Saturday, January 2, 2010

How to Stick It to the Too-Big-To-Fail Banks

Move your money.

"Withdrawal Tax": How to Stick It to the Big Banks That Got Bailed Out, and Make Money While You're at It. Pass It On! (Gary North, 1/2/2010 Gary North's Specific Answers)

"The Huffington Post has come up with a nice little protest movement. Let's pull our money out the the bailed-out banks and put it in local banks that lend to locals. Who are the locals? People just like us.

"This makes sense economically. If you ever want a loan, get it from your own banker. If it's a local bank, you will be treated well.

"The FDIC insures all accounts up to $250,000. Your money is as safe in a local bank as a bailed-out mega-bank.

"The folks at Huffington are on the Left. But we can all agree when we see insider bailouts like the ones in September and October 2008.

"They have produced a video. This video is biased, mean-spirited, and simplistic I love it! The more of these low-budget YouTube videos on the Big Bank bailout, the better.

"The bankers are on the defensive. Let's keep them there."

The article continues. The Huffingto Post article is this, and the video Huffington Post created is this:


Anonymous said...

I am not sure this is a wise idea. Small banks aren't too big to fail and there is likely to be a boat load of small bank failures in 2010. Now that the gov't is moving to suspend money-market withdraws for banks with "liquidity" issues (see link below). I don't think moving money out of big banks into small banks is a smart move.

arevamirpal::laprimavera said...

Thanks for the link. That's one big article from Tyler Durden!

But it seems to me that's all the more reason to quietly move your money out of the reach of the federal government, whether it's big banks or big money market funds.

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