The Huffington Post has come up with a nice little protest movement. Let's pull our money out of the bailed-out banks and put it in local banks that lend to locals. Who are the locals? People just like us.
This makes sense economically. If you ever want a loan, get it from your own banker. If it's a local bank, you will be treated well.
The FDIC insures all accounts up to $250,000. Your money is as safe in a local bank as a bailed-out mega-bank.
The folks at Huffington are on the Left. But we can all agree when we see insider bailouts like the ones in September and October 2008.
They have produced a video. This video is biased, mean-spirited, and simplistic; I love it! The more of these low-budget YouTube videos on the Big Bank bailout, the better.
The bankers are on the defensive. Let's keep them there.
On the causes of America's Great Depression, we should blame the Federal Reserve System in the late 1920s – not the early 1930s, contrary to Milton Friedman. On this point, read Prof. Roger Garrison's review of Murray Rothbard's book, The authors – Mrs. Huffington and former Chief Economist of the Senate Banking Committee, Rob Johnson – have had enough.
The Huffington Post article is here. The authors – Mrs. Huffington and former Chief Economist of the Senate Banking Committee, Rob Johnson – have had enough.
They do not call this a bank run. They call it a withdrawal tax. I like that.
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