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I'm sorry I think that would hurt our economy more then it would help.
I mean "if" enough people actually did it.. Just on Long Island alone lets imagine the impact, I'm throwing out random numbers.
Lets say, Scenario I
Long Island Bank has 1,000,000,000 In Deposits, they use that Billion to buy a bunch of other stuff to make money long term so they could afford to pay their workers, and give you your default 2% interest. so they only have 3,000,000 cash on hand. ( I think it was 3-5% banks were suppose to have against their assets or something like that )
So if only 3,000 people withdrew 10,000$ US, that bank would go out of business overnight.
People who had over 100,000$ in the bank would immediately lose anything over, since that's all the FDIC Insurance, all the bank employees would be out of work.
Scenario II
2,000 People withdraw 10,000$ US, they would only have 1 million left in cash, they would then have to curtail investments, lay off employees because they have less cash then they have invested Or something to that effect. So now Mom & Pop can't get a loan for their business because the bank will no longer give them a loan because the bank can no longer afford to give loans..
While good in theory to send a message, actually bad in prinicple to actually do, I think, thats my take on it.
Reading the flier, I see they are asking that people withdraw basically all instruments. Why would anyone withdraw a CD prematurely and pay a penalty in the name of making a statement?
Thank you all for answering honestly how you feel. I'll let the people who are running this know what you feel about it.
Something serious has to be done. We can't keep travelling the road we're travelling. We're all in for a giant downfall pretty soon. The gas prices were $4.09 yesterday when I filled up. I spend $239.00 at the supermarket and came home with very few actual meals to cook.
Yet they keep building banks everywhere I look. 3 new ones in Huntigton Village alone. Evidentily the banks are doing pretty good......
But how are banks to blame? Banks are a business if they are making money, they are using that money to invest (building more banks to get more deposits) to make more money. It's not the banks that are at fault, its ours, for taking the credit they give us to spend more then we make and we use every last dime of it and them some.
Well let's see.. When Oil was 20$ a Barrel gas was 1$ a gallon? Now oil is 6x that and gas is less then 6$ a gallon.. Why is Oil 120$ anyway? Greed, the falling dollar, and supply & demand =(
As for that $239, Did you buy name brand items or cheaper brand items ?
But I totally understand it since I did too just the other day.. But I checked and I bought brand name items ><
I agree change is needed, but running to the banks, I dont think would solve anything except cause mass panic.
When you have time watch this movie. It's worth it. It has woken up many people across the country. Learn about The Federal Reserve, and the bankers......
Lets take a step back a minute.. Didnt Wesley Snipes use the same prinicples about tax and get sentenced to 3 years? So basically it's too late now to stop income tax..
Pee Test:
Like a lot of folks in this state, I have a job. I work, they pay me.
I pay my taxes and the government distributes my taxes as they see fit. In
order to get that paycheck.. I am required to pass a random urine test,
which I have no problem with. What I do have a problem with is the
distribution of my taxes to people who don't have to pass a urine test.
Shouldn't one have to pass a urine test to get a welfare check, because I
have to pass one to earn it for them? Please understand, I have no
problem with helping people get back on their feet. I do, on the other
hand, have a problem with helping someone sit on their butt. Could you
imagine how much money the state would save if people had to pass a urine
test to get a public assistance check?
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