Forum Post: Run on the Banks. Prepare your Families and Friends.
Posted 12 years ago on Nov. 1, 2011, 4:20 p.m. EST by Victorphoenix
(1)
This content is user submitted and not an official statement
Remember, remember the Fifth of November.
This weekend on the fifth a huge event will be taking millions of people will be removing there funds from major banking institutions in order to protest the vile acts that these multinational have done.
This may cause banking institutions all over the world to freeze monetary transactions for a undisclosed time.
It would be prudent for everyone in this week to remove at least a weeks worth of funds from those banks to be held in cash in case this happens.
Please tell your friends and families who may not even be apart of this movement or even agree with us to be prepared for the run on the banks.
My friends please be aware.
The banks will have a problem if this happens because we're taking "electronic money" and making it tangible in our own hands rather than the bank's vault. I'm aware that not everyone will do it, but it's okay to try. You won't lose anything from it.
Ummm. kinda clueless about how a bank works, aren't ya? Banks hold as little as possible back in that vault you refer to for a variety of reasons that I won't go into here. Actually, they have to pay to ship cash to the Fed Bank to get rid of it.
You should be mad at small, community banks if you are concerned about the taxpayer's money...Google SIGTARP and read last week's report to Congress on the website. Here is a snip that I copied from the report.
"This month, SIGTARP recommended that Treasury, in consultation with the banking regulators, develop a clear TARP exit path for community banks. A common misperception is that most of the 707 TARP banks have paid back TARP, when really only the largest banks have exited TARP. Smaller and medium size banks are not exiting TARP with the same speed as the larger banks, with approximately 400 still in TARP. Of these, nearly half are not paying their TARP dividend and in some cases, the banks are operating under an order by their regulator. Compared to larger banks, community banks may face an uphill battle to exit TARP."
Just more vindictive lashing out with no positive outcome. I support positive and constructive actions of this movement. This is neither.
Millions of people out to remove their $48.56 from their accounts.....
the banks won't notice!
Why do you all want to do this? You don't have enough people to make it work, not even close to enough, and even if you did, assuming your plan works, you would end up hurting millions more Americans than would "benifit" from this. Why would you do that?
Because maturity and sanity are not part of this movement. This is what happens when you put a bunch of undisciplined folks together with no leadership.
I guess
The banks don't make much money on our checking and savings accounts, it is through interest on loans. No wonder this movement is going nowhere, there is no one of any clear intelligence running the thing.
Those loans are leveraged from deposits buddy. Fractional Reserve Banking, read about it.
And yes this 5th of November thing is crazy. Nowhere near the money necessary to throw off the Journals will be taken out.
You should take your money out but not because of the 5th. Take it out because BofA and all other banks just shifted their Toxic Derivative portfolios over to their Depository Arm. If you like your money take it out before that shit hits the fan.