Occupy Wall Street

[JB3]

At the credit unions the customers take their money to.

Oh so now you're advocating for collapsing the US economy? Got it. Well, enjoy living in a cave then.

 

[Kulindahr]

Oh so now you're advocating for collapsing the US economy? Got it. Well, enjoy living in a cave then.

That's an incredibly ignorant statement. People move money around all the time, and it doesn't collapse the economy. And if all the personal deposits left citibank, it wouldn't collapse them -- they've got gobs of corporate money on deposit.

 

[Kulindahr]

If the people in said park are violating the rules of the park, like camping over night, the owners have the right to remove them. The 24/7 requirement does not apply. (and the city of new york has even said as much)

Citation ?

 

[JB3]

That's an incredibly ignorant statement. People move money around all the time, and it doesn't collapse the economy. And if all the personal deposits left citibank, it wouldn't collapse them -- they've got gobs of corporate money on deposit.

Foolish. Incredibly foolish, especially coming from you. You honestly think that if all that money left, citibank wouldn't be affected? What you are advocating is creating a run on Citibank. What are you advocating is the collapse of the US economy. You need to understand that.

 

[JB3]

Citation ?

See stardreamer's link above. It states very clearly the regulations of the parks.

 

[Kulindahr]

Foolish. Incredibly foolish, especially coming from you. You honestly think that if all that money left, citibank wouldn't be affected? What you are advocating is creating a run on Citibank. What are you advocating is the collapse of the US economy. You need to understand that.

Personal deposits are just a fraction of the money in citibank. They might have to sell some assets, but that would be good for them. If they weren't willing to do so, the government should invoke antitrust laws and require them to.

 

[Stardreamer]

This is the problem with the whole concept of "the rule of law": it leans the cops toward arresting people rather than thinking. From a talk with the public defender in Portland, I know that over the last decade the trend has been that more and more of the people arrested are found not guilty. That tells me the police no longer care who they really ought to arrest, they just arrest people, like "when in doubt, apply handcuffs".

That's a sign of a sick, sick society, or at least a sick police community. Cops get points for making arrests, too, which contributes to the trend. Well, if they get points for making arrests, they should get big fat black marks for every person arrested who's found not guilty.

We need to get back to having peace officers, not law officers.

I would certainly agree, I was rather disturbed in my introduction to law enforcement class this year to have the instructor tell us that the courts tend to lean in favor of law enforcement in questions of involving fourth and fifth amendment rights.

Oh a tip from the class, if you are home and living in a cardboard box, gather some more cardboard and build a fence around the box. There was a court ruling that said that increases the presence of a personal space when determining if a search is allowed.

 

[JB3]

Personal deposits are just a fraction of the money in citibank. They might have to sell some assets, but that would be good for them. If they weren't willing to do so, the government should invoke antitrust laws and require them to.

65% of citibank's assets are personal deposits. Remove them, you kneecap the bank and send the economy into a tailspin.

 

[BostonPirate]

65% of citibank's assets are personal deposits. Remove them, you kneecap the bank and send the economy into a tailspin.

not really.

They would only lose a fraction of that 65 percent in a boycott, and their collapse would not cause the economy to tailspin.

 

[Kulindahr]

I would certainly agree, I was rather disturbed in my introduction to law enforcement class this year to have the instructor tell us that the courts tend to lean in favor of law enforcement in questions of involving fourth and fifth amendment rights.

Oh a tip from the class, if you are home and living in a cardboard box, gather some more cardboard and build a fence around the box. There was a court ruling that said that increases the presence of a personal space when determining if a search is allowed.

Just make it high enough they can't step over -- some idiot court decided if a fence can be stepped over, cops don't need a warrant to search the area inside it.

 

[Kulindahr]

65% of citibank's assets are personal deposits. Remove them, you kneecap the bank and send the economy into a tailspin.

Cite? I doubt the figure is that high.

But why should it bother the economy? The money hasn't vanished, it's gone to other institutions. Let them sell off assets.

 

[Kulindahr]

not really.

They would only lose a fraction of that 65 percent in a boycott, and their collapse would not cause the economy to tailspin.

But we're positing that every customer pulls their accounts. Even so, I agree -- plenty of other outfits would move in to take over the slack.


BTW, I LOVE that "ijubinatti"!

 

[JB3]

not really.

They would only lose a fraction of that 65 percent in a boycott, and their collapse would not cause the economy to tailspin.

You must have been one of those that thought Lehman Brother's collapse wouldn't have either. Look at how that turned out.

 

[JB3]

Cite? I doubt the figure is that high.

But why should it bother the economy? The money hasn't vanished, it's gone to other institutions. Let them sell off assets.

You have a short memory. Anytime a bank has their deposits pulled too quickly, even if they are moved to other institutions, the effects on the economy at large are devastating. We cannot afford the collapse of a bank that has $1.7 trillion in liabilities, which in turn would collapse their parent corporation. (Citigroup) That's 260,000 jobs right there, by the way.

As for the figure; Citibank has assets of $1.2 trillion, and personal deposits of $750 billion.

 

[BostonPirate]

But we're positing that every customer pulls their accounts. Even so, I agree -- plenty of other outfits would move in to take over the slack.


BTW, I LOVE that "ijubinatti"!

thanks

Also remember that the FDIC is fully funded BY the banks and is meant to cover a bank that goes under.

in the event of a bank failure, the FDIC acts in two capacities. First, as the insurer of the bank’s deposits, the FDIC pays insurance to the depositors up to the insurance limit. Second, the FDIC, as the “Receiver” of the failed bank, assumes the task of selling/collecting the assets of the failed bank and settling its debts, including claims for deposits in excess of the insured limit.

http://www.fdic.gov/consumers/banking/facts/index.html

The insurance limit right now is one quarter of a million, and its legal to have multiple accounts that max out at 250,000.

American banking would be in trouble if three or more big banks went down at the dame time, such as almost happened under Dubya Bush, but one at a time is a recoverable situation.

Hell, BofA was penny stock for a few days a month or so ago.

 

[Kulindahr]

thanks

Also remember that the FDIC is fully funded BY the banks and is meant to cover a bank that goes under.



http://www.fdic.gov/consumers/banking/facts/index.html

The insurance limit right now is one quarter of a million, and its legal to have multiple accounts that max out at 250,000.

American banking would be in trouble if three or more big banks went down at the dame time, such as almost happened under Dubya Bush, but one at a time is a recoverable situation.

I was thinking of both of these items but kept my post short.

And it's why I didn't suggest a run on all the big banks. If citi, BoA, and Chase went down at once, for example, I'd be tempted to go stock up on food and ammo.

 

[JayHawk]

I suppose both of you are then fine with the disappearing act millions in retirement funds did under corporations fuckery with derivatives? ? If Citigroup collapsed then it would inevitably take a ton of money from some folks.

But that is OK right?

 

[JB3]

thanks

Also remember that the FDIC is fully funded BY the banks and is meant to cover a bank that goes under.



http://www.fdic.gov/consumers/banking/facts/index.html

The insurance limit right now is one quarter of a million, and its legal to have multiple accounts that max out at 250,000.

American banking would be in trouble if three or more big banks went down at the dame time, such as almost happened under Dubya Bush, but one at a time is a recoverable situation.

Hell, BofA was penny stock for a few days a month or so ago.

The FDIC does not have enough money to cover any of the big four US banks if they fail.

And even if they did, you're neglecting the fact that Citibank has almost $2 trillion in liabilities.

 

[JayHawk]

SOmeone went in there WHILE part of a protest group. Wanted to withdrawal cash from their account. The assumption is that she or he was asked to leave because they were part of the protest. They did not. Cops on hand rather quickly as they were following the protest. Arrested said person.

Immediate outrageous claim was made that cops arrest people for withdrawing their cash. Stupid from the word go. But thats the beef.

Of course it has rolled into "let's make one of them pay no matter the cost" "Viva la people" and "revolution"

See what happens when you legalize pot. lol

(might as well make an outlandish, baseless claim of my own. )

 

[BostonPirate]

I suppose both of you are then fine with the disappearing act millions in retirement funds did under corporations fuckery with derivatives? ? If Citigroup collapsed then it would inevitably take a ton of money from some folks.

But that is OK right?

derivatives are a result of deregulation during the clinton years, and laxed enforcement during the bush years.

That is something entirely different.

Perhaps maxpower can let you in on how much of a diversified portfolio carries bank paper. As I said, BofA hit three bucks a share a month ago, and the retirees were fine.