the VA organizing project wants to pull the money out of banks for the reason Jordan says.
Additionally, they think that a collective boycott can be a way to demonstrate the power of this sort of collective action. If you show big banks that they'll be punished for their behavior, then you show people the power of acting collectively and show banks and politicians that people will put their money where their politics are. It's kind of like holding a demo, only you don't have to stand outside in the cold or hang around stinky hippies.
The organizers seem to think, also, that it's not about destroying big banks and making them small, or seeing to it that there are only small credit unions, but that we should keep banks, regardless of size, and work on regulating them. So, the action is more about symbolic shunning of a banks to send a message.
Doug: <>> Not from my point of view. But all these people who think that <>> by putting their money in a CU they're keeping it local, they ain't.
Jordan writes: <> Since the GSEs are now 90+% of the residential mortgage market, giving <> it to them is in some sense keeping it local as opposed to where BofA <> is <> using their capital. <> <> Besides, I didn't see anyone saying "put it in a credit union, keep it <> local!" ... I saw it more as "put it in a credit union, don't reward <> the <> bastards who almost completely fucked us" ... <> <> Also: perhaps the biggest impact on banks like BofA in this has been <> perceptions that have helped drive their stock price down to historic <> lows. BofA trades at less than 25% of book value! Woo! <> <> /jordan <> <> ___________________________________ <> http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk <>
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