Are you frustrated at the current financial system? Have you been waiting to buy a home and are angry that the prudent continues to be punished while the imprudent squats for free?
There are endless articles and discussions about how broken the system is, but very few articles offering any solutions. The elections are useless as any elected official eventually cave to the banks' lobbyists, as the banks have all the $$. That's the bottom line, $$=Wealth and Wealth=Power.
Please read the following great article posted by Dr Housing Bubble regarding how badly in shape our current economy is in, and how it relates with our banks. http://www.doctorhousingbubble.com/removing-a-generation-of-college-educated-graduates-from-purchasing-homes-student-loan-and-mortgage-bubbles-collide/
Now, I ask myself, the banks have that power because we gave them the power, or, we chose to deposit our money there. There are other options. Bank's cryptonite is a "Bank Run". You can read up more about it here: http://en.wikipedia.org/wiki/Bank_run. The banks aren't giving to the general public, but are taking from the general public (via tax payer funded bail outs). They can essentially do whatever they want, because we continue to deposit our assets to them, thus, re-electing them to be in charge. They essentially have our vote everytime we deposit money!
Thus. I propose that we, the general public (GP), collectively induce a controlled minor bank run, or "Bank Walk", to inform the banks that they can't just bully us around. Let's set a deadline, say by years end, 12/31/2010, to move 10% of all your assets to your local credit union. IT IS OUR DUTY TO NOT GIVE THEM OUR VOTE OF CONFIDENCE. And since the http://en.wikipedia.org/wiki/Financial_Institutions_Reform,_Recovery_and_Enforcement_Act_of_1989, it is safe to do so. By no means do I want the system to fail. I was banking with Bank of America, and love their online services, and ATM's everywhere. But to make an impact, we need to collectively take money out, and make a statement. I know my idea is ambitious, but we need to do something.
Objectives for banks to attain:
1. Lend out bank's OWN money, and not the government's (or tax payers), be it Freddie Mac, Sallie Mae, etc.
2. Get rid of the housing shadow inventory so the housing price will adjust and be marked to market. Stop delaying the inevitabe.
3. <you have any suggestions>??
Now, for this to work, we need to ensure that the credit unions don't just end up channeling their money back into wall street by buying any wall street financial products and/or instruments. Any experts that has any suggestions, please let me know.
Please email me or post any comments. I'm open to accept any suggestions. Thanks!
