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Category: Economy

Wells Fargo also defrauded 800,000 car loan customers and stole 25,000 cars

Wells Fargo didn’t just steal millions from its customers with crooked overdraft fees, didn’t just create 2,000,000 fraudulent accounts and threaten to blackball employees who tried to stop the frauds; didn’t just defraud broke mortgage borrowers by the bushel-load — they also defrauded 800,000 customers with car loans, forcing 274,000 of them into deliquency and “wrongfully repossessing” (that is, stealing) 25,000 of their cars.

Cashless Society Alert: Visa Will Be Giving Up To $500,000 To Restaurants That Go ‘100% Cashless’

The push toward a cashless society is becoming more of a shove. Before today I had never heard of “The Visa Cashless Challenge”, but after reading about it I have to say that I am quite alarmed. Visa is trying to “encourage” businesses to go cashless, and one of the ways that they will be doing this is by “awarding up to $500,000 to 50 eligible US-based small business food service owners who commit to joining the 100% cashless quest”. The food industry is still one of the last bastions where cash is used very heavily, and so it makes sense that Visa would want to target that segment. Of course the more people that use cards to pay for meals, the more money that Visa will make.

Are Video Games Keeping Young Men Out of the Work Force?

That’s what researchers from Princeton University, the University of Chicago and the University of Rochester seem to be saying in a recent white paper. These scholars observe that between the years 2000 and 2015, young men (defined throughout the research as ages 21 to 30) have been working less. And they’re filling the majority of their extra free time looking at a screen, playing video games.

McDonalds Is Replacing 2,500 Human Cashiers With Digital Kiosks

The stock market is luvin’ McDonalds stock, which has continued its recent relentless rise to all time highs, up 26% YTD, oblivious to the carnage among the broader restaurant and fast-food sector. There is a reason for Wall Street’s euphoria: the same one we discussed in January in “Dear Bernie, Meet the “Big Mac ATM” That Will Replace All Of Your $15 Per Hour Fast Food Workers.”

Retail Apocalypse Engulfs U.S. Economy

You may not see it yet, but the scale of the retail apocalypse is so massive that it is about to engulf the US economy. As when a flood tide has crept around you on all sides while you were standing on a high spot out on the flats, not paying attention, you can look up now and see it all around you, and it is coming in rapidly. You can now feel the current under your toes.