I can think of one way where giant banks can be brought down to size. If only a quarter

[Cal33]

of the people withdrew their accounts from each of those banks that had taken part in all those
corrupt and crooked dealings, these overbearing and arrogant executives would be begging for
help!

I imagine that many people don't even know of the existence of "credit unions." I never heard
of them until about 2 years ago. (Although I realize how important money is, I am not too
interested in the business world. I find that kind of work boring).

A credit union functions exactly as a bank does. EXACTLY! The main difference is that anyone
who joins them, also becomes a part-owner of it - automatically. They pay a somewhat higher
interest than the banks do. Your account with anyone of them is also covered by the FDIC,
just like any bank account.

There are all kinds of credit unions: such as Federal credit unions for the military, for
veterans and Federal employees. Then there are state, county and local credit unions that
people living within certain areas can join, there are also other credit unions with
different requirements for membership.

Look up "credit unions" in Google to find the one you like best.

This is one area where older, retired people (I am one) can take active part in striking back
at those crooked bankers. Take your money out, and put it into a credit union, where it is
also covered by the FDIC, and is just as safe. And, as said above, credit unions do everything
that a bank does. What is there to lose?

The trouble is, many people don't even know that credit unions exist. So, spread the word,
please. This seems to be one hell of a good way to bring down those arrogant international giant
bankers, and make sure that they will never be able to rob the American people with those
dirty and crooked deals again.

People having accounts with smaller banks, just stay put. They haven't done our nation any
harm. We are not against banks in general. We're against only the crooked ones that have
been robbing us for close to two decades. The time for their come-uppance has come!

A penny for your thoughts.

[Rabblevox]

1. I haven't done business with a major bank in many, many years...

I actually have two accounts, one in a CU and one in a small local bank that is serious about re-investing in the community.

Your suggestion is spot-on, and I'm constantly surprised that more people don't know they have options away from the big banks.

[Cal33]

7. I also had two accounts. One in a large and one in a small bank. The

small bank was bought over by a large one. So now I have
accounts with two large banks. I started a credit union
account recently. Will be shifting over when I get over
my present physical problems.

[Liberal_in_LA]

2. Good suggestion - using credit union when possible.

[Dyedinthewoolliberal]

3. I finally got tired of the BofA and closed my account.

Happy to be at a local credit union :bounce:

[brooklynite]

4. If you could get 50,000,000 people to do ANYTHING it would have an impact...

...the WHAT really isn't the issue.

[Cal33]

8. Let's talk about the 5 biggest banks. 50 million would mean 10 million

withdrawing from each bank. I don't think that many are necessary.
Even an average of 2 million withdrawals per bank would cause them
to whimper.

[FarCenter]

5. Credit union accounts are not insured by the FDIC

They are insured by the National Credit Union Share Insurance Fund, or in some cases by state or private insurance -- check the fine print.

http://en.wikipedia.org/wiki/National_Credit_Union_Share_Insurance_Fund

The FDIC insures banks and thrifts (formerly known as S&Ls).

[Cal33]

9. Thanks for the info. I will try to read the small print with a magnifying glass.

At least, CUs are insured.

[truedelphi]

16. However, those of us old enough to remember when Illinois Continental bank went down, it was said

That if fourteen other banks of similar size went down, there would be nothing left to give the group of people whose money was at the fifteenth bank.

So I am not sure how much FDIC would really do, if there came a time when there was a run on all those banks, or if the economy collapsed, or both.

Oh and nowadays, it would take far fewer banks to go down to impact the FDIC's accounts to zilch - the four or five biggest banks all going down would probably impair many people's ability to get their money back.

[Cal33]

17. Could they go down in size without being totally bankrupt?

[FarCenter]

21. FDIC can borrow considerable sums from Treasury

Treasury backstops FDIC with a LARGE line of credit in case the FDIC fund is depleted. I think that the same is true for National Credit Union Share Insurance Fund, although I haven't read the details.

On the other hand, the funds are not so large that the Government wants to deplete them by, for example, winding up a bank of Citigroup's size. Note that their usual method of terminating banks is to have the failing bank taken over by a larger, sounder institution and the FDIC kicks in enough to get the deal done. If a "too big to fail" bank were to fail, this strategy obviously doesn't work.

[truedelphi]

24. I am imagining many of these maneuvers exist to help out banks.

Not so much individual account holders.

The fact that over recent years, small and mid-sized banks must pre-pay their FDIC insurance far in advance of when they had to formerly do so , means that more and more small banks, who actually help local consumers, are going under.

And guess what? When the larger bank comes in and takes over that failed bank, they receive the FDIC monies paid into the system on their balance sheet of payments into the FDIC.

Our entire elaborate economic system, and even its regulations, is all about the scheme of helping the Rich get Richer, and the Big getting Bigger.

[Ruby the Liberal]

6. One small correction - Credit Unions are not covered under FDIC insurance.

Only banks are. CUs are covered under a different plan, through the National Credit Union Administration (NCUA). It functions similarly to FDIC (and currently has the same limit of $250k) but a completely separate entity.

The good news on that is that CUs aren't in danger of FDIC's solvency issues like banks are. NCUA insurance is something all CU members should be aware of in the rare but possible event of a CU failure. www.ncua.gov

[Cal33]

11. Thanks for the info. I will read up on NCUA.

[sam11111]

10. BANK=GOP DONOR.. Small banks also bad for the USA

Pull out of any and all private banks

Owners ...IMO..are all GOP campaign donors

PS: Credit Unions are co ops.

Coops can produce EVERYTHING

Most Private Sector owners are GOP.

We can replace the entire Private Sector with Co ops.

eg.
Credit unions
Electric co ops
Refinery -mcpherson KS
Grocery co ops
Auto parts-- Spain's Mondragon complex (HUGE)
Toothbrush and litebulb factories --Sweden

[sam11111]

13. Also:the Private Sector is moving jobs to India..and PrivSector causes recessions

The PrivSector wants all wages here to be dollar a day (more for the boss means less for you)

PrivS (=PrS) is trying to move most of its jobs to India (and other Third World places). For jobs we need more Co ops, WPA and ordinary gov jobs like road repair.

PrS Bosses are not elected (Co op directors ARE)

PrS wages are minus a bite taken by the Boss for his luxuries....co op wages are full wages.

PrS Boss fires you on a whim

PrS work conditions decided by Boss --search DU for "Amazon warehouse" for what that is like.

PrS low wages..folks have little cash to buy things...factories can't sell stuff...they close..layoffs..recession is the result..due to PrS's low wages. Great Depression also caused by the PrS.

I am surprised co ops are legal. They are so superior.

[Cal33]

Thanks for the info. I'll have to read up on co-ops. I'm familiar with the word

as far as housing is concerned, not anything else. :)

[Cal33]

15. Thanks for the info. I'll have to read up on co-ops. I'm familiar with the word

as far as housing is concerned, not anything else. :)

[jwirr]

12. Unfortunately the GoDirect debit card from Social Security has me

withdrawing my money for a fed bank. No escape possible. I have talked my daughter into the Credit Union.

[prairierose]

18. My folks have their accounts with a credit union and ...

their SS checks are deposited directly to their accounts... It took me 6 years to talk them into switching from BoA but now they are happy with the CU.

[jwirr]

19. Like the homeless I have economic reasons (a default) that made

me decide that I either had to have my check sent to me through the USPS or in some other way. This GoDirect debit card comes directly out of the Social Security Administrations account at the fed bank to me. It insures that no one can claim the money to pay my default. GoDirect is a new program for those who do not have a bank account anywhere.

[sarcasmo]

14. Loan rates are super low at the Credit Union. Chase claimed they

couldn't give us a lower rate on our car loan, the Credit Union gladly beat Chase by 4% which saved a ton of cash.

[rbnyc]

20. Our money is with our local credit union. (nt)

[Fire Walk With Me]

22. The more I think about this, the more I like it.

[Cal33]

23. Great! And please help spread the word.

[Bigmack]

25. Nationalize the banks....

This sad country was nearly crippled economically by the malfeasance of the big banks... and they continue to do the same things that caused the meltdown.

Nationalize the banks because they have shown repeatedly that they are unable to control their greed and risk-taking behaviors.

This is not an economic move... this is National Defense. The banks hurt us worse than AlQaeda dreamed of in their wettest dreams.

[oldlib]

26. You Introduced me to "Occupy Wall Street"

this morning, and I have been waiting for you to get back in the fight. What Happened?

[Cal33]

27. Have been googling for more information. Haven't got much of the latest, but "Occupy Wall Street"

seems to be going strong in NYC despite police harrassment. The movement has
been spreading into other US cities - like Houston, Tx, of all places -
27 of them. Even the South isn't immune. There are more progressives
in the South than I thought. The latest I read was from Sat. Sep. 24.
There should be more info later today.