Estimated $4.5 billion was moved on bank transfer day

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Nebor

Lifer
Jun 24, 2003
29,582
11
76
I noticed that Alec Baldwin is a spokesman for Capital One while watching Hulu today. Kind of interesting, one of the biggest liberal crusaders siding with the big banks.
 

wuliheron

Diamond Member
Feb 8, 2011
3,536
0
0
Yeah we get it, you are fixated on the idea that banks are evil. But at the same time, you have no problem using credit card, an "evil" financial instrument banks created, no problem with direct salary transfer, another financial instrument banks created, no problem with your 401k, mutual fund and other financial services bank created, no problem using Internet, Google, Windows, and many other innovation funded by banks and those wealthy investors, no problem using road, bridges, school buildings, all funded by capital investment loans from banks.

It's pathetic to see all you anti-bank people crying how evil banks are but shamelessly enjoy all these convenience, innovations funded and created by banks.

Obviously you don't get it. Banks are no more evil then fire, but when allowed to grow unrestrained and largely unregulated they can certainly become evil. If you haven't quite figured out that too big too fail and too big to jail is undemocratic and leads to abuse I suggest pulling your head out of the toilet.
 

bfdd

Lifer
Feb 3, 2007
13,312
1
0
I noticed that Alec Baldwin is a spokesman for Capital One while watching Hulu today. Kind of interesting, one of the biggest liberal crusaders siding with the big banks.

He's an actor. Who the fuck listens to actors?


Obviously you don't get it. Banks are no more evil then fire, but when allowed to grow unrestrained and largely unregulated they can certainly become evil. If you haven't quite figured out that too big too fail and too big to jail is undemocratic and leads to abuse I suggest pulling your head out of the toilet.

for some reason this post gave me huge amounts of dejavu.
 

yhelothar

Lifer
Dec 11, 2002
18,408
39
91
The sheer amount of bank apologists and pointing fingers at "anti-capitalism" is disturbing.

The subprime crisis that created this massive economic collapse has only been the biggest disasters that has happened in these past few decades, which has been undeniably a result of greed and corruption. Due to crony capitalism, the people responsible are still enjoying caviar on their private jets, continuing their greedy practices that are continuing to fuck over the masses.

And when the eventual protests and activists happen against this, they are clearly just being anti-capitalists right? Since, clearly, it is the spirit of America and capitalism to be able to be greedy without limits and have other people pay when you fuck up so you can continue to fuck things up.
 

rchiu

Diamond Member
Jun 8, 2002
3,846
0
0
Obviously you don't get it. Banks are no more evil then fire, but when allowed to grow unrestrained and largely unregulated they can certainly become evil. If you haven't quite figured out that too big too fail and too big to jail is undemocratic and leads to abuse I suggest pulling your head out of the toilet.

Unregulated? Go work for an investment bank and come report back if there is any regulation. The problem is you haters have no clue what the fvck you are talking about other then yelling some empty catch phrases.
 

wuliheron

Diamond Member
Feb 8, 2011
3,536
0
0
Unregulated? Go work for an investment bank and come report back if there is any regulation. The problem is you haters have no clue what the fvck you are talking about other then yelling some empty catch phrases.

An "empty catch phrase" echoed by economists including not least of all by Alan Greenspan himself after he deregulated the markets! Again, pull your head out of the toilet. Smell the coffee, wake up.
 

Ichigo

Platinum Member
Sep 1, 2005
2,159
0
0
incentive for you to bank? If you want to take cash from your employer and put the money under your pillow, go right ahead. The benefit of banking goes both way, you are an idiot to think only bank benefit from your business, and should bend over to ask for your money.

In fact, bank incurs more cost doing business with you then doing business lending out money. ATM machine and network cost tons of money. Branches and tellers serving you is big chunk of the business and it cost money. The computer system to manage your deposit cost money. The infrastructure to receive your bi-weekly salary deposit cost money. The infrastructure to handle your check, debit card cost money.

Bank has every right to try and charge for those services as they cost tons of money. It's a free market, and different banks has different charges, that's the price of banking. You can shop around, but b!tch about it and expecting to bank for free just show how idiotic you are.

The whole thread is about people moving their money away from banks into credit unions in response. This is a pretty good example of a free market activity.
 

yhelothar

Lifer
Dec 11, 2002
18,408
39
91
Unregulated? Go work for an investment bank and come report back if there is any regulation. The problem is you haters have no clue what the fvck you are talking about other then yelling some empty catch phrases.
The problem with you apologists is that you think this whole thing is some people whining over a $5 fee.
Get your fucking head out of the sand.
 
Nov 29, 2006
15,601
4,051
136
I dont think its really about the actual money that is the issue. The issue is people are fed up with big banks and corporations. This is just the first couple steps.
 

Dulanic

Diamond Member
Oct 27, 2000
9,949
569
136
Again misplaced blame... Businesses will ALWAYS take risks to try and make money. It is the nature of the beast of capitalism. The problem is when the government basically goes HEY! We are going to make these changes... go wild! Here is where the blame SHOULD lie IMO....

The repeal of Glass-Steagall allowing the banks to do what they did.
The capital gains change for housing in '97 that basically caused the housing market to change from one of supply and demand to one of speculation.
The Durbin amendment or at least the horrible timing of it

The first 2 things were passed /w support of both sides of the aisle so who is to blame? The whole for the corporation boys club in Washington. Corporations aren't inherently evil or bad. However, when they are allowed to take huge risks for short term gains, bad things happen. The stock market entices short term gains unfortunately.

Republicans are soooo anti regulation it scares the hell out of me. There are good regulations and bad regulations and IMO Glass-Steagall was a good regulation as it protected the consumer's money.
 

sm625

Diamond Member
May 6, 2011
8,172
137
106
Yeah the Fed could just print 4.5B and give it to the banks and it wouldnt even make the news.
 

Craig234

Lifer
May 1, 2006
38,548
348
126
I noticed that Alec Baldwin is a spokesman for Capital One while watching Hulu today. Kind of interesting, one of the biggest liberal crusaders siding with the big banks.

And big banks are sponsors on the Rachel Maddow show, sometimes their ads airing right after a segment attacking them. Things aren't 'pure'.

You can attack Baldwin for helping sell the bank; is it better for a righty like Tom Selleck or Fred Thompson to get the money instead?

You can also make a case it's better for the money to go to a liberal. Debatable.

I'd say if Baldwin were really helping them much, the issue would be larger.

Similar thing comes up with people like George Soros or Warren Buffet - one minute doing harmful, profitable things, the next advocating some liberal change.
 

wayliff

Lifer
Nov 28, 2002
11,718
9
81
I am glad people decided to move their business to some other institutions even if it was not felt much.

Unfortunately there's no better way to make statement than doing this kind of thing. Letters or complains are likely to end in limbo...and through the political channels...too much Lobbying.

Protest BP for the spill...don't buy BP gas.
Hate BoA...don't bank with them.

Some people would like but can't or is way too incovenient...it's alright, no big deal if you cannot.
 

Craig234

Lifer
May 1, 2006
38,548
348
126
Yeah the Fed could just print 4.5B and give it to the banks and it wouldnt even make the news.

Pathetic, sniveling excuse for a citizen.

Fighting for the corrupt powerful interests hurting the country. Disgusting.
 

Craig234

Lifer
May 1, 2006
38,548
348
126
I am glad people decided to move their business to some other institutions even if it was not felt much.

Unfortunately there's no better way to make statement than doing this kind of thing. Letters or complains are likely to end in limbo...and through the political channels...too much Lobbying.

Protest BP for the spill...don't buy BP gas.
Hate BoA...don't bank with them.

Some people would like but can't or is way too incovenient...it's alright, no big deal if you cannot.

Yup, citizens generally have two influences, their vote one day every couple years, and how they spend voting with dollars daily.
 

Darwin333

Lifer
Dec 11, 2006
19,946
2,328
126
Yeah we get it, you are fixated on the idea that banks are evil. But at the same time, you have no problem using credit card, an "evil" financial instrument banks created, no problem with direct salary transfer, another financial instrument banks created, no problem with your 401k, mutual fund and other financial services bank created, no problem using Internet, Google, Windows, and many other innovation funded by banks and those wealthy investors, no problem using road, bridges, school buildings, all funded by capital investment loans from banks.

It's pathetic to see all you anti-bank people crying how evil banks are but shamelessly enjoy all these convenience, innovations funded and created by banks.

No, what is truly pathetic is to see people like you defending blatant violations of black letter law and we aren't talking about a few isolated violations but thousands. Those fraudulent activities cost you and everyone in this country (and a lot outside of it) untold sums of money. Money, which was fraudulently gained, that they have been allowed to keep. No indictments, no jail time, not even a clawback of the ill-gotten gains which means that the .gov they bought and paid for has provided incentive for them to do it again.

It is truly pathetic that you and others are arguing that a few elite assholes should be above the law that the rest of us peons must (and should) abide by. That is what is pathetic.
 

dank69

Lifer
Oct 6, 2009
35,204
28,222
136
And how many retailers passed on the saving from the Durbin Amendment? I'll give you a hint... ZERO.

...
Give it time. Retailers not passing the savings on to their customers creates a business opportunity for their competitor to undercut them. It's just a matter of time before all companies will have to follow suit.
 

Darwin333

Lifer
Dec 11, 2006
19,946
2,328
126
Again misplaced blame... Businesses will ALWAYS take risks to try and make money. It is the nature of the beast of capitalism. The problem is when the government basically goes HEY! We are going to make these changes... go wild! Here is where the blame SHOULD lie IMO....

The repeal of Glass-Steagall allowing the banks to do what they did.
The capital gains change for housing in '97 that basically caused the housing market to change from one of supply and demand to one of speculation.
The Durbin amendment or at least the horrible timing of it

The first 2 things were passed /w support of both sides of the aisle so who is to blame? The whole for the corporation boys club in Washington. Corporations aren't inherently evil or bad. However, when they are allowed to take huge risks for short term gains, bad things happen. The stock market entices short term gains unfortunately.

Republicans are soooo anti regulation it scares the hell out of me. There are good regulations and bad regulations and IMO Glass-Steagall was a good regulation as it protected the consumer's money.

I do agree with most of your post but at the same time you would almost have to be willfully blind to not see the massive amount of fraud they committed during the entire boom/bust. Fraud is a crime and they have not been prosecuted by either party. The only option left for the average joe is to refuse to willfully do business with them.

Just a fun fact, Glass Steagall was 17 pages long and would have prevented a majority of this mess getting as out of hand as it did. The Dodd–Frank bill is over 2,300 pages and it does very little to prevent something like this from happening again.
 

Darwin333

Lifer
Dec 11, 2006
19,946
2,328
126
Give it time. Retailers not passing the savings on to their customers creates a business opportunity for their competitor to undercut them. It's just a matter of time before all companies will have to follow suit.

By a few pennies an item? Would you honestly notice if an item that was $19.97 the last time you bought it was $19.94 this time?

A better question is, would you go out of your way to buy that item from a different store over the difference in price?
 

highland145

Lifer
Oct 12, 2009
43,243
5,685
136
Originally Posted by Dulanic
And how many retailers passed on the saving from the Durbin Amendment? I'll give you a hint... ZERO.
The better question is how much $$ did Durbin get in his coffers from the huge retailers.

DIAF, Dick.
 

Nebor

Lifer
Jun 24, 2003
29,582
11
76
And big banks are sponsors on the Rachel Maddow show, sometimes their ads airing right after a segment attacking them. Things aren't 'pure'.

You can attack Baldwin for helping sell the bank; is it better for a righty like Tom Selleck or Fred Thompson to get the money instead?

You can also make a case it's better for the money to go to a liberal. Debatable.

I'd say if Baldwin were really helping them much, the issue would be larger.

Similar thing comes up with people like George Soros or Warren Buffet - one minute doing harmful, profitable things, the next advocating some liberal change.

I'm not sure that you had an actual point in there. That just about everyone is in the pocket of the big banks?

In a system where people value money above everything else, and the banks have rigged things such that they have more money than everyone else combined and can never lose it, is it even possible to fix the system?
 

ciba

Senior member
Apr 27, 2004
812
0
71
This is a win for BofA.

Excluding fees, here's what a bank makes off your deposit (on the margin):

0.25% revenue (as excess reserves with the Fed).
less: FDIC assessments (say, 0.10%)
less: variable costs

So, on a $5,000 deposit, your bank makes money if its variable costs to service your account are less than $7.50 per year - unlikely.
 

momeNt

Diamond Member
Jan 26, 2011
9,297
352
126
This is a win for BofA.

Excluding fees, here's what a bank makes off your deposit (on the margin):

0.25% revenue (as excess reserves with the Fed).
less: FDIC assessments (say, 0.10%)
less: variable costs

So, on a $5,000 deposit, your bank makes money if its variable costs to service your account are less than $7.50 per year - unlikely.

That's on the reserve portion deposited at the Fed. Of the $5,000. 500 are kept at the Fed as reserves, the rest is allowed to chase higher interest bearing endeavors than simply sitting with the Fed.
 

JS80

Lifer
Oct 24, 2005
26,271
7
81
No, what is truly pathetic is to see people like you defending blatant violations of black letter law and we aren't talking about a few isolated violations but thousands. Those fraudulent activities cost you and everyone in this country (and a lot outside of it) untold sums of money. Money, which was fraudulently gained, that they have been allowed to keep. No indictments, no jail time, not even a clawback of the ill-gotten gains which means that the .gov they bought and paid for has provided incentive for them to do it again.

It is truly pathetic that you and others are arguing that a few elite assholes should be above the law that the rest of us peons must (and should) abide by. That is what is pathetic.

I don't see you demonizing home buyers for fraudulently obtaining mortgages and HELOCs that they couldn't afford causing the financial crisis. There is no financial crisis without greedy home buyers. They are the source of the problem.