The Celtic holy day of Samhain (aka Halloween, October 31) marks the point on the Wheel of the Year when the veil between the mundane world and the spirit world is thinnest. It is a time to make contact with our ancestors and give them thanks for the wisdom and love that they have passed on to us. It is also a time for death and decay, when what is old and no longer serves us must die and make room for new and better things.
Thus, it is on this auspicious occasion that the FDIC reports that nine banks (totalling 153 branches) were closed on Friday. George Ure calculates that over 3,900 branches have been closed since the beginning of the banking collapse started with IndyMac.
While the Showdown in Chicago may have not created TV headline news the same way that the Battle of Seattle did -- thanks to the Corporate censors of the Mainstream Media propaganda stream who would rather you not find out what's really going on -- a growing number of wise citizens are now instigating a more subtle tactic that the Big Banks of Bailout can't refuse to notice: depositors are making their money talk by taking it for a walk... to a local, community banks and credit unions. We advocated this very tactic in The 2012 Manifesto, with one caveat: put your money into a non-profit credit union rather than a more risky community bank. Community and regional banks tend to have the same exposure to sub-prime and Alt-A mortgages as the Big Banks do.
So, if you are outraged by the corrupt, criminal activity of the Big Bailout Banks and their cavalier attitude of passing their losses onto the public, then let your money do the walking too. We've already begun the process. Chase will be losing my business account this coming Monday.
Perhaps this is the the talk that would be on everyones' tongues by the end of the week per the web bots?
Samhain Blessings, all.