…if I were in charge I would probably reorganize the movement around a single, achievable goal: a financial boycott of the six “ too big to fail ” Wall Street firms: Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Wells Fargo. We would encourage people who had deposits in these firms to withdraw them, and put them in smaller, not “too big to fail” banks. We would stigmatize anyone who invested, in any way, in any of these banks. I’d try to organize college students to protest on campuses. Their first goal would be to force the university endowments to divest themselves of shares in these banks…I think we could create a run on a bank. [TDB]
Comments (85)
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
1) Encourage the masses to withdraw their deposits from GS (huh?)
2) Make too big to fail banks fail
3) Financial collapse
4) ???
5) Write book on bank run
6) Profit
….. Says the art history major
Serious question- is this supposed to be some kind of jab at Michael Lewis? If so, how? I understand that many people like to mock those who were liberal arts majors and suggest that they're setting themselves up for a lifetime of not making money, being unemployable, etc but not sure that particular zinger works here? Considering, you know, Lewis, despite his degree in art history, has become a wildly successful author who has made millions off of his books. Just sayin.
Wouldn't it be easier to just send novelty grenades to each banks HQ's on a daily basis?
Hair helmets are the NKI.
-Sam Donaldson
How about a nice spelling contest?
I think the point is not that his degree makes him less successful, but that it makes him less than an authority of the financial, economic, and social ramifications of what he's suggesting (his two years Soloman Bros notwithstanding – let's face it, he's no macroeconomic guru).
You suck… just sayin
Great Idea, can I just first have a name of the bank we intend to start the run on?
-Bank CDS trader
Yeah… novelty ones.
- V. McCrudden
Who would have ever guessed that Michael Lewis was a Crip?
He said "boycott", not "withdraw deposits from"…
I'm assuming he means moving all OWS prime brokerage activities to Barclays and Deutsche Bank.
Just a guess
"Their first goal would be to force the university endowments to divest themselves of shares in these banks…I think we could create a run on a bank."
Sounds about right.
- UBS FIG Banker
Also, let's smash the windows of every Starbucks in Fairfield County
Well, yeah, and in another part he said: 'We would encourage people who had deposits in these firms to withdraw them, and put them in smaller, not “too big to fail” banks.'
But whatevs.
Haters gonna hate…
-Assistant to the regional manager, OWS
Reminds me of the South Park episode where they tried to kill Wal-Mart. This will just create 6 new TBTF banks.
Bring it on!
-Apple Bank
But I'm long peanut butter spreads!
-OWS chef
plus, he's taggin tabitha soren
The words "swag" "just sayin" and "cheers" (when closing an email) and the people that use them, need to die a horrible death.
** Argument assumes hipsters have money
-ML
"Yeah, we have a comment section and a thumbs up/ thumbs down section. Thumbs down section is good for you."
Sometimes I too only read the first sentence of a multiple sentence paragraph and then posit guesses in contrast to facts.
– RBS Data and Accuracy Quant
"We would encourage people who had deposits in these firms to withdraw them"…
Anyone think this plan might not work given the fact that the hard working members of OWS have no money, thus making a run on the banks slightly difficult. Not to mention, universities are less likely to meet the demands of the hippies that live in a tent in the quad who chased their donating alumni away with a stick
I think he may be on to something. We all know that the folks who run smaller regional banks will do a much better job at pricing risk/credit.
Washington Mutual Risk Mgmt
I can't believe we've gotten this far into the commenting and no one has yet mentioned that OWS probably =/= big depositors!
Cruelty Free Bank & Trust
- Organic checking and savings accounts
- Low carbon footprint mortgage and small business loans
- Artisanal trust and wealth management services
- Fair trade CD's and money markets
This sounds like a bit more effort than I'm ready to put forth. Banging bongos and gettting empathy is about my speed….
- OWS member 6-months strong
Hey Bess – when we gonna see another vending machine challenge?
Bess's inbox is a god damn federal reserve!
^ This.
…because disinvestment worked really well with South Africa…
Hey, isn't the JP Morgan run coming up soon?
- Wesley Korir
Guest:
Michael Lewis is a pretty swagged out Art History major. Just sayin'.
Cheers,
Chrls
[**Oh no, please, not into L. Tilton's dirty laundry bag and dragged behind KL's pickup after a Boone's binge!**]
Add "yolo"" to the list.
If this was supposed to be sarcastic, then bravo
If he thinks these banks are too big to fail (i.e., ultimately backed by the taxpayer), why would he want to cause a run that would force the taxpayers to bail out these banks (again)?
If he doesn't think taxpayers will bail out these banks after he triggers his run, then he must not actually believe that they are too big to fail, which raises the question as to what his beef is with these banks.
Most of the guys I know who work in Big Finance studied liberal arts in college. They only got into those places because they went to schools that start with H-Y-S. It's a mafia, for the most part.
Rami? Rami? How come you havent responded to my emails or text messages? Rami?
Studying C-L-S (crew-lacrosse-squash) also helps.
You do realize that Economics is a liberal arts major, right?
There's a reply button, chief
- guy who knows buttons
Is this wi-fi organic?!?
-Drunk uncle
Never trust a guy who can't even get a four seam fastball grip right to come up with a plan to overthrow the top financial institutions. Now a president that failed as a baseball owner, now THERE'S a guy that can fuck up a buncha financial institutions
No that they could do it, but are any of these people remotely aware of the implications of a run on the banks? You'd think a few of them would have heard of the Great Depression
Pish posh!
-The London School of Economics
Divorcing your wife to marry Tabitha Soren in the 80s is the OKI
He looks like a redneckish unsuccessful version o Charlie Sheen…
Who wants to build a tree house?
Didn't know the Hispanic Youth Symposium was a feeder program to Big Finance
i hope his obama puff piece vividly describes the bj he gives obama in AF1
-B. Frank
In America, it says, "in God we trust" on our money. In Russia, we have no money!
-Y. Smirnoff
At least Bush's first pitches make it across the plate…
Ok we get it…
Thats the bank! Thats the bank! My parents played by the rules! Thats the bank!
He still hasn't recovered from selling $86 million Olympia & York's to the Frenchman. Michael, I know you're reading this, get over it!
First CityWide Change Bank to the rescue.
BWAHAHAHAH, you want to start a run on my bank with a group of people who's primary motivation is lack of the aforementioned money?
I mean, forget the whole run concept, I can save you the exercise and pay out all your deposits right now!
…..that is, if you can break this C note?
We need a Stacey Hessler update and we need it yesterday!
yes yes….or…or… we could "stigmatize" people who think they are "entitled" to benefits they never earned and teach our kids to stop being a bunch of whiners and learn how to work for a living….even though sometimes, things get really hard.
so cynical! have you no faith in the good virtues of others man?
Ugly Nathan Fillon SMASH BANKS!
clearly not the smartest in the room, only in his mind
Hipster's Poker
I'm taking my $200 acct somewhere else
Never work. They have no money, and therefore, no influence. Instead, they start their own bank; OWS Bank.
–Asset balances are low, but the NSF and low balance fees would rock.
–Special loan programs to finance remodeling your parents basement, or for purchasing a new bicycle; use backpacks and Starbucks cards as collateral.
–Open an account and get a free "Rage Against the Machine" t-shirt.
Put the bad guys out of business in no time. Plant the seed, ML; a ten-bagger for sure.
You do realize there's a difference between the liberal arts and art history, right? In most universities, they aren't even part of the same undergraduate school/college.
There are rigorous majors within liberal arts (even if they aren't really useful, though economics would be for finance) and, in particular, more rigorous majors than art history.
I wonder if it occurred to Michael that if a university starts boycotting a bank, that bank might suddenly become less inclined to hire its graduates.
And if it were successful…and the bank went under…that would guarantee more unemployed alumni.
Zuck threw Instagram a cool 1B while Vickles is passing around the hat for a few mil. The times are a-changing.
-Sheldon Cooper
Most universities add no educational value and apparently you went to one of those.
1. Hsart is almost universally liberal arts.
2. Whoever says Hsart is less rigorous than econ hasnt been around econ in the ivies in the last 50 years (excluding Penn, maybe Columbia).
3. If you want a major that ties closely to a profession, try the hard sciences, animal science or accounting
– Econ's fine but you're a moron
IN9kyD Thanks a lot for the article post. Keep writing.
<img src="http://www.fitnessfoodlist.com/news/dailynews/left.jpg">So who's going to play Sam? Carla? Cliff? NORM? <img src="http://www.fitnessfoodlist.com/news/dailynews/leftl.jpg">
<img src="http://www.fitnessfoodlist.com/news/dailynews/left.jpg">So who's going to play Sam? Carla? Cliff? NORM? <img src="http://www.fitnessfoodlist.com/news/dailynews/leftl.jpg">
Debt = negative deposits = banks run you. Your argument is invalid
If Michael Lewis would have just landed in the Equities in Dallas group where he belonged we wouldn't have to deal with his bs. We all owe the Solly HR Team a big: Thank You.
Look, Mike, I realize this is a touchy subject for you, but:
1. You're wrong
2. Nobody respects an art history major
Yep. And that's probably the best thing about his presidency. Not exactly a Rushmore moment, but he did throw a strike or two.
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