Posted 5 years ago on Nov. 27, 2011, 5:59 p.m. EST by FormerWS
This content is user submitted and not an official statement
Many groups are trying organize a coherent approach to bringing down the "to big to fail" institutions.
What people need to understand is they hold more power then they can ever imagine. Right now the abuses from lending institutions which in many cases are blatantly fraud and usury, are victims a singular weakness.
They need people to make payments on debt. They need to have a certain amount of capital available to leverage due to government regulation.
There are groups right now trying to organize mass defaults on student loan debt. Right now there are second party groups betting that students will default. This will trigger those payouts collapsing the insurance companies that have made these commitments. It will also trigger investigations and mass media coverage on the lending practicing of the banks.
Second, controlling the foreclosure market. One of the greatest fears of these mass foreclosure companies is that people realize that as before the property is removed. YOU own it. Meaning you can sell the windows/boiler/septic tank ect... Many families by stripping their homes bare and selling it for parts before foreclosure can make 30-40k in sales. This at least will pay for rent for 2-3 years.
Pension funds, 401k's, mutual funds, private equity funds, ect.. Get your cash out of any of these institutions that are participating in speculative trading. Talk to your unions, cash out early do whatever it takes. These bets will fail and you will be left with nothing. As the institutions managing your money collapse like LB's and MFG their will be no consumer protection on your nest eggs.
Pulling cash out of the big banks is also critical as it affects their balance sheets and lowers the amount of speculation they can do. Petition a ban on second party derivative speculation, if its not your instrument why are you betting against it and insuring it? Its not legal to insure your neighbors life why is it legal to insure if your neighbor will pay his mortgage.
The most important factor to understand about these companies. They do not generate wealth for Americans or jobs, the actually are the reason Private investments are on a decline, film investments are almost impossible. Its so much more profitable to make money on money then on innovation now. If we don't stop this we will destroy our own economy.
Ban speculation and gambling in WS. This is the first step but for the future we need to look further and embrace whats coming.