Forum Post: Withdraw your money from Wall Street. Its the only way.
Posted 13 years ago on Oct. 7, 2011, 5:09 p.m. EST by TeBrun
(22)
This content is user submitted and not an official statement
People need to spread the word. Boycott Wall Street. We need to take our money back and cripple the big banking industry. We have the power.
We should work together to create a national nonprofit bank(credit union). Make the money work for the people. And possibly save the middle class from economic devastation. The system is going to collapse if we do nothing. If we do this we could at least land on our feet.
Hello everyone! This is a fantastic idea but needs some refinement. The Occupy movement is growing and when the numbers get high enough, we'll have some real opportunities to create change. Not ask for change. Not hope for change. Not elect someone else for change. CREATE change.
I would suggest the movement start taking targeted approaches to ideas like this. Bank of America announced yet another charge for people to access THEIR OWN MONEY whenever they want. So, they pay 'next to nothing' interest to hold our money, make a fortune lending our money to other's, and now want to charge us to use our money via debit card. And their argument? "We have a right to make a profit."
Bank of America had net earnings of over $2 Billion for Q1 2011 and the CEO is collecting a 'modest' salary of $10 Million for 2011, yet they decided to place their financial woes and bad decisions on the back of the consumers. THIS IS UNACCEPTABLE!
I propose we put the word out for all Occupy Wall Street supporters to pull their money out of BOA, refinance loans from BOA with other institutions (perhaps local banks), and discontinue and business relationships with BOA. If any of our union supporters have accounts with BOA they, too, can spread the word and do business elsewhere. The financial shock we can create to Bank of America will be a WIN for the movement and message to the system. We do have the power to create change and we will use it. Of course we will, we're the 99%! ;)
Oh god, no. Everyone is invested in Wall Street. Your parents, your brother, your credit union. The fortunes of the entire US is concentrated on Wall Street.
Wall St. isn't the problem, our own apathy is the problem.
The system is going to collapse. Everyone's money is going to disappear. Wall Street is the problem. They own the government.
I agree! I think this message needs to be spread!, Move it to credit unions. I believe that would get the attention of the government. As it sits now when you watch the news they think this protest is a joke and will soon pass.
Provoking a depression? We are already on that course.
The system is going to collapse eventually. People are already hurting. The planet is suffering. Resources are dwindling. The middle class will be much smaller in 10 years. Its unsustainable.
The people need to be proactive. We have some very smart people out there. The grid work is already set up. It needs to be very very simple. The co op, or credit union need to non profit and simply a place to keep our money and do banking.
There is great strength in numbers.
true,but say everyone took their money out tomorrow, causing a collapse and putting prices so high you would be forced to break the rule of law to survive. if you are to remove something so cancerous, you need something to replace it immediatly or you run into problems because you cant get what is needed.
The system is going to collapse no matter what we do. I prefer to go down fighting.
And we can't work with the current system. It is too complex and evil. You have to go around it.
I think this is helpful to do, but it's not enough for the movement. Economic actions like these are actions in which you "vote" with your dollars. But unfortunately, the 99% doesn't have enough "votes" to overcome that of the 1%, which is essentially why we are here and is the problem.
But how do we compete against a massive global system of industry barons and their heirs? The answer is simple; by not supporting their companies. Boycotting is still one of the most powerful forces in the universe, and we the people have it at our disposal. If Helium refused to bond with Hydrogen, then the sun would no longer generate heat. While this may be an extreme example, it is an applicable metaphor for those who feel like overturning the current system is an impossible task. It can be done, and it must be done. If we the people educate ourselves on where the money goes and then respond accordingly, we could shut the system down overnight and demand a massive upheaval. By boycotting companies that we view as detrimental to our society, we will shift the power and political focus from the ultra-rich to us. The right wing republicans that currently call themselves the tea-party are in practice no different, and quite a bit more insane than, the monarchs of Europe during the revolutionary period. They certainly are not the revolutionaries that revolted against England by throwing tea into Boston Harbor, and rather are very much aligned with the elite wealth class of America. We the people can however take the spirit of Boston Harbor for ourselves, and refuse to purchase unnecessary goods and services that perpetuate the madness of our ultra-capitalist economic system. We must boycott the industries that are perpetuating the increasing wealth disparity and pushing us into poverty, and then demand of our government an adoption of Democratic Capitalism as our system of economics.
http://www.kickstarter.com/projects/708507790/protest-to-prosperity-occupy-wall-street-pamphlet
Right! Boycott Wall Street!
That's difficult to do. What we can do is boycott many companies that are traded on the NYSE, and other exchanges however. Basically we drop out of the consumerist economy, all at once in extraordinarily large numbers. That way we effectively hold the system hostage and demand policy that promotes a Democratic Free-Market Economy.
I agree that pulling your money out of Wall Street is a good idea, but don't just stuff it under your mattress. The reality of our world is that some level of banking and investing is necessary and is in fact a good thing. I recommend you move your money to a local credit union in your area. That way you can have direct control over what is done with your money because you are a member/shareholder of the CU and have your money reinvested back into your own community.
This movement has to be about more than expressing anger towards a system that has let us down. It has to be about presenting viable, time-tested alternatives to the status quo while not alienating potential allies.
if you are not organised it will be a very bad idear, and provoking something not seen in a long time
Investing in companies that practice the proper ethics and American products with American workers is the way to go.
Its waaayyyy easier to just pull your money out of one account and put it in another. Pull the money out of Wall Street and put it in a non profit bank.
This could cripple wall street. Easy to organize.
I recycle, its not doing much good. I'm a vegetarian, not doing much good. Buy locally, not doing much good. Because the economy is owned by 1% of the population. We need to take back our portion of the economy.