Looks like a dud to me. The protesters claim they have no money. Can't pull money out of the bank if you are broke!

 

They aren't. Don't let anyone BS you.

http://www.freerepublic.com/focus/f-bloggers/2793954/posts


Yep, the Occupy Wall Street movement is not just in the business of marching for an obscure anti-wealth, anti-capitalist agenda, but is also in the business of raising money, as they are now harboring nearly $300,000 in their bank account.

According to the Associated Press:

Nearly $300,000 in cash has been donated through the movement’s website and by visitors to the park, said Bill Dobbs, a press liaison for Occupy Wall Street. The movement has an account at Amalgamated Bank, which bills itself as “the only 100 percent union-owned bank in the United States.”


​

 

Haha! I was thinking about that also. I hear banks actually hate small accounts anyways.

 

The odds that even 10% withdrawing their money is small, since banks, working on the fractional banking system only keep about 2%. They'd be 'broke' at that point.

The other 97% wouldn't be able to collect a penny.
And then we'd all be 'broke'.

Problem being it's not the normal bank that created this problem. The repeal of Glass Steagall made it possible for banks to act like investment firms. That was congress. But it was the derivatives market that cause all these problems, not the banks that have your checking and savings accounts.

Killing the local bank won't even come close to hurting the real culprits. But it will be devastating for the 99% they think they're representing.

 

I believe that banks are required to keep is at 10%

http://www.federalreserve.gov/monetarypolicy/reservereq.htm

 

I don't understand this at all. People are mad at banks? Or maybe because capitalism has failed them and people want someone to blame. Banks actually have too much money in deposits and given the shape of the yield curve their profits are depressed. Add to that the Card Act and Dodd Frank and people don't realized the unitended consequences of regulation.

Last news I saw on this is how this protest is turning into a sex / drug event Lollapalooze vs. a real protest.

 

Banks actually have too much money in deposits and given the shape of the yield curve their profits are depressed.

Have you ever heard of fractional reserve banking? The banks loan out much much much much more money than they have on deposit. Their profits are only down when compared to before the bubble burst. They're still making a killing.

 

I've been vary happy with my bank it's a smaller one never taken bailout money , so count me out!


I believe these are mostly 20-30 somethings disenfranchised by not getting their piece of the american dream.

 

I believe these are mostly 20-30 somethings disenfranchised by not getting their piece of the american dream.

To the surprise of no one, the precise same demographic mostly responsible for the Arab Spring. I wouldn't count them out just yet.

 

From what I have seen of the Occupedos, this should result in a total of about $9.36 being pulled from banks nationwide...

 

I'm poor with no money to pull out so I guess I'm safe??

 

Will be interesting to follow.
As for this household, we're already credit union members, and we only deposit enough to make it convenient for us. Savings?... there is no incentive. There are better ways to make some returns on you $$$.

 

I think the main thing behind all of this is that people are just fed up. Its harder to make a living these days and now you always are waiting for the next blow to come down on you so everyone including the big businesses are skiddish and for good reason. For too long too many have been getting something for nothing or been promised that if you get a college degree you're guaranteed a great job. The American dream isn't dead, it's just been downsized like so many americans. I for one support their protests no matter what the reason. So many here can't so strongly support one right and then berate others for utilizing their own freedoms. That's hypocrisy plain and simple.

 

We have that Occupy Portland thing ongoing here in Oregon. I was watching local TV reporters interviewing some of these protesters on Friday. A bank run???? Don't make me laugh.

The only guy, who actually looked old enough to (maybe) have some savings in a bank account said his reason for being there was "because I have had to pay for my own health insurance for ten years and I think my employer should do that for me". There was also a woman, in about the same age bracket, who said she was there because she was laid off from her job, recently.

The rest mostly looked like bored teens and 20-somethings with nothing else to do. Making comments like: "We're making a statement against the establishment".

The protesters were not well organized........just sort of aimlessly milling around with no definite idea of "why" they were there. They had set up a tent city and had hand-lettered signs made from pieces of cardboard boxes.

People need to realize that the days of having a well-paying job with lots of free perks where all you need to do is show up for 5 days and spend your time figuring how NOT to work too hard but still collect your pay check.......are gone. Too many people think the world OWES them a living. It doesn't.

Another illusion that needs to go is the idea that going to college automatically guarantees a good-paying job after graduation. The biggest group of unemployed are recent college grads in the 21-29 age bracket. They would have been better off to learn a trade skill. (The second biggest group of unemployed are people 50 and older. Employers are laying them off to get rid of older employees, so they don't have to pay out any retirement benefits in a few more years.)

My Granddad worked a regular 70 hour week as a tool and die maker. My Dad worked long hours in a steel mill. Both of them would have thought the current entitlement mentality was crazy. And, they would have been right, about that. Both men lived in a modest home that they could afford. One-car family. Saved as much as they possibly could for retirement. They DIDN'T think the government was going to take care of them in their later years.

 

Another illusion that needs to go is the idea that going to college automatically guarantees a good-paying job after graduation.

And how did they get that illusion, hm?

They've been told since kindergarten that they had to do their best in school so they could go to college and then get a good job...

Well, they did their best in school. They went to college (often piling up loads of debt to do so), and now... no job.

I could understand being a little ****ed off about that.




The economic situation as it is now is hitting young people hard... Why? Because there's no such thing as an entry level job anymore. Everybody demands experience, no matter how much education you have.

 

The head honcho of the Iranian military believes that this is the beginning of "a revolution that will topple the capitalist system of the west". The phrase "This is our Arab spring" is being tossed about.

Like it or not, this COULD get bad. We pride ourselves on being ready for anything. Now is the time something big is likely to happen, so don't be so ready to play it down and ignore it. This whole thing could blow over and everything in our society and economy could recover. Or there could be a revolution tomorrow. I'm not dead-set on believing that this is the start of the 2nd Civil War, but I HAVE considered the possibility in light of everything that's going on. I've made my preps like mad for the last couple weeks JUST IN CASE, and I advise you all to do the same.

Not saying something WILL happen soon, but at this point, it just well might. Panicking as always is ill-advised, but ignoring it or downplaying it DEFINITELY isn't the best thing to do.

Stay frosty and be ready, friends.

 

+1
This guy knows what he's talking about. I'm prepared, are you?

 

So much easier for some of these folks at the protest to blame others instead of taking a good hard look at themselves. If you want to achieve success you need to forge ahead and when you run into obstacles; find a way around them and continue on.

 

First I'm not saying that this couldn't blow up. It could. The unions and Moveon.org are supporting this in multiple ways. But for the most part it's college kids protesting repaying their loans. Or some other types wanting a 'redistribution of wealth'.

Problem is most folks earning a living have their pensions and retirement funds there. If we start redistributing that money you no longer have it.:xeye:

That, and Americans have a real short attention span. If our government turns off the cell phone networks near these places the protesters would go home to get their fix of the internet, facebook, texting and talking on the phone.

Not having a leader or even a consistent message that hits the heartstrings of most Americans just makes them look like a bunch of folks wanting something for nothing. That may sell in 'real' poor countries like Egypt and the rest of the middle east but it just doesn't have the impact here where most folks don't go to bed hungry.

I'll also say that I do believe they have the right to protest, but you need a message. But I don't hear from the far left. They support this nonsense but belittled the far right and the Tea Party for something very similar. Problem being the tea party went after the politicians that created the problems and this one doesn't. Not only is it misguided but not even protesting the right source of the problems.

The Tea party protests the high taxes on their wages. These folks just want more free handouts or 'forgiveness' on their debts. (a free ride at somebody else's expense)

 

I could care less about...any of the predictions on this. I have direct deposit from my job into a BofA account. In the morning, I'm going to open an account at a different bank and switch over the direct deposit. I'll keep the BofA account but if it goes south, I'll be fine.

The slightest risk is enough to make me do this.

...this is making consider really bumping up the cash stash here at my home.

 

BoA, as you've probably heard, is hiking their fees anyway. You might be better off with a local credit union. They're usually much safer because they're not nearly as leveraged as large corporate banks. Just my thoughts

 

this is a dumb idea, it will completely collapse the economy.

 

Tea Party. Occupy Wall Street.

Doesn't really matter WHY people are fed up, it is good to see folks DEMONSTRATING that they are fed up.

You may not believe in the Tea Party or the Occupy Wall Street movements, but I think we can all agree on the basic premises that the government is bloated and spending too much money, while corporations have been crushing the middle class.

Liberals think the solution to everything is to regulate it and put it under government control. Conservatives think the solution is to let the ultra rich people run everything.

I think we have seen that neither the government nor the ultra rich (which tend to be the same people) can be trusted with the well being of this country.

 

I tend to agree.

The real tragedy is that these populist movements keep getting co-opted by Big Politick. Tea Party by the GOP, and now the Dems are trying to Co-Opt Occupy. A shame. I'd like to see genuine change. Obama promised it but didn't deliver, unless you're a gay soldier.

 

All they have to do is trigger a panic, and that's it.

If the bankers try to declare a bank Holiday, it will only happen the day after, and maybe drag on all week.

Ah, but isn't this clever? Obama could take advantage of this and force the Banks to accept hundreds of billions in loans, again, and collect even more in interests and fees this time around.
There is always a method behind the madness, you just have to know where to look.

 

And today Anonymous was supposed to hack the new york stock exchange yada yada yada

 

The problem with Anonymous, is anyone with a smidgen of video editing know how and a computer can issue in the name of Anonymous. That doesn't mean that Anonymous will comply. Especially when you consider the structure.

 

I have to wonder, do any of those morons realize that the 5th is a Saturday?

 

That is freakin' hilarious!

 

Kinda hard to figure out where it all went wrong...
I tend to believe the gov getting involved, regs created to generate income/direct money , etc.
Special interest Lobbiest's being allowed to donate,
Unions, etc..

Everyone trying to snag their piece of the big American pie.

Perfect example is this latest thing with BofA charging the debit card fee....
You know, the one that the retailer used to pay, until the gov got involved and cut that in half? The retail lobby charged hard and got the fee cut. So now, the banks, (all of them soon enough) will just charge us, the consumer, to make up for that loss.

Do you think the retailers will cut prices to reflect their new found income?
Do you think the banks will quietly lose what they have been making?

Nope. Just more indirect tax on you.

The retailers will pocket the savings and the banks will simply charge the consumer directly. Nobody loses. The bankers still get theirs, the retailers get theirs and the politicians passed something the on it's face "sounded good" to voters. You, mister consumer middle class dude, have been sold out, yet again. Empty those pockets!

Who lost? Those with a freaking income, that actually buy stuff you know, actually make an economy?

The banks are getting the same $$, or more, the retailers profit margin just went up, and YOU AND I are paying for it. All thanks to the GOV passing popular "get me elected" crap. Knowing full well what would happen.

And who was it, at the pulpit proclaiming "Run from that bank" (for the the new fee).??? The very POS from Illinois, **** (uh, censor? Richard) Durbin. Look who's name is on the bill that took down the retailer fee.

So really.. is Capitalism dead, or is crony, gov enabled capitalism dead?

They are going to get your earned income, one way or another. Yes, it's pretty easy to pile on the bad (they are going to make their coin... period) corps... you are a fool if you believe the banks and gov aren't having an orgy at your expense. Point being, don't throw all the blame at the corporations. They are simply reacting to what's being thrown at them.

That's why most have left.

(apologies for a more than one paragraph post)

 

I didnt take a bull**** major in college.
I work at least 5 days a week, since i was 17.
I dont borrow money for silly things i dont need.
I plan out my expenses and never let them exceed my income.
I dont expect the government to fix my ****ups should they happen.
I am responsible for my decisions. No one else.
My wife and i live off of roughly 35-36k per year.
I am, appearently, a 1%er.
I am also not a whiny little hippie yuppie entitled to everything just because i want it and never worked for it little bitch.

 

Occupy is not about whining because people can't have what they want. Its largely about how people like you and I don't have a real voice in national politics anymore. Only Money talks in the House and Senate chambers.

 

core Anonymous have come out a number of times before the so-called "planned strike date" on the NYSE. Anonymous never sanctioned it, and they as well as others are calling the whole thing a false-flag, the NSA or someone else attempting to discredit Anonymous.

 

So very too true.

 

I doubt this "bank run" will amount to much; perhaps a few long lines with the young bank teller. In actuality, bank runs may be the way the fecal matter impacts the oscillating unit.

 

Notice that on the Facebook page for the "event", they're using the "Anonymous" logo right up in your face? (minus the red, white & blue)
I think this is a setup for a major hack attack.