Did big banks benefit from bank transfer day?

Discussion in 'Politics' started by Avatar4321, Nov 7, 2011.

  1. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    Big Banks Lose Billions On

    Looks like yes. The OWS movement encouraged people to move their money from big banks ot credit unions in order to hurt the banks and instead ended up helping them.

    Another win for capitalism and freedom of choice.
     
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  2. whitehall
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    whitehall Gold Member

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    Banks aren't the enemy. Banks lend money to small businesses to become big businesses. Banks have always been the backbone of America's prosperity until the early 90's when a democrat majority under a pervert president forced banks to make bad loans. The federal government actually threatened banks with civil rights litigation if they refused to make risky loans. The Fannie Mae private sector/federal government monstrosity guaranteed the bad loans until Fannie went under during a democrat majority in congress.
     
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  3. Political Junky
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    Political Junky Gold Member

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    How do you see that as helping the big banks?
     
  4. Conservative
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    Conservative Type 40

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    from the linked piece
     
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  5. Defiant1
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    Defiant1 Gold Member

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  6. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    Yes. At least about the banks benefiting from it. Im not convinced the protesters have been hurt.
     
  7. NYcarbineer
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    NYcarbineer Diamond Member

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    Worst spin ever. You really are a retard.

    Just for the record, since credit unions came into existence, the big banks have fought tooth and nail to limit the ability of people to CHOOSE credit unions as their banks. It's really only because the big banks lost that fight that this move your money thing could have happened now.
     
  8. NYcarbineer
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    What a load of horse manure. If that were true then banks would be giving away toasters to get you to leave.
     
  9. kiwiman127
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    kiwiman127 Comfortably Moderate Supporting Member

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    ======================================
    Quote: Originally Posted by Defiant1
    Quote: Originally Posted by Avatar4321
    Big Banks Lose Billions On

    Looks like yes. The OWS movement encouraged people to move their money from big banks ot credit unions in order to hurt the banks and instead ended up helping them.

    Another win for capitalism and freedom of choice.
    Looks like I was right. http://www.usmessageboard.com/politics/politics/econom...ml#post4367090
    Yes. At least about the banks benefiting from it. Im not convinced the protesters have been hurt.
    =========================================


    First Whitehall. Yes banks are our friends and that's why they took the bailout money, that's why they have paid 100's of millions of dollars in fines and many, many more cases are waiting for hearings against the banks for fraud and predatory lending. And banks aren't rushing out borrowing money to small businesses. The banks get interest on their excess reserves paid to them by the Fed.
    Which brings up a second point. Now why would banks be benefiting from all the 100's of million dollars transfered out, when they actually lose income on said monies via interest on excess resreves?
    Final point, I'm glad people are getting a clue and are bailing out of the Big Banks. Anyone who isn't completely brainwashed by their ideology would know that Big Banks have pawned America! The Big Banks broke laws just so they could take advantage of every day people. They got bailed out and then again turned their backs on Main Street America but thatr hasn't stopped them for looking for more ways to fuck people over. And people actually think Big Banks are great! Man, some people on these boards have ZERO morals.
     
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  10. KissMy
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    KissMy Free Breast Exam

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    The average account balance in the new accounts opened at the credit unions by the people who left the big banks was $7,000. That is not unprofitable riff-raff. The average American family only has $7,490 cash savings per family.

    $4.5 Billion in new deposits for the credit unions means the banks lost even more than that. Many people likely closed their accounts without opening a new one elsewhere. Considering the average bank leverage ratio is 12:1 that means those big banks lost $60 Billion.
     
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    Last edited: Nov 8, 2011

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