Happy Bank Transfer Day!

Happy Bank Transfer Day!

bank transfer day
Otherwise known as - you're charging me 22% credit card interest when I have a FICO score above 750 and no missed payments? Seriously?

Today has been declared bank transfer day. A nationwide consumer call to action to pull money from Too Big To Fail, derivative ridden, foreclosure fraud laden, fee crazed, bail out happy, offshore outsourcing our jobs, banks.

Credit Unions are rejoicing and celebrating the event. From a Credit Union National Association, press release:

At least 650,000 consumers across the nation have joined credit unions in the past four weeks

This represents $4.5 billion in deposit transfers to credit unions. The online banks and smaller banks probably have similar amounts in transfers.

The Federal Reserve statistics on money stocks show fed up customers have a long way to go to make a serious dent on commercial banks. Savings deposits at commercial banks are about $5 trillion whereas credit unions, thrifts are about a trillion. Checking accounts and the like are a little more even, with about $237 billion at commercial banks and $177 billion at credit unions, savings and loans. Growing the credit unions, smaller financial institutions that actually give the consumer a good deal, loan, invest in the real U.S. economy and hire Americans ....well, let's just say ya gotta start somewhere.

The Barrage and Not Enough Time to Know What it Means

The Barrage of news is pouring in and I am trying to get my business taxes done before the deadline.

So forgive me if this post is a little weak.

It's being reported now we will have the worse recession in 25 years, if we are lucky.

''It's certainly going to be the worst since the 1980s,'' says Bradford DeLong, an economics professor at the University of California at Berkeley who worked at the U.S. Treasury Department from 1993 to 1995. ``The hope is that it won't become the worst unemployment business cycle since the Great Depression

There goes the Royal Bank of Scotland