Move Your Money on Nov 5th, has morphed into Move Your Money Mondays.
It is a terrifying prospect for the banks.
They will tell you that all of this doesn't matter.
After all:
- They don't need no stinking customers.
- They are sitting on an unprecedented mountain of cash.
- They don't make money off deposits.
- Checking accounts are not profitable.
- This can't hurt them, this won't hurt them.
They are lying:
They sit on unprecedented amounts of cash because they are also sitting on even bigger unprecedented amounts of toxic assets.
They want you to forget that they have a balance sheet that is unbalanced.
They hope you don't know about capitalization rates, about how they have to keep 10-15% of their assets in deposits and can loan out and invest only 85-90%.
They hope you don't realize that they are invested to the hilt, if not under-capitalized.
They hope you don't catch on to the fact that every dollar you take out forces them to pull back 85c of investments, which is where they make their profits.
They hope you don't realize your fees are subsidizing their wealth management and rich client portfolios.
We know better. We understand finance and capitalism, even though they think we're just ignorant dirty hippies.
Bank of America is running ads non-stop, on TV, online, in malls, on buses. Why?
Why would they spend so much money if they don't need no stinking customers?
Because they're lying, as always.
Because their ponzi scheme is a pyramid build on a base of small depositors.
Because they have built a house of cards on your backs.
Because they know, that without you they have no business.
Because they know that once the bleeding starts, it will destroy them.
Because they know, they won't get another bailout.
They are terrified. We are winning. They hope we will give up, because that's the only hope they have left
But we will not. Tomorrow is a new day and we have not stopped. Tomorrow is Nov 7th.
Tomorrow is MOVE YOUR MONEY MONDAY.