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

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Me. Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 05:43 PM
Original message
What A Shocker! Geithner Says Moving Your Money Is A Bad Idea!
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-mo...
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Me. Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 05:46 PM
Response to Original message
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.
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howaboutme Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 05:51 PM
Response to Reply #1
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.
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anonymous171 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 05:47 PM
Response to Original message
2. I hate that asshole so much now.
How can anyone so blatantly against the American people serve in our federal government?
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DJ13 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 05:49 PM
Response to Original message
3. We need to stop worrying about Wall Street
They are nothing but a casino, not a representative for the real economy.
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MrsCorleone Donating Member (844 posts) Send PM | Profile | Ignore Mon Jan-25-10 06:24 PM
Response to Reply #3
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).

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bemildred Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 05:51 PM
Response to Original message
4. This from the guy that is always wrong. What more do you need to know? nt
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madmom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 05:56 PM
Response to Original message
6. So.... moving your money must be working!
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Me. Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:07 PM
Response to Reply #6
7. At The Very Least
It must be seen as a real threat
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dixiegrrrrl Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:18 PM
Response to Original message
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.
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donco6 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:48 PM
Response to Original message
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.
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rucky Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:49 PM
Response to Original message
11. That's it. I'm moving my money.
I don't really have any, but it was fun to say.
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provis99 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:04 PM
Response to Original message
12. Fuch Geithner. Fuck Bernacke. Fuck Summers.
that is all.
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sendero Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:08 PM
Response to Original message
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.
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hvn_nbr_2 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:10 PM
Response to Original message
14. Update: Geitner says HAVING money to move is bad, unless you're uber-rich. nt
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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:11 PM
Response to Original message
15. Screw him....If they collapse, so be it. ...... Necessity is the mother of re-invention.
nt
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Fire1 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:25 PM
Response to Original message
16. Too bad, Rahm. I'm putting mine in a credit union. n/t
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