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This is a call for a boycott.
A call to break these institutions by destroying their deposit base and "net interest margin", one consumer at a time, as a protest against the outrageous actions these firms have taken in terms of risk and their shifting of the costs of that risk, which should have resulted in their failure and closure by The FDIC and OCC, onto the backs of their customers via outrageous fees, interest rates and costs, along with the direct subsidy being paid by all taxpayers generally.
Are not 30% credit card interest rates enough, while these four banks all can and do borrow at near-zero from The Fed and have issued debt with an FDIC guarantee (that is, funded by you)?
If that is not enough to dissuade you, how about Wells Fargo holding an unknown amount of Wachovia "off-balance sheet assets" at god-knows-what in terms of valuations - and justification for same - while cutting back HELOC lines and credit cards?
Originally posted by amatrine
Bank boycott, hmm.. as much as I hate what the banking system is, if they all collapse we will have a world with no currency, and just getting that one world currency off that much faster.
I am all for de monopolizing them. More small banks, and now allowing the larger banks to continue buying other banks until they are too big to fail.