What A Shocker! Geithner Says Moving Your Money Is A Bad Idea!

[Me.]

Step the campaign up. And for those in NYC, Apple Bank, which has lots of locations throughout the city, is a community bank.

“Treasury Secretary Timothy Geithner does not think that Move Your Money is a good idea.

Geithner addressed the campaign against too-big-to-fail banks during a recent interview with Politico. While Geithner said he understood the anger against bailed out banks and said that it was fair for bank customers to expect more, he did not explain why he thought that it was a bad idea.

Move Your Money is a project that seeks financial reform from the ground up. Account holders with money at bailed-out banks are encouraged to withdraw their money and deposit it into smaller, better-managed community banks and credit unions. Wall Street banks have cut lending while accepting taxpayer money and are using profits to fight financial reform in Congress.

Geithner's comments about Move Your Money begin at 3:35. During the same interview, Geithner warned that if Federal Reserve Chairman Ben Bernanke is not reconfirmed, markets would react negatively..”

Watch video here: http://www.huffingtonpost.com/2010/01/25/geithner-on-move-your-mon_n_435324.html

[Me.]

1. As To The Markets Reacting Negatively If Bernanke Isn't Confirmed...

Let them have their little temper tantrum. They're the ones with all the money so if anyone loses it will be them 'cause they sure aren't spreading the wealth.

[howaboutme]

5. B = W = Ultra Rich = Screw America

Ben Bernanke = Wall Street = Ultra rich capitalists who have access to 0% loans from Fed to invest in Europe and China = screw Americans = out source jobs to Mexico and China = profits for Goldman = huge bonuses for Goldman employees

That's the new capitalistic system that benefits the pols and Wall Street and is run by traitors to the USA.

[anonymous171]

2. I hate that asshole so much now.

How can anyone so blatantly against the American people serve in our federal government?

[DJ13]

3. We need to stop worrying about Wall Street

They are nothing but a casino, not a representative for the real economy.

[MrsCorleone]

9. Agreed. Unfortunately, the peeps seem to see WS as

the real economy, as there is too much invested via 401Ks & IRAs. Best thing for the real economy, IMHO, is to decouple our retirement funds from WS. Only then will we get money flowing back to Main Street in the way of solid investments (versus speculation).

[bemildred]

4. This from the guy that is always wrong. What more do you need to know? nt

[madmom]

6. So.... moving your money must be working!

[Me.]

7. At The Very Least

It must be seen as a real threat

[dixiegrrrrl]

8. Shows how scared he is. Good.!!

When they shove Timmy out in front to head off public rancor, this means the public is on the right track.

[donco6]

10. It MUST be a good thing!

Mr Always Wrong says it's bad, so that means it's got to be a good idea.

[rucky]

11. That's it. I'm moving my money.

I don't really have any, but it was fun to say.

[provis99]

12. Fuch Geithner. Fuck Bernacke. Fuck Summers.

that is all.

[sendero]

13. Its a bad idea..

... because it will take banks that are already insolvent (due to tons of worthless MBS they still are acting like will be worth something someday) and force them to be actually insolvent.

If I had a dime in Citi, BoA, Wells, JPM or any other large national bank, I'd move it out ASAP.

[hvn_nbr_2]

14. Update: Geitner says HAVING money to move is bad, unless you're uber-rich. nt

[marmar]

15. Screw him....If they collapse, so be it. ...... Necessity is the mother of re-invention.

nt

[Fire1]

16. Too bad, Rahm. I'm putting mine in a credit union. n/t