Thursday, April 19, 2012

Let's Start Bank Runs on the TBTF Banks?


Michael Lewis, whose latest book Boomerang, I am currently finishing and will report on soon, thinks the Occupy movement should begin a run on the Too Big To Fail banks.

I can't help smiling a little bit as this is exactly what I suggested when asked for my opinion at the Occupy Greensboro planning group when we discussed what type of actions we should consider taking that first night, when it was created at that lovely little bookstore in Greensboro, NC. And, yes, I spoke with many people after that meeting and told them that they should move their accounts immediately.

I didn't have to move my accounts as I had already ensured that the bank I had them in had no exposure to the subprime catastrophic loans. I did take a nice picture (which you can find on this blog if you look back at the essays I wrote during that first week of the Occupy marches) of the Occupiers screaming chants at the Bank of America building, however. (Great group therapy for marches?) Every person I encountered then I asked, "Have you moved your accounts from these banks to unaffiliated community banks or credit unions?"

I love this Lewis guy, but if you read his books, he comes off a little as a disappointed Republican who just can't believe they were so stooopid. He's a really well-informed guy who still thinks someone "centrist" and "moderate" and "smart" will pop up and say, "It's all been a big joke! Let's arrest these banksters and get on with the trials!"

He can't believe the Dims' responses either (and let's face it, who among us can?), but, there again, he's a pretty bright guy. And he writes some very good books, whether you believe in all his prescriptions or not.