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    Thread: Operation Cash Out

    1. #1
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      Operation Cash Out

      Tomorrow is Operation Cash Out, an organized mass bank account closing. Please show your support for the 99% by closing your bank account and switching to a credit union.
      Jeff777 and tommo like this.

      Everything works out in the end, sometimes even badly.


    2. #2
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      If I wasn't already part of a credit union... I would

      No bank accounts for me. I'm a cash man.

    3. #3
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      I use a credit union as well, always have. I can't say I really care much about the differences between a bank or a credit union but I refuse to pay any fees. The credit union doesn't have any fees for using them, so they win.

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      A credit union is a collection of investors pooling their funds together, a bank is a private company.
      tommo likes this.

      Everything works out in the end, sometimes even badly.


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      As long as they don't start arresting people for doing it again I'm closing two of my smaller accounts.
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      Only issue you have to worry about is if a lot of people actually do that and it causes a run on the bank and they collapse.

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      I'd like to see them try to arrest me. I smell a lawsuit.

      Everything works out in the end, sometimes even badly.


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      Quote Originally Posted by Omnis Dei View Post
      I'd like to see them try to arrest me. I smell a lawsuit.
      The know the size of the bank accounts of the people closing their accounts are only a few hundred or thousand. They know they can't afford lawsuits. That said, the civil liberty unions is already preparing lawsuits for the phony arrests made yesterday.

    9. #9
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      I was just thinking about a "what if" situation involving everyone removing their money from the banks. If I wasn't already involved with a credit union, I would be all for this.

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      Quote Originally Posted by ninja9578 View Post
      The know the size of the bank accounts of the people closing their accounts are only a few hundred or thousand. They know they can't afford lawsuits. That said, the civil liberty unions is already preparing lawsuits for the phony arrests made yesterday.
      It only takes one, and some of them have got to be lawyers, law students are have family lawyers willing to help.

      Everything works out in the end, sometimes even badly.


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      wait, I'm confused! I thought the mass get-yur-money-out-of-evil-banks was nov. 5th?

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      You think we organize this shit? Operation Cash Back is snowballing hard so we're pulling it tomorrow, doesn't mean the nov 5 op isn't still on for those that don't jump in on this one.

      Ideally, we should all be closing our bank account BY nov 5th.
      juroara and tommo like this.

      Everything works out in the end, sometimes even badly.


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      Quote Originally Posted by juroara View Post
      wait, I'm confused! I thought the mass get-yur-money-out-of-evil-banks was nov. 5th?
      I actually didn't even know about it. I decided to take mine out after I saw the phony arrests. I haven't heard anything about it from the FB page or their main page, maybe it got moved up due to the phony arrests

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      Didn't they try this in France and it was an epic fail?

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      Quote Originally Posted by Seroquel View Post
      Didn't they try this in France and it was an epic fail?
      How?

      Everything works out in the end, sometimes even badly.


    16. #16
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      Quote Originally Posted by Omnis Dei View Post
      A credit union is a collection of investors pooling their funds together, a bank is a private company.
      The problem is that credit unions are still part of the problem because they engage in fractional-reserve banking. Whatever though, it's your money so do whatever you want with it. Just know that it doesn't make a difference.

      By the way, if you think you can cause a bank run and shut down a bank, you are dead wrong. Firstly, to my knowledge, suspension of specie payments has never been repealed therefore allowing banks to suspend your ability to withdraw your money. Secondly, banks have FDIC so there can never be an actual bank run. Third, banks have the Federal Reserve so, again, there can never been an actual bank run. Guess who made all of these things happen. It starts with a G and ends with a T.
      Last edited by Laughing Man; 10-17-2011 at 02:41 AM.
      'What is war?...In a short sentence it may be summed up to be the combination and concentration of all the horrors, atrocities, crimes, and sufferings of which human nature on this globe is capable' - John Bright

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      What exactly do you think the problem is because I thought it was predatory lending and corrupt loopholes the banks were using to increase their profit. Weren't you the one that advocated voting with your wallet?
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      It depends on what you are talking about Laughing Man. A bank run is just a panic and is very easy to create. And you can shut down banks very easily with it, at least in the short term. If they have to close their bank and stop all withdraws, then they basically stop doing business. So if your talking permanently destroying a bank, with today's setup that is fairly difficult. However a bank run can be very damaging to a local bank office for example.

      Also I wouldn't say any of it is impossible. While I doubt this movement will cause a total collapse of the banking system, there are things that can cause it. If there was a nation wide bank run, many of the banks wouldn't survive. It is well know that the FDIC and federal reserve does not have the money to bail everyone out. They bail out people on small scale, but they just can't handle large issues.
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      Quote Originally Posted by Alric View Post
      Only issue you have to worry about is if a lot of people actually do that and it causes a run on the bank and they collapse.
      They already did collapse and look what happened; they were given billions.

      Unlikely that Congress would do it again, what with all of the protestors and outrage and whatnot. I, for one, would like to see some of these banks finally fall, clear the market and let newer, more efficient loaning agencies take their place.
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    20. #20
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      Quote Originally Posted by Omnis Dei View Post
      What exactly do you think the problem is because I thought it was predatory lending and corrupt loopholes the banks were using to increase their profit. Weren't you the one that advocated voting with your wallet?
      Predatory lending? Perhaps. Corrupt loopholes? Well what do you mean by that? Do you mean that the bank is totally within its power to refuse to give you back the money you placed within its care and such a suspension is back by the U.S. government? That kind of loophole? When I say "vote with your wallet" I am assuming to some degree that there is ability to exit the current, inefficient system. This is not to assume that there is a perfect system outside of the one you wish to exit but the problem is that if you exit Bank of America (let us say) and then move to citigroup..it is still the same corrupt system back by the monolithic U.S. government. The U.S. government and banking system go hand and hand so it is not as if you can escape the current banking system by exiting to another banking system...there is no other. Essentially all banks are the same. They all have to abide by regulations set down by the US government, the same regulations which were lobbied for by the bankers themselves. Now with commercial products like Sony, they don't have FDIC insurance. They, by and large, live by the market but are still capable of receiving bailouts. If Sony produces continual losses in profit over a series of quarters, they can go bankrupt and disappear from the market place. Banks can never go bankrupt thanks to FDIC and the Fed, so obviously voting with your wallet does not work on them.
      'What is war?...In a short sentence it may be summed up to be the combination and concentration of all the horrors, atrocities, crimes, and sufferings of which human nature on this globe is capable' - John Bright

    21. #21
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      Quote Originally Posted by Alric View Post
      It depends on what you are talking about Laughing Man. A bank run is just a panic and is very easy to create. And you can shut down banks very easily with it, at least in the short term. If they have to close their bank and stop all withdraws, then they basically stop doing business. So if your talking permanently destroying a bank, with today's setup that is fairly difficult. However a bank run can be very damaging to a local bank office for example.

      Also I wouldn't say any of it is impossible. While I doubt this movement will cause a total collapse of the banking system, there are things that can cause it. If there was a nation wide bank run, many of the banks wouldn't survive. It is well know that the FDIC and federal reserve does not have the money to bail everyone out. They bail out people on small scale, but they just can't handle large issues.
      They stop their withdraws but they don't stop their collections or fees. That, to me, isn't shutting them down. That is just insulating them from things like bank runs. You also seem to think that the Fed won't create trillions of new dollars if a national bank run actually does occur. They created 15 trillion dollars for "economic stimulus," what makes you think they won't create that or more for an actual national bank panic?
      'What is war?...In a short sentence it may be summed up to be the combination and concentration of all the horrors, atrocities, crimes, and sufferings of which human nature on this globe is capable' - John Bright

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      That's one step closer to the implosion of the federal reserve if they did.

      Everything works out in the end, sometimes even badly.


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      Quote Originally Posted by Omnis Dei View Post
      That's one step closer to the implosion of the federal reserve if they did.
      The Federal Reserve is doomed to fail. The problem is educating the populace over what is going to happen and why it is going to happen thereby trying to ensure it does not happen again. What use is the End the Fed movement if the American people want another Fed after the implosion?
      'What is war?...In a short sentence it may be summed up to be the combination and concentration of all the horrors, atrocities, crimes, and sufferings of which human nature on this globe is capable' - John Bright

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      Quote Originally Posted by Laughing Man View Post
      The Federal Reserve is doomed to fail. The problem is educating the populace over what is going to happen and why it is going to happen thereby trying to ensure it does not happen again. What use is the End the Fed movement if the American people want another Fed after the implosion?
      Because certain aspects of life should be accountable to voters, not share holders.

      Everything works out in the end, sometimes even badly.


    25. #25
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      Quote Originally Posted by Omnis Dei View Post
      Because certain aspects of life should be accountable to voters, not share holders.
      Certain aspects of like should not be accountable to anyone but the individual in question.
      'What is war?...In a short sentence it may be summed up to be the combination and concentration of all the horrors, atrocities, crimes, and sufferings of which human nature on this globe is capable' - John Bright

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