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Forum Post: An organized bank run will demonstrate our fears to the 1%

Posted 13 years ago on Nov. 21, 2011, 4:33 a.m. EST by hearus (1)
This content is user submitted and not an official statement

http://en.wikipedia.org/w/index.php?title=Bank_run

8 Comments

[-] 1 points by stephenadler (118) 13 years ago

The only way to organize a bank run is when the system actually collapses. In other words, you can't organize one on the scale needed. Keep in mind MF Global. That financial institution tanked over night, there was no time for the customers to close their positions and transfer their money elsewhere. There is now several billion in depositors assets frozen and tied up in the courts with investigators still wondering where the money went due to "lazy accounting practices" (And we need less regulation?)...

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[-] 1 points by Cocreator (306) 13 years ago

No Fear

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[-] 1 points by hearus (1) 13 years ago

If some hundreds start some thousands will get nervous. They will also run the bank.

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[-] 1 points by RedJazz43 (2757) 13 years ago

An organized bank run would be great if we had a serious mass movement instead of only having (generously) a couple of hundred thousand activists. With the pathetic number of forces we have currently mustered any effort at a bank run would go by totally unnoticed.

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[-] 1 points by Corium (246) 13 years ago

Please look at the FDIC failed bank list...

http://www.fdic.gov/bank/individual/failed/banklist.html

Note that they are small banks. If you support driving small banks into failure, you are in effect supporting the big banks. Big banks like B.O.A. love to see little banks on this list! More customers and small businesses that must turn to them to meet banking needs.

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[-] 1 points by oldamerican (7) from Puyallup, WA 13 years ago

Why do you think credit unions are better? Or are you just targeting banks right now? My credit union foreclosed on me in a jiffy after faithful housepayments for 12 years, (lost my job, too old to get hired) and were not cooperative, probably because they had less resources and less room to move.

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[-] 1 points by JoeTheFarmer (2654) 13 years ago

I am curious, how long did you go without making payments before they foreclosed?

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[-] 1 points by entrepreneur (69) 13 years ago

This has been on ows agenda since beginning. Infact so many times occupy movement asked everyone to transfer money to credit unions and to cash by closing banking accounts. There were several reports of large businesses and non-profits closing bank accounts. Well I dont think this has impacted bankers yet as majority of 99% are still un-aware of this and are probably not taking this action seriously. It is need of hour that everyone close their bank accounts and I agree further organized bank run needs to be made top priority of OWS.

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