Maybe it's time for EVERYONE to pull out of the banking system, let it collapse.

[Hugabear]

These predatory institutions have been feasting on the poor and working class ever since their creation. They take your money, use it to further enrich themselves and their pals, then charge you a fee if you dare ask to use your own money. They took the government bailout money, and instead of loosening credit for small businesses and individuals, decided to give themselves fat bonus checks. When Congress decided to reign in some of their unscrupulous practices, they cried bloody murder and looked for other ways to screw their customers. They've forced millions of Americans out of their homes, many times doing so illegally or without the proper documentation.

The only difference between the banking industry and organized crime is one operates in the dark, the other in the broad light of day.

Maybe it's time for everyone to pull out of these predatory institutions, these greedy leeches on society. At the very least, we should all be pulling out of the monolithic corporate behemoths, and looking into local community banks or credit unions.

[teddy51]

1. I think some tried that very thing today, only to find a SWAT team preventing

there entry into the bank. (BOA) Saint Louis.

[defendandprotect]

2. Think that's been some of the smartest thinking --- moving money out ....

but I've been worried about two things --

Banks won't care because they are laundering so much drug money --

and/or they will take revenge on credit unions -- ???


Imo, we should stop using credit cards and ATM cards --

using them only increases the costs of everything while enriching the banksters!!

[glinda]

4. Wish I could quit credit cards.Sometimes I have to order pet meds online, etc....but

we just moved husband's money out of Wells Fargo into the Credit Union. Refinanced our home also with them and saved $130/mo. It did cost us a few thousand to do this though but "out" we are!

[defendandprotect]

18. Amazing -- yes, I still also use credit cards ----

but I have managed to mainly mothball my ATM card so far --

We're also with a credit union now and happier -- !!!

Will keep trying!!


:hi:

[sfpcjock]

3. I think it is more or less inevitable that Greece will collapse

or the people will wise up and pull an Iceland and screw the banks, and that this will be another Lehman collapse for Europe, (and later to us, probably). At least Bob Reich gives it a 50/50 chance as of a week ago.

Dan Rather is covering the chance of another recession/disaster capitalism/shock doctrine cycle tonight on his cable show.

[Honeycombe8]

5. If we did, that would be called the Great Depression II. It's called..

a run on the banks, and it would collapse the economy.

The country can't exist without banks. It's our money in the banks that is used to loan money for mortgages, cars, businesses, etc.

All that money doesn't exist in liquid form. If there's a run on the banks, the banks would close, and people would lose their savings.

Then I guess we would start jumping out of windows & such, like during the Great Depression I.

[IndyPragmatist]

13. Exactly, that would cause more poverty in this country than you could imagine

Prices would skyrocket immediately on everything. Only those that go to the bank first would get any money, leaving hundreds of millions of Americans without a penny to spend.

Then, our government would immediately collapse. Social security and welfare would not be paid. Police would not be paid and would not work, allowing for mass looting and crime.

But we would really show those bankers!

[sam11111]

14. calamity? no. credit unions would simply do the mortages, car loans etc

Run on banks? FDIC covers all of us without a fortune..AFAIK.

Beside nothing will be done by ALL of us. Too much disagreement.

[Trekologer]

17. The FDIC can't cover everyone

A mass run on the banks will not only make the banks insolvent but the FDIC as well. What you would likely see is that the government would order ALL banks to close for a couple days to try to calm the public but at the same time people who need money won't be able to take any out, leading to another run of the banks when they open back up again--depositors who weren't originally pulling their money out are now afraid that they won't be able to so later. The FDIC will run out of money and the government will need to bail it and/or the banks out again.

And credit unions can only loan out as much money as they have deposits. Credit unions, as a whole, have much less is deposits than banks, making less available loanable funds and harder to get a loan.

[Honeycombe8]

22. True. The FDIC has only a certain amt of $, to cover SOME banks going out of business.

It could never cover a country-wide run on all or most banks.

As for credit unions, most people don't use (or have access to) credit unions. I'm not very familiar with them. I don't even know if they make small business loans. You have to be set up with the government to do that. And you have to have a LOT of moolah to do that. Imagine tens of thousands of businesses at once needing loans, AND hundreds of thousands of new house buyers all needing loans for mortgages at the same time. Credit Unions couldn't handle that, even if they were set up to do it. Credit Unions have a special, small purpose, but I'm not sure what it is, or what regulations rule them.

[kestrel91316]

6. I basically don't have any money left to PULL out. But I understand the sentiment.

[Zoigal]

7. We recently changed from a large bank which we had used for over forty

years to a much smaller local bank. Also use a credit union.
So far we've had excellent service. Small move, but hopefully
helpful......z

[sfpcjock]

11. Yay! Good for you. One radio caller recently mentioned that they

get $300/year back from their new credit union--and, of course, no $5/month fee to own a debit card.

There could be a couple of catches:

1. move your money while you still have some. If your credit score is poor, too, you may not be able to open a new checking account, I have been told.

2. BoA has a fee--a FEE--to close an account with them. Randi mentioned this today. Also BofA's website was recently down for a whole day. Looks like they hope you'll wait one more day ;)

[spin]

8. My daughter, son in law and myself have an account at BOA ...

and the bank is 1/4 of a mile from my home.

However First Federal opened up a branch next door to my house last year.

Unless BOA drops its $5 per month fee for debit cards in the next few weeks, we will simply transfer our accounts. If First Federal charges money for its debit card, we will move our accounts to an internet bank that doesn't or a credit union.

[robinlynne]

9. I loved first federal for 14 years, the smaller bank. It was bought 2 years ago by one west bank.

And it is now turning into a big bank......

[jwirr]

10. I have already done what I can. Only contact I have with any bank

is through Social Security - GoDirect. On the third I remove all of it and use cash for the rest of the month.

[Bloke 32]

12. Endorsed!

We of 'The West' believe ourselves to be 'free.' It would be funny if it weren't so deadly serious.

[lunatica]

15. It may come to that

Don't give up hope. I don't. Maybe in time we will occupy the big banks and start a veritable land slide of exiting accounts.

[Donald Ian Rankin]

16. As ways to bring about the end of civilisation as we know it go, this one comes near the top. N.T.

[L. Coyote]

19. Sometimes I'm appalled by the ridiculousness of posts here on DU.

Sure, let's just collapse the global economy and start trading nuts for rocks to make tools :rofl:

Credit unions are part of the banking system!

[pipi_k]

20. It's occurred to me many times...

that people get these wonderful ideas but don't stop to think of the possible/probable consequences before suggesting/demanding that we ALL take action.

Or, they believe that just because there may be some sacrifice involved that THEY are willing to endure, that everyone should also want to share that same sacrifice.

As far as this goes, however...no way.

I personally have no real idea what would happen if we ALL decided to collapse the banking system, but I'm guessing it would not be pretty.

Bullshit on that. I worked too long, and too hard to get to where I am now. I'm not going to fuck it up with stupid acts, and I damned sure don't want someone else fucking with my life, either.

If people can think of ways to change the system without destroying others, then I'm on board. Otherwise, no.

[bhikkhu]

21. I got my first car when a bank lent me the money; same with my house

Of course there are excesses, but they chiefly relate to speculation and market manipulation, which have nothing to do with traditional banking.

There are certainly some rotten banks, and some greedy bankers, but generally they exist for a reason, and they serve a good purpose in society.

[GreenStormCloud]

23. What are you going to do? Barter for everything?

All banks are interconnected, even the so-called local ones.