Happy Bank Transfer Day!

Happy Bank Transfer Day!

bank transfer day
Otherwise known as - you're charging me 22% credit card interest when I have a FICO score above 750 and no missed payments? Seriously?

Today has been declared bank transfer day. A nationwide consumer call to action to pull money from Too Big To Fail, derivative ridden, foreclosure fraud laden, fee crazed, bail out happy, offshore outsourcing our jobs, banks.

Credit Unions are rejoicing and celebrating the event. From a Credit Union National Association, press release:

At least 650,000 consumers across the nation have joined credit unions in the past four weeks

This represents $4.5 billion in deposit transfers to credit unions. The online banks and smaller banks probably have similar amounts in transfers.

The Federal Reserve statistics on money stocks show fed up customers have a long way to go to make a serious dent on commercial banks. Savings deposits at commercial banks are about $5 trillion whereas credit unions, thrifts are about a trillion. Checking accounts and the like are a little more even, with about $237 billion at commercial banks and $177 billion at credit unions, savings and loans. Growing the credit unions, smaller financial institutions that actually give the consumer a good deal, loan, invest in the real U.S. economy and hire Americans ....well, let's just say ya gotta start somewhere.

Friday Movie Night - March of the Bonus Army

hot buttered popcorn It's Friday Night! Party Time!   Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!

Earlier Economist Ralph Gomory publicly stated we all should respect Occupy Wall Street and pointed to the history of protest in the United States. Gomory's article reminded me of the Great Depression and the Hoover administration's lack of responsiveness to the people, in particular WWI veterans. The vets were desperate for money and wanted to receive their military service bonus checks early. They were refused and this ignited a protest by the WWI veterans called the Bonus March.

Below is a 2006 documentary March of the Bonus Army.