Laevateinn
Member
The concept of the sun rising was created by and for the Japanese in order to make U.S. manufacturing non-competitive.
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Big banks in U.S. could see fat payday under Trump
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The concept of the sun rising was created by and for the Japanese in order to make U.S. manufacturing non-competitive.
Because Trump is there for the little guy. Obviously these banks are going to hand out money to all their customers and pardon any kind of aggressive money collecting that has put these people in financial strain.
Now if you'll go excuse me, I need to drown my face in my flooded kitchen sink because I'm pretty sure that's where John Lennon's ghost lives and I'm asking for catering tips.
Now if you'll go excuse me, I need to drown my face in my flooded kitchen sink because I'm pretty sure that's where John Lennon's ghost lives and I'm asking for catering tips.
Electric Eye
Banned
No lie I'm also going to look into making money from shmucks. Look we know what type of storm
Is coming and we can all either act ignorant about it like the Bush years or get in in the action, make money, SAVE, and hopefully make it out in one piece when the ride is over. Adapt. It's all we have.
You absolutely have a way in. Leverage your math knowledge. I bet you can land an interview easier than the average econ/finance major.
Vicetrailia
Member
But what firms should I target?
dskillzhtown
keep your strippers out of my American football
This is Reagan all over again. Down to token Black celebs in tow. Trickle down economics, let's do it again.
Ron Mexico
Member
I'm cautiously with Oja from the article on this. Dodd-Frank was absolutely terrible for the smaller institutions which led (in significant part) to the creation of the megabanks.
I wouldn't be looking at the megabank stocks as a can't miss proposition right now. Something resembling Glass-Steagall (which wasn't perfect either, fwiw) would have the big boys shitting themselves.
I feel like the article paid a shred of lip service to the idea, but there's much more here in this regard.
Will it happen? I don't know. If it does though, we're in for some interesting times. Only thing I can't see is Dodd-Frank getting canned and nothing taking its place.
I wouldn't be looking at the megabank stocks as a can't miss proposition right now. Something resembling Glass-Steagall (which wasn't perfect either, fwiw) would have the big boys shitting themselves.
I feel like the article paid a shred of lip service to the idea, but there's much more here in this regard.
Will it happen? I don't know. If it does though, we're in for some interesting times. Only thing I can't see is Dodd-Frank getting canned and nothing taking its place.
Bruce Springsteen
Member
Way into what? The elite class? If you have to ask you don't have a way in
Team Alucard
Banned
What school did you go to? Finance is 100% about prestige.
SerAardvark
Member
Depends on where you went, your grades, any work experience, etc., but there's no reason not to target the bigger/more prestigious companies and institutions if you have a solid background.
I mean...you don't really need a banking/finance-specific background to get a good job at a bank - a lot of what they'll look at is skill-based. If you're good with numbers and data analysis, there's a pretty wide variety of opportunities...or you could utilize your skills to be a project manger, etc. To use a personal example, my legal background has opened up doors to more senior roles in compliance and risk management, even though I majored in political science and have no background in actual bank stuff. My manager started as a correctional officer before getting a job at the Fed.
Vicetrailia
Member
Oh okay great, thanks a bunch! Will do more research.
Not anywhere fancy enough, NC State.
Ron Mexico
Member
Dodd Frank played a HUGE role in too big to fail.
It's not a question of getting rid of it. Totally in favor and by this logic, you should be too. It's what replaces it that becomes important.
Also, I disagree wholeheartedly about the need for prestige to land a decent gig in the financial industry. Doing just fine as a Pitt alum-- to the point where my performance in the industry matters significantly more than where my piece of paper came from. The folly comes from expecting an upper level position without paying your dues first. This is a heavily experience-driven industry. The first couple rungs on the ladder aren't a picnic but it gets better.
ZombiePlatypus
Member
What an anti-establishment man of the people!
Laevateinn
Member
I got a job in software engineering at a bank you've heard of. It's a great job that pays well and the company respects me. Don't worry too much about prestige, while they do heavily hire from prestigious institutions they will hire from everywhere. My bank at least hires outside of CS for their engineer positions. They are also hiring a ton of people.
What matters most I think is your personality followed by your technical ability. If you are likable and can do well in a technical interview you'll get an offer.
Right, I didn't expand on what I meant but yeah, I'm not necessarily up in arms about this just yet because of how we still retained the "too big to fail" banking environment with Dodd-Frank. It'll depend heavily on what replaces it because like I said earlier, if you still end up with large companies that are still too big to fail and there isn't a stronger midsize and small-size banking market then I don't see how we'll be better off (although I'm by no means a banking expert).
BeautifulMemory
Member
What could possibly go wrong?
Can someone change the sign to reverse mortgages?
It would be equally apt...
Ron Mexico
Member
Not sure about your area, but I've just in the past few years started to see another round of smaller community banks develop. Along with that, the "last gen" of community banks have been continuously targeted by bigger fish again. If there's not a logical replacement for Dodd-Frank, I fear we'll go through another run. Banks like Key and Citizens will be the next "Too Big to Fail", just as the last round brought PNC, CapOne and the like to he table.
I feel like I've said it a thousand times but of all the things to slaughter Trump for, this isn't necessarily one of them (again,pending the domino to fall after DFA falls)
jellies_two
Member
If you are a mortgage broker you might be in for a tough time. If Trump does half the spending he has promised and cuts half the tax he has promised, interest rates are going to shoot up, the housing market will be in trouble again and re-financing will fall off a cliff.
Finance is all about prestige if you plan to move up which you can remedy in time by going to a prestigious school for your MBA. Your path to the top, if you make it, will take longer but that's okay. The main issue is that in all likelihood you will make more starting out with your industrial engineering degree than being an analyst.
Ron Mexico
Member
They've been on an upward trajectory, yes. It's going to continue, especially with the Fed meeting tomorrow. Don't be surprised to see a .50% increase at tomorrow's meeting. You won't see it reflected in mortgage rates overnight, but it's coming.
That said, the market has been saying for a long time it's overdue so it's not the Fed raising rates that's the real news story. It's the inaction of the Fed for so long that led to this most recent mess.
Refis might (will?) fall off a cliff. I'm not as sold on the impact of the housing market as a whole. Over the years, there hasn't been the direct correlation between rate increases and property values. I said in the Home Buying thread and I'll say it here-- I think the moderately-priced cities are going to see an uptick in home values. It's the heavily leveraged markets-- the Bay Area and the like, that are in line for a correction.
I was more leaning towards the Southern Poverty Law Center.
I'm not sure which is going to get bankrupted first-- people fighting for the Constitution or people fighting to keep minorities from getting dragged thru the streets, tarred and feathered.
True. I'm already seeing rates on a 30 yr fixed going up to 4.5%, when just this summer they were around 3.5%.
many places
Member
A lot of people feel this way. It's human nature.
Ron Mexico
Member
Smells like Citi circa the Wachovia merger that didn't happen. I know BoA was trading almost that low as well.
Either way, I stand by the opinion that some of those big bank stocks should come with a huge buyer beware warning.
I was lucky and was able to move some assets from index to company stock years ago, and now did the same back into index funds. As long as the market doesn't permanently crash, I can retire at 50. All this in a one month time frame.
What a great gif.
What could possibly go wrong?
Agreed and I pretty sure he is talking about Citi. BoA has been in the 20s since they recovered.
Hell yeah, make that money. Just make sure the car is economical and "green" enough to quiet your liberal side down.
I work for a huge regional, not a national bank.
I see. Good stuff either way.
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