all these bonds and sanctions just political games weve really seen huge number of these prints for noncommercial use theyre intended to the fans we hope that it will encourage around fleets theyll see that we support them and that we need their records and victories. Meanwhile north korea and other goods arrived employing chong on tuesday among them over two hundred cheerleaders their women crossed the Demilitarized Zone dressed in red and black wearing d. P. R. K. Flags as they did some chatted with journalists the delegation is almost three hundred strong making it reportedly one of the largest border crossings between the two countries leader kim jong uns sister is also expected to attend the game with the north and south have agreed to march together under one flag at the Opening Ceremony seen as a sign of storing relations but while the north is on a Charm Offensive u. S. Vice president mike pence who is also going to the games has a very different message i am announcing today that the United States of america will soon unveil the toughest and most aggressive round of economic sanctions on north korea ever we will continue to intensify our maximum Pressure Campaign until north korea takes concrete steps toward complete verifiable and irreversible denuclearization. And new anti brags that party is about to be launched in the u. K. And its finding its First Support across the channel french m. P. s belonging to a manual nick runs on marsh movement not only back to the idea but have reportedly been giving advice to the parties found this on todays show it depends if you have the sound. This is really a brand new Political Party thats about to launch in the k. Its goals are quite ambitious pledging to transform british politics and reverse brigs it it wants a second referendum on it i think theres no chance of braggs it being reversed the british people have spoken and thats an end of the matter they can bash their head against a brick wall although get is a sore head while the party is launching into play its getting advice from of course cannot hear it from the helping hand coming from an
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