Forum Post: How is boycotting retail banks who deal with the public going to send a message to corporate investment banks. Isn't that retarded?
Posted 12 years ago on Nov. 19, 2011, 4:33 a.m. EST by Lizzy0Windsor
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Very, very naive, damaging to the community, and kind of embarrassing?
Not quite. It's actually a rather efficient method to get people to think about where their money goes and who it really supports.
The goal here, is to create more "Smart Consumers". People who think before they spend, invest or go with any kind of business, institution or product.
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And why do you feel this way? What leads you to this conclusion?
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Interesting. And how would you suggest that the OWS proceed in the future?
You're a much better forum-person than I am. My hat is off to you and it is over my heart. : )
A few years in tech support does that to you.
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Ok. And last question: How are you achieving these goals you cited in your community?
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You do understand that with the break up of Glass/Steagle that retail banks can do the same kind of trading that the corporate investment banks do. It's a little naive that you don't get how the change in that law caused the banking crisis. OK it's a lot naive You really should read up on Glass/steagle and on the deregulation of the OTC derivatives market. PTTP gave you a nice list of banks that are Frankenstein retail/investment banks
Um, maybe it's because investment banks and commercial banks are one and the same now?
BOA = Merrill Lynch
Citibank = Citigroup
Chase Bank = JP Morgan Chase Investing
And then there's Goldman Sachs!
"Company Information The Goldman Sachs Group, Inc. (Goldman Sachs) is a bank holding and a financial holding company. Goldman Sachs is a global investment banking, securities and investment management company providing a range of financial services to a client base that includes corporations, financial institutions, governments and high-net-worth individuals.
And there's this concerning Bank of America:
http://seekingalpha.com/article/301260-bank-of-america-dumps-75-trillion-in-derivatives-on-u-s-taxpayers-with-federal-approval
Kind of embarassing for you that you don't get the connection!
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Lizzy, you hit the nail on the head with this one. To suggest that boycotting a retail bank is the answer to solve this problem is as stupid as an idea as boycotting stores on black Friday. The only people who would support such a dumb idea are the ones who truly hope we become a socialist contry.
Indeed. That's why I recommend on black friday to buy from local merchants and shops. Walmart, Fred Meyers, target and costco should be on a "black list" of places to avoid.
For sure target, I hate French owned buisnesses.
Target is owned by the French now? I thought it was an American company?
Unless it's been sold again, it was owned by a French managment group.
With all these company mergers, not surprising. But still, do you plan to do your Christmas shopping in big box stores this year?
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Ok that was funny ----at least you know that
What planet do you and Lizzie live on ? were you in America when our whole banking system fell apart? didn't you you want to find out what happened? how things got so bad ?
Yes everyone wants answers, but not at the expense of further economic disaster as this plan would cause.
Why would it cause a disaster to support local credit unions and small banks instead of these giant irresponsible disaster banks. I don't want answers I have them. Bring back Glass/Steagall. No gambling with derivatives in banks that have funds insured by me the taxpayer thru the FDIC. It worked from the 1930's thru 1999 there's been disaster upon disaster since then.