Could we really shut down the banks that are too big to fail?

[Absolutely Virtue]

Apologize if this has been posted before, I've been too busy at work to post lately. But this is a tremendous idea.

Tired of bailouts? Hate that Wall Street execs continue to receive bonuses paid with taxpayer money while the rest of the country is in a recession? Want to punish the people who got us into this in the first place? It might be as easy as just refusing to do business with them.

http://moveyourmoney.info/

The idea, simply, is to move your money from the big four:

Bank of America
Wells Fargo/Wachovia
Citibank
JP Morgan/Chase

to a smaller community or regional bank. That website allows you to search via your zipcode to find banks that fit criteria they support (see "Find a Bank").

The big four banks are only allowed to continue to fuck the world in the ass because we keep our money with them. If we remove it, which is perfectly legal and within our rights, we can finally start to get even.

I love the idea because it's not politically motivated or partisan. It benefits local business and makes a positive step away from rewarding greed. I think it's marvelous. I realize it probably won't work because people are too fucking apathetic and stupid. But maybe, just maybe...

[Tyche]

I had the foresight to do this 2 years ago.

Actually, I just love my local bank.

[Beckwin]

or maybe we like using ATMs and and online banking and stuff. with respect to our current way of living and infrastructure, I'd prefer if we'd just regulate the shit out banks, a la Canada.

although I will concede that at least moving your savings/long-term sort of accounts to other banks wouldn't be a terrible idea.

[Pharaun]

It's a good idea in theory, but in practice I really doubt that it would work. The main problem is that the big 4 get most of their deposits from businesses and not individuals. Sure if every individual were to remove their money it would hurt them a little, but not enough to force them to close, or really to even change the way they do business. And good luck convincing businesses to go elsewhere...

It's still a smart idea to move your money to a local bank or credit union though, they are much better to work with and not out to nickel and dime you for everything.

[Cephius]

Maybe nitpicking but isn't BoA the only bank that got through the financial crisis relatively well? Last I checked they had paid back all their TARP money with interest and were the only ones able to do it without controversy. Wachovia is still dealing with their forced sale, Citibank has yet to pay back their bailout money and JPM/Chase had the whole thing where they paid out bonuses with their bailout money.

Also it's my understanding that if you take out a loan on an house or car it's going to inevitably end up being with one of those 4 banks anyway.

[zoobernut]

I didn't think that WellsFargo received any TARP money. In the middle of the big financial crisis they bought Wachovia when Wachovia was failing. Maybe I am wrong though.

Also Cephius I think you are right about BoA.

[Leif]

Wall Street execs vote for Democrats.

[Mizango]

I wish someone would set Lief on fire. You're a terrible, terrible troll.

[Chun Liroy]

I didn't think that WellsFargo received any TARP money.

Nigs spend all their time calling my house 5 times a day.

[Skjie]

I'd prefer if we'd just regulate the shit out banks, a la Canada.

The worldwide banking crisis barely touched our banking system for exactly this reason. Our banks were never allowed to do retarded things.

[Demisses]

Its also nice when you move and you don't have to close the account open a new one in your new town. Wellsfargo is the way to go when picking a national bank. Saves headaches especially for armed forces folks.

[tonyg]

I wish someone would set Lief on fire. You're a terrible, terrible republican.

fixed

[Leif]

I wish someone would set Lief on fire. You're a terrible, terrible troll.

Which is it? Best ever or worst ever? If you guys keep insisting I'm a "troll" you need to fill in the details.

[Cephius]

Wall Street execs vote for Democrats.

I saw you post in the "how much porn is on your computer" thread, i'm sure you paid for all that porn right? If you got it for free, that means you believe that porn should be free for everyone, and it makes you a SOCIALIST

[Leif]

I only asked what games Gulkeeva was talking about.

[Cephius]

what, facts? I thought you knew they don't matter to republicans. You're guilty by association, SOCIALIST

[octopus]

Moved most of my money to ING DIRECT a while back. Liked them so far.

[Leif]

Tired of bailouts? Hate that Wall Street execs continue to receive bonuses paid with taxpayer money while the rest of the country is in a recession? Want to punish the people who got us into this in the first place? It might be as easy as just refusing to do business with them.

Does this mean we can stop delivering gay prostitutes to Barney Frank?

[Abandon]

Its also nice when you move and you don't have to close the account open a new one in your new town. Wellsfargo is the way to go when picking a national bank. Saves headaches especially for armed forces folks.

Aww, we appreciate the shout out :3

[Absolutely Virtue]

BoA has repaid it's bailout money. But it also paid out 696 bonuses of $1m or more for 2008, despite the fact that it lost almost $28b and needed bailout money to cover its ass. The anger toward BoA doesn't necessarily stem from their failure to repay a debt. Rather, it's aimed at their continued decision to reward the employees and managers who helped to create the mess in the first place. I don't know about the conditions at your job, but if I lost 1/1000 of the money they lost at BoA, I'd get fired, not rewarded.

Wells Fargo also received bailout money, to the tune of $25b. Although they have recently repaid the debt as well. But once again, it's not about a failure to repay a debt. It's about the idiocy that got us into this mess to begin with. I realize that skepticism and apathy are the enemy of populism, but maybe we should try to see the big picture here. There is almost no risk in moving your money to a smaller bank (provided they've got a decent rating/history). Poking holes in the plan is anyone's right. But doing nothing only guarantees more of the same in the future. I think it's fairly obvious at this point that no elected official is going to do anything about this.

BoA info source: http://www.reuters.com/article/idUSTRE57A4JO20090811

WF info source: http://www.reuters.com/article/idUSTRE5BM2U720091223