Forum Post: Please discourage bank runs!
Posted 13 years ago on Oct. 16, 2011, 1:59 a.m. EST by IminTexas
(33)
from La Marque, TX
This content is user submitted and not an official statement
I understand wanting to punish the banks by taking your money out, but massive bank runs are what caused the Great Depression. Please discourage them at all costs!
Take your money out of the banks and invest in your local credit union they are co-ops. Educate and empower yourself!!
http://en.wikipedia.org/wiki/Credit_union
FDIC insurance prevents depressions caused by bank runs. Run amok people - take your money out of ALL these corporate banks!! Join your local credit union!
FDIC insurance covers less than 2% of total deposits in the country. So yea go cause that bank run, FDIC is there.
Believe me, anyone who is going to rustle up a bank run is going to be under the FDIC insurance limit. No one's pulling out a quarter of a million dollars in solidarity with the 99%.
I still think a bank run is foolish, but we can at least be straightforward about the extent of its foolishness.
Oh, whatever. Pulling your money out of a corporate bank and moving it to a local credit union is not going to cause a depression.
Yeah, taking all of your money out of the banks will indefinably cause ill effects. Hopefully the people of America realize this was a prime cause of the great depression and they can learn from that mistake.
I am not taking my money out of the banks and keeping it, I am taking it out of the SCUMBAG banks like BofA and Wellsfargo and putting it in a credit union. BIG DIFFERENCE. It is not the same as in the depression.
The Great Depression was caused by excessive leverage. All the bank runs did was drag it out into the light of day.
this is what some of these people want, pure chaos.
I already took all of my money out. It is in a shoebox under my bed. Hopefully no one finds it.
Not here they got all of mind; house, cars, boats and inflatable dolls.
Actually the Federal Reserve system prevents bank runs from causing depressions, and was instituted after the great depression for that reason (or so they say). Of course it causes a whole lot of other problems, but that's one thing we don't need to worry about for now.
The Fed was created in 1913, long before the Great Depression. Try again.
He means FDIC.
You're right, I apologize. Forgive my ignorance. It was created to prevent depressions though. Since it failed in that task I guess we have one more reason to dissolve it.