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Let's start off by discussing what happens if everyone were to withdraw all monies that they have in the bank by December 7th? Would the impact from this be enough?
Originally posted by GoalPoster
Interesting theory, but I’m wondering exactly how many people actually have money left in the bank to withdraw.
It is generally believed that approximately fifty percent of people live paycheck to paycheck. Further, less than a third of all wage earners are able to set aside $100 per month in savings.
Now, there are a lot of people who say the blame for that predicament falls squarely on those who are living beyond their means.
Here's an interesting point. Many of those unable to save are home owners with mortgages. If you assume they've got a $150,000 mortgage at the current interest rate ammortized over 25 years, you're paying on average $250 a month in interest. And, that figure is rather skewed because at the front end of a mortgage, your interest payments are actually higher with less going toward the principle. As your mortgage is paid down, those numbers invert. Guess who's getting your hard-earned dollars.
Who is it that tells you that a mortgage is 'good debt'?
Who is it good for?
Certainly not us. I challenge anyone here to tell me how working my arse off to give somebody else my money is 'good' for me. How many of you would randomly toss $5 bills out your car window just for the heck of it, after somebody said it was a 'good thing' to do? It is a really really really stupid premise.
Now, start adding interest on car loans, credit card interest, student loans interest, lines of credit and the like and your numbers really start adding up. Add to that the statutory withholdings that go to income tax and the like and I can pretty much bet that half of what you earn is gone before you even see it.
Think about it . . . those who work Monday through Friday actually spend your time lining the pockets of everyone but yourself until about noon on Wednesday.
It's the system, folks. It sucks and we're the only ones who can say enough is enough. Stop the madness . . . the stupidity . . . end this endless charade of rolling onto our backs like beaten dogs just for the right to get kicked in the arse again and again and again.
Here's a doozy . . . If you have a credit card and pay off the balance monthly, you're credit score is actually lower than if you carry a balance. Banks look 'favorably' on those who carry a balance and penalize your credit rating of you pay off monthly. Can you see the bullcrap there? Forced into paying the banks interest so you can have a good enough reputation for them to loan you more money so they can collect more interest and enslave you for most of your life. Hell, they've even got cute little guys in tights on television singing about how to pay somebody to tell you if your credit score is good enought for you to go buy something so you can pay more interest thus leaving less for you and lining the pockets of some over-fed fat-arsed banker.
Too big to fail my ass . . . there's another fallacy into which too many people have bought . . . more like too big to ingnore because we'll take away your campaign financing and you'll have to go to work like the rest of us schleps . . . (my apologies for the digression . . . but I'm pissed!)
Oh yeah, for those keeping score at home . . . that $150,000 mortgage will cost you approximately $78,000 in interest over the life of that mortgage. Meanwhile, back at the outhouse, most of us can't save a dime.
Where does it all end?
In my humble opinion, it isn't by hauling my $78.57 out of my bank account and hoping that everyone else does the same thing to send a 'message' to the bankers. You'd be better off writing You suck and I hate you on a paper and jamming it down the neck of a wine bottle and floating it out to sea. It'll have the same end result. Somebody will eventually get that 'message' and giggle their fool ass off at the sender.
The only way to put an end to it is to get off the treadmill.
We must collectively say 'no more' to the banks. No more interest. No more buying on credit. No more working half of our careers away to feed those who sit on their collective arses and make money from us by taking some of that money every month and paying the media to tell us what we need to buy . . . the shiny new car . . . the $150 pair of sneakers . . . the $500 cell phone that we pay another $70 a month to use . . . the 60-inch plasma television so we're all comfortable in watching them continually tell us what we need to buy . . . what we need to get . . . how big our house should be . . . what prepared tastey foods to eat . . .
Stop the madness.
About two years ago, I had somewhat of an epiphany in that I sat down and figured out how much I was paying in interest just to survive (well, survive according to their rules). I said enough is enough. I cut up every credit card I owned and struggled like hell to pay them off. I've got a year to go on two leased cars after which I will never lease again, and never buy an new vehicle again rather I'll get me a relatively reliable vehicle and learn how to keep it together for as long as possible until I have to get another relatively reliable vehicle and let the cycle begin again. I will pay my mortgage off as soon as humanely possible so as to not give the greedy fat-cats a single cent more of my money than I have to. If I'm 'amputating' anything, it's going to be the feeding tube running from my wallet to the nineth chin on some Wall Street fat cat.
If I can't afford to pay for something in cash, I will not buy it. I don't need steak three times a week, rather I've become rather adept at economical meals such as pasta . . . soups . . . stews . . . and the like. I've cut my food bills by a third. I only buy things 'on sale' and stock up on the essentials. So I've got 200 rolls of crap-wipe in my basement but I can assure you I didn't buy any of that toilet paper at 'regular price'. Same goes with canned goods, dried pasta, cooking supplies and any other disposable goods I may use down the road.
I have a fireplace that remains stoked most of the winter, effectively cutting my heating bills in half and I keep the curtains open during the day to help heat in the winter months. The same curtains remain closed in the summer to help keep things cool.
The reality is that the banks have their fingers in every level of our lives . . . from the loans they're gouging interest from the farmers . . . the bailouts to the folks that build our cars . . . the construction industry that builds our houses, roads and infrastructure . . . right down to the governments that spend way beyond their means to keep us living the life that the 'powers that be' tell us we need to live.
I challenge everyone on ATS . . . and beyond . . . to take a few hours this weekend to get out a paper and pencil and figure out what they're doing fiscally on their own front to stop the madness. Find out where you can save a few bucks here and there daily. By the end of the month, that adds up. Use that money to get out of debt. Pay off those cards. Get rid of those lines of credit. Wipe out those interest-burdened mortgage payments and start keeping your money for you.
Put it in a shoe box, pencil case, safe, pocketbook, money belt . . . use it to stock up on the things you'll need when (not if) they system implodes because it is coming. We cannot sustain the way we live. It is not possible.
Taking your pittance out of banks is a nice message, but at the end of the day, the banks still have you by the short-n-curlies.
The only way to hit them hard is to stop feeding them your hard earned money.
Yes, there are ramifications of doing this, but it in the grand scheme of things, it is the shortest term pain to correct a system that is fraught with greed, thievery, and trickery.
Stop feeding the monster, folks.
It is the only way it will change.