The Market Ticker Calls for Bank boycott

The Market Ticker Calls for Bank boycott.

The Market Ticker's Karl Denninger has called for a major boycott of 4 of the largest banking institutions whom he charges in nearly all of his posts with fraud, fishy accounting practices, propaganda, and in no uncertain terms he calls for their destruction.

Had Enough? Time For A Boycott!

This is a call for a boycott.

A call to break these institutions by destroying their deposit base and "net interest margin", one consumer at a time, as a protest against the outrageous actions these firms have taken in terms of risk and their shifting of the costs of that risk, which should have resulted in their failure and closure by The FDIC and OCC, onto the backs of their customers via outrageous fees, interest rates and costs, along with the direct subsidy being paid by all taxpayers generally.

Are not 30% credit card interest rates enough, while these four banks all can and do borrow at near-zero from The Fed and have issued debt with an FDIC guarantee (that is, funded by you)?

If that is not enough to dissuade you, how about Wells Fargo holding an unknown amount of Wachovia "off-balance sheet assets" at god-knows-what in terms of valuations - and justification for same - while cutting back HELOC lines and credit cards?

This is actually a boycott I've already started here in Reno. I advise my friends, my co-workers, and anyone who asks to avoid or drop these institutions. This game has indeed gone far enough and if we don't take charge of this now we are going to lose control of it real quick.

reply to post by projectvxn



Thanks for posting that -- I'm ALL for boycotting those damn banks.


The Yanks need to yank their money out of those yank banks!


And it's no coincidence that it is those four yank banks that are the most-heavily invested into the derivatives financial bomb. Derivatives have got to be banned, pronto


S&F for for your own personal action on this matter.



[edit on 20-10-2009 by Historical-Mozart]

Thanks for posting this!

I applaud Denninger, and I have wanted to advise this myself.

I am glad he did! Now I can send out this as an email.
I support him, and since he has his own disclaimers, well
Go Denninger!

reply to post by projectvxn


are these the same banks that we were all told were our friends as children .that they would be there when we needed them the most ,are these the same friendly banks which continue to give out bad loan after bad loan that almost collapsed the worlds economy,are these the same banks that continue to enslave our governments with a massive debt load and interest rates that are escalating faster than captain kirks enterprise.and we the people are forced to continue to feed these morons through the mindless mind set of our governments ,whom the banks keep giving out debentures or loans to these governments in our names -[WE THE PEOPLE] it is our names they continue to put on these loans and not their own.
are these nice bankers who just recently jacked everybody`s interest rates by 5 yo 6% in the morning not so long ago then in the afternoon they announced to the worlds people that we are now in a recession -talk about theft and highway robbery and where were our so called elected officials whom are there to help us and protect us from these loan sharking rates of the banks as it is not 30% in is 30% interest compounded monthly ,which means that if you borrow 1'000.00 it will take you 12 years or better to pay it back at their monthly rate of repayment.SCREWED AGAIN HEY! ps pay more than what they ask for per month and you get a bad credit rating out of them say what.
i guess our useless governments hands are tied as it was we the bankers that made the rules and laws for all of you the people to suck it up and pay us our blood money as we the bankers have they your governments so far in debt that they do as they are told or we call in the loan and they know that no government can afford to repay them,i guess they have our governments in their back pocket by their standards not that any bank has any standards.
so let us fix the problem to the governmental mints print all the money that you need to repay everyone's debt and all of your own acquired debt off completely ,then outlaw the worlds banking system and go cashless as we have no need for these leeches sucking the life's blood out of everything and everybody ,sounds like a great solution to me ,and everyone comes out ahead except the banks they have all of this cash and it is no longer worth the paper that it is written on.
remember Donald duck diving in the money bin at the bank it is mine all mine mine mine and they can keep then as it is worthless the same as they are ,[THE BANKS].and nothing needs to be backed up with precious metals ,that is just a farce to keep you all in debt up to your hairline so that they can continue to blind and baffle you with theyre load of good old manure.

Mary Popins had it rite. Remember the part where the father wants his son to put his Topins in the Bank, to the old greedy bankster as his mouth watered after it, but he wanted to feed the birds.

Bank boycott, hmm.. as much as I hate what the banking system is, if they all collapse we will have a world with no currency, and just getting that one world currency off that much faster.

I am all for de monopolizing them. More small banks, and now allowing the larger banks to continue buying other banks until they are too big to fail.

Just more garbage on the internet from this guy IMO.

Sorry, I know..

I asked Bank of America about getting a line of credit in 2008. They didn't even hardly ask a question and set me up. Asked me how much money I would like. Then after I got home I got a call from higher up in the bank, they told me they could drop the interest rate on my line of credit if I made the credit line bigger. I said ok sounds good. Later on I noticed on the small amount of money that I borrowed that they lowered my interest rate even further. It dropped to less than 4.8 percent. I agree bankers are greedy, they could have just told me that I didn't need to borrow any money.

Originally posted by amatrine
Bank boycott, hmm.. as much as I hate what the banking system is, if they all collapse we will have a world with no currency, and just getting that one world currency off that much faster.

I am all for de monopolizing them. More small banks, and now allowing the larger banks to continue buying other banks until they are too big to fail.

Removing three or four major banks from the system will not cause a global collapse of currencies. And if it did, there is something very wrong and I would rather see it happen under the control of the people rather than the control of a few who'll gain more power and wealth because of it.

They were "too big to fail" because there was a planned consolidation of the finances of your country, to allow a very small minority to buy out and take control of hundreds of other aspects of global banking.

People need to boycott these massive corporations (from banking to produce) and take their business to smaller companies. Don't worry about them failing, that's what they want you to fear.

Either do it now and risk a small period of struggle as they collapse, or wait and watch them steal control of everything from banking to agriculture, to home ownership to government, to military...

It's your choice.

And then there's this article that says that banks, despite what we are being led to believe, really DO want to forclose. They have no intent or interest in modifying loans or preventing foreclosure. I'm in this situation myself at the moment (no I didn't buy a house I couldn't afford. I've been here paying my mortgage for over 10yrs). I can personally vouch fr the fact that banks are NOT returning calls, ARE saying they lost paperwork even though they have the return receipt from the cerified mail, ARE contradicting themselves call-to-call and are NOT trying to help at all.

Screw the boycott. What we need is a MASSIVE class-action lawsuit. There is ample evidence of fraud, abrogation of fiduciary duty and a complete failure at oversight and enforcing regulations. We need to sue! All of us that have been affected.