Registered Investment Adviser Caleb Lawrence
Another down day for the major averages sends them into the final hour with large losses. Since Monday the Standard and Poors 500 Index is up fractionally as is the NASDAQ as both gained just a handful of points.
Regional and State level employment data shows that the west south central and east north central regions continue to lead in March. 6 of the 9 regions saw notable declines in the rate of employment growth, while the Pacific region recorded no change for the month, on a year ago basis it shows 2% growth.
Wells Fargo gets hit with another 10 figure fine for various acts of malfeasance including mortgage rate extensions, auto loans, risk compliance and other matters. Despite the billion dollar fine once again, nobody goes to jail. The regulators noted a consistent pattern of misbehavior, as the following quote from former Federal Reserve Chairwoman Janet Yellen illustrates. “We cannot tolerate pervasive and persistent misconduct at any bank.” The bottom line, is exactly that, it’s obviously profitable despite billions in fines and billions in legal fees, as bankster behavior in the post crisis period since 2009 has changed little, and it’s not just Wells Fargo as all of the large national banks have continued the Lie, Cheat and Steal business model to one degree or another. The purpose of punishment is to deter crime, 10’s of billions in legal fees and fines isn’t working. Perhaps some lengthy jail sentences will get the message across.