Strike while the iron is hot
The recent debacle with Wells Fargo over the two million phoney accounts provides an outstanding opportunity to strike a major blow to the To Big To Fail (TBTF) banks.
It should be clear to anyone with their eyes open that the Congress will not reel in these malevolent institutions. Nor will the Justice Department.
Clinton's parroting of Bernie Sanders platform is nothing more than a cheap pander to the disgruntled Sanders supporters. Her remarks about regulating TBTF banks is absurd on the face of it when most of her money comes from those same banks.
Clearly, Obama will do nothing.
Our entire institution of government has not only failed us, but is actively working against WE the people. The Powers That Be (TPTB) have so watered down the Dodd Frank Act that it's just a puddle on the floor.
Even our vote doesn't count anymore. Our Constitution has been neutralized.
So what can we do? Who is left to turn to? The military? They all took the same oath, from the top brass all the way down to the private 1st class, to defend our country from our enemies foreign AND domestic. How's that working out for us?
We can use the same tactics they use against us, divide and conquer.
With the recent discovery that millions of bank and credit card accounts opened by bank employees in depositors names without their knowledge has angered millions of account holders nationwide, even those who don't even bank with Well Fargo.
This is the time to strike, or more pointedly, boycott.
Separate them from the rest of the pack of jackels and boycott, nationwide.
If you bank with them, don't. Close your account.
If you have a loan with them, refi it somewhere else. Even if you have to refinance with another TBTF bank, it's ok. We will get to them later.
How to get the plan out there to as many people as possible is the challenge. We already know the MSM wil be ordered to blunt any effort we mount. Most if not all of our Congresscritters will bleat on and on about what a bad idea it is and look, squirrel!
Grassroots must be the source and the internet the vehicle. The social network is all we have left and regardless of who wins in November, net neutrality, already an endangered species, will likely become extinct.
If we, the people, can muster this one last hurrah ( and this certainly looks like our last opportunity to do so), it could be the beginning of a whole new approach to governing our country. A new system where the American people vote not with a ballot, but with their wallets.
It's the only force capitalists understand.
Comments
Wells Fargo / Deutsche Bank ?
I noticed that on CNBC (all day long) that Wells Fargo was mentioned in the same breath as Deutsche Bank. And today Deutsche Bank had a really bad day as hedge funds began taking their money out of DB. CNBC also began dumping more and more obscure financial terms CDO's, derivatives, counter trades, liquidity, bail in / bail out as they fought to defend DB - like wow, I as a little nobody should prostrate myself to the money gods who know much more than me and realize that Deutsche Bank is more than solvent... Look this is the same way this started in 2007 - like when CNBC's Jim Cramer told everyone to hold Bears Stearn stock on the Friday before it fell from 15 bucks down to less than 1 dollar on Monday. It's these little twitches of truth that forebode bad things. All I'm saying to you guys is - get in to investments that more cash like and very liquid here - you can sit in cash in well capitalized bank if that is your choice. 401k's and IRA's are a little harder to manage but really, really look into methods of protecting yourself against mash up's in the financial markets - you must protect your cash, that is already in progress by the big guys right now and that is why Deutsche Bank had such a bad day today.
Peace
FN
"Democracy is technique and the ability of power not to be understood as oppressor. Capitalism is the boss and democracy is its spokesperson." Peace - FN
Yeah, something is about to happen
Corporations sitting on piles of cash and buying back stock.
Some plan is afoot. I'm thinking it will flower in early November.
Cash is still king......until it isn't.
Neither Russia nor China is our enemy.
Neither Iran nor Venezuela are threatening America.
Cuba is a dead horse, stop beating it.
I've never been as happy to be
an asset-free person. Sold the house and ranch (our big investment, right?) at a bare breakeven just to get out from under the mortgage in the last downturn. 401Ks are all gone, from trying to keep the property for a year too long. I'm no longer in equities: pretty much our entire fortune is food in containers in the deep freeze. In short, we were cleaned the fuck out in the Bush recession- there's no more cleaning to be done in this one. If my wife and I can stay employed, we'll keep food on our table and be able to pay rent. And if the landlord goes Tango Uniform and this place becomes nonviable, we'll move on somewhere.
I will no longer participate in the Real Estate Roulette...
I think you nailed the timing of it
I've been looking at Dow Jones future puts as a high risk IRA investment. Thinking I should have pulled the trigger at 184. Every chart tells me this is a double-top, classic pattern before the fall. But it could also be a "break out" where it keeps going and going and going like it has been.
I do think it's running out of steam, though. The Quadrennial pattern is to pump the market up in September, so that the October statement is on their minds when they vote in November. TPTB who want to coronate her heinous are (& have been) trying to improve the approval of the Democratic POTUS.
“He may not have gotten the words out but the thoughts were great.”
If your hypothesis is true, as well it may be
then we should expect a relatively silent rash of short selling in mid-October so that the PTB get "their share" before Medusa gets "her turn".
Cash is confusing right now..
There are multiple ways to look at cash right now. USD (US Dollars) can be really good to hold if the world falls apart and the world thinks US Dollars are the last resort to preserve wealth (after all we have the weapons to remain number one in the world, no?) or hold US Dollars because there is a possibility that deflation will take hold (making cash more valuable than it is now). Or, or - and here is where is gets confusing, when and if all the petro dollars come home to roost or the Saudis decide they don't need USD then inflation comes into play; then there will be more dollars chasing fewer real goods (real estate, antiques, precious metals, etc. - meaning dollars will be worth less but the value (in USD terms) will become worth more and more. I'm told that if inflation gets really bad and it becomes necessary to dump USD as fast as possible before they loose value, whole lots of Carmax cars will be shipped to China...
Home prices may rise such that your meager savings can pay off the mortgage. Banks, of course, don't want you to pay off your loan with one pay check, so don't look for this result. We've been on this teeter / tottering between inflation / deflation for quite a few years. Your job here is too remain cognizant of which way it's going and act accordingly. You can google advice from the web for either case - I can't say what to hold but history has said that precious metals (no matter how it is priced in USD) has been a good store of wealth. Alternative to gold is to pay down debt with less valuable dollars if inflation takes hold or hold cash if deflation (prices of everything goes down) takes hold.
My grandmother (housekeeper) during the depression bought bonds during the depression's deflationary period and ended up with many properties paying rent - which was the absolute BEST move.
Peace
FN
"Democracy is technique and the ability of power not to be understood as oppressor. Capitalism is the boss and democracy is its spokesperson." Peace - FN
Don't Get Your Hopes Up
Negotiations are underway to determine the costs of sweeping this under the rug without admitting any guilt. It may cost the CEO now, because he's the public face of the scandal. But what he loses now will be returned to him later, after Wells Fargo recoups the costs of escaping Justice.
edited for typo
Vowing To Oppose Everything Trump Attempts.