Forum Post: will no one defend OccupyBanks?
Posted 13 years ago on Oct. 14, 2011, 3:32 p.m. EST by DArmstrong
(4)
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Can someone explain why OccupyBanks is a good idea. The way I see things is that if we withdraw cash, the bank fails. FDIC steps in and sells the bank to a larger bank for pennies on the dollar and the larger bank makes millions. If a larger bank doesn't buy the closed bank, the FDIC borrows money (because they have little reserves right now) to pay all of the insured. That money is borrowed from the larger banks at interest in which case the larger banks make millions. My assessment is OccupyBanks is good for banks, not for our movement. All intelligent discussion welcomed, please include reference
Well lets assume most of us are middle class or lower. If we withdraw our money. All your doing is taking money out of the bank. People still have to pay debts to the banks. And rich people and people who dont support our cause will still have money in the bank.
So really it is only a statement. In a few cases if a bank in already close to failing, we might push them over the edge. But in that case they will probably fail anyway. Also it is the little banks who mostly fail now. Big banks all got bailed out and are for the most part doing ok.
We should of let the corporations and big banks fail and supported the small businesses and small banks with bailouts. It would of been more effective and probably cheaper.
I don't know enough about banks to debate with you, what I do know is that my bank hasn't been treating me or my money like it values me as a customer and that is reason enough to move my money, which by the way I was already doing before this protest.
I have no problem with anyone moving their money from one place to another to suit their needs. But I doubt you will find a bank that values you as a customer
local credit union