11/5/2011 is Saturday. Do the leftists not know this? Their prank is therefore either a day early or two days late. Or does this not matter, so long as a stupid and futile gesture is made and followed up on by a compliant media?
Gov forced banks to consider poor borrowers and to relax standards, creating subprime loans and to give incentive for banks to assume the risks, Freddie and Fannie will buy the mortgage notes. That is the liberal gov policy stupidity. However liar loans were never sanctioned by the CRA or gov. Banks figured that if they push through tons of mortgage applications, earn the points and fees up front and then dump all of it onto Freddie and Fannie within six months, the money earned from such scheme was better then other competing investments. Ironically the full time civil service in Freddie and Fannie warned the politically appointed officers that this was happening and a financial meltdown can occur with the taxpayers stuck holding the bag. The political heads of the agencies did not care, the Federal Reserve in cahoots with bankers did not care, the US Treasury warned by the FBI in 2004 about finding liar loans among white collar crime investigation did not care and the bankers took advantage of this fed regulator and FM/FM negligence with a gusto. Liar loans mortgage notes flooded the market, pension funds and etc in the world, while the buyer did not suspect the AAA rated portfolio was actually junk/high risk. Now bankers, and many freepers claim that banks were victims and the gov was the sole villian in this mess. EXCUSE ME!!!!!????? Occupy Wall Street and Wall Street Bankers deserve each other. When the enemy of the US are at each others throat, sit back and let them kill each other. Remember bankers were the first to demonize the Tea Party because we wanted small gov and that means the end to corporate welfare and bailouts. Now bankers have a vicious attacker at their throats, and conservatives/TP should not risk our lives defending the bankers who were more then willing to crush our throats if they had a chance to place their boot on it.
I dunno. B of A backpedaled from the five dollar fee for a reason. If the OWS crowd can take down a bank by creating a run on it they will have shown some real power, to be feared.
“leftists are planning a big Nov. 5 to-do to pull their money from big banks and put it into small banks”
What difference could that make? Money is fungible, being all fed notes. Doesn’t matter where you put it, it ends up here, there, and everywhere. Small banks will loan it out to people who deposit it in bigger banks.
You could bury it in the backyard, but then eventually the Fed would notice and print more to cover the difference.
I’m familiar (somewhat) with “V For Vendetta,” but what’s with these people and Guy Fawkes Day? Aside from being a terrorist, don’t they know his goal was to reinstitute state Catholicism?
bankers are probably celebrating that these hippie p-in-a’s are leaving the banks.
“Move your money to our new bank; we are calling it Occupy America Bank and Trust. Everyone is treated the same at Occupy America Bank and Trust. It doesn't matter if you have a 300 credit score and no income; you get the same loans terms as those filthy rich capitalists with obscene 800 credit scores and $200,000/year income”
I can just picture 99% of these morons shrugging at the suggestion and muttering, “Money? I ain’t got no money in no bank. Now, which way to the free food?”