Announcement

Collapse
No announcement yet.

Bailout psychology

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Bailout psychology

    Great rant.


    http://www.sfgate.com/cgi-bin/articl...INR316Q4F5.DTL


    We have a crisis of confidence, because fraud permeates most of our banks and financial institutions. The solution is law enforcement, not handouts. On Jan. 31, 2009, Santa Barbara police held a 53-year-old homeless man on $20,000 bail for shoplifting $7.69 worth of soup and bread. Yet Bush did not move to prosecute a single executive at any of these banks, and Obama likewise doesn't want to be "vengeful" by investigating the crimes of investment bankers.


    If the government feels lenient, can't it let alone families camping in a vacant lot in Sacramento, or homeless people stealing bread?


    We can stop this by closing our accounts at any bank that took government money. A list is on the Treasury's Web site. Close your accounts and move them. If we do, those banks will suffer receivership or bankruptcy within a few months, and then there will be no need for bailouts. Our healthy community banks will thrive, while billionaire bondholders will have to downsize their G-5 fleets and take a haircut.


    If you buy an American car, buy a Ford. Do not buy GM or Chrysler. GM and Chrysler took bailout money. If everyone who would buy a GM or Chrysler bought a Ford, GM and Chrysler would quickly go bankrupt, the government would be forced to stop giving them tycoon welfare, and Ford would probably have enough customers to get through this. If Ford takes bailout money, don't buy a Ford, either. You don't need to buy anything. Save your money until the government stops the bailouts. Your children will thank you for the peace and security.

  • #2
    Re: Bailout psychology

    I don't think there is enough collective will to make such a grass-roots movement sustainable. The only rather wide-spread movements I've seen have been low-cost symbolic ones, such as yellow "Support Our Troops" ribbons. I think that the collective will of the American people is far too disparate to punish the guilty in this way. Hopefully I'm wrong, and some grand-standers of all political stripes will start using their bully pulpit for this or similarly genuine useful purposes.

    In the meantime, however, I am a Ford owner, and do not bank with the bailout banks.*

    * - I do not know if my bank does any financial dealings with the bailout banks.

    Comment


    • #3
      Re: Bailout psychology

      Thank you Chomsky.

      Comment


      • #4
        Re: Bailout psychology

        Originally posted by Ghent12 View Post
        I don't think there is enough collective will to make such a grass-roots movement sustainable. The only rather wide-spread movements I've seen have been low-cost symbolic ones, such as yellow "Support Our Troops" ribbons. I think that the collective will of the American people is far too disparate to punish the guilty in this way. Hopefully I'm wrong, and some grand-standers of all political stripes will start using their bully pulpit for this or similarly genuine useful purposes.

        In the meantime, however, I am a Ford owner, and do not bank with the bailout banks.*

        * - I do not know if my bank does any financial dealings with the bailout banks.
        Ghent12, I understand what you are saying, but I think you are wrong. I think a grass-roots movement of transferring money out of Chase, BoA, Wells, etc would have an excellent chance of gaining momentum.

        Other than a little bit of time the cost is minimal. It is a concept that the average person can understand. Most importantly, it wouldn't require the people to abandon their Dem vs. Rep/Rep vs Dem mind sets; no need of looking to their elected "representatives" for leadership.

        Moving accounts from one bank to another is relatively pain free. Last year I moved my small accounts from BoA to (what I hope is) a strong regional bank. I knew BoA would never miss my piddling amount of money, but it sure as hell made me feel good. I've talked enough about what I did, that a friend at work has moved his accounts out of Chase, and my lady friend is close to doing the same.

        The average person doesn't understand macro economics; has no interest in understanding; may not be capable of understanding. But they do understand what taxes are, and they do understand that the guv'mint is handing over their money to the bankers.

        Ask any average person, whether they identify their self as Rep or Dem, what their gut feeling is about giving trillions of taxpayer dollars to the huge banks. They'll tell you it's wrong.

        The proles (and I'm one of them) are very angry, very frustrated, and feeling very helpless. Participating in this movement will give them a sense of empowerment. A sense that they are "fighting back" against the bankers. Maybe I'm naive and idealistic, but I really think this thing could take off.

        Subtly

        Comment


        • #5
          Re: Bailout psychology

          I just opened an account with my local credit union this weekend. After I am done transferring all the bill pay stuff, I'll be done with Bank of America.

          On a side note... the fees are much lower and the interest rates are higher.

          Comment


          • #6
            Re: Bailout psychology

            Originally posted by aaron View Post
            I just opened an account with my local credit union this weekend. After I am done transferring all the bill pay stuff, I'll be done with Bank of America.

            On a side note... the fees are much lower and the interest rates are higher.
            My primary bank, USAA, changed their policy on Feburary 1, 2009. Now anyone can open a checking or savings account with them. Their insurance side (also highly rated) is still limited to former military and some relatives thereof. USAA has one of the highest customer satisfaction ratings of any bank, and the best online service of any bank I've tried. I recommend them highly. See further http://usaa.com. Their mutual fund and investing side is rather prosaic; that side I happen to use some, but don't recommend with the same enthusiasm.
            Most folks are good; a few aren't.

            Comment


            • #7
              Re: Bailout psychology

              Originally posted by ThePythonicCow View Post
              My primary bank, USAA, changed their policy on Feburary 1, 2009. Now anyone can open a checking or savings account with them. Their insurance side (also highly rated) is still limited to former military and some relatives thereof. USAA has one of the highest customer satisfaction ratings of any bank, and the best online service of any bank I've tried. I recommend them highly. See further http://usaa.com. Their mutual fund and investing side is rather prosaic; that side I happen to use some, but don't recommend with the same enthusiasm.
              I also bank with USAA and have homeowner's insurance with them. I also recommend them highly.

              Comment

              Working...
              X