How much economic power does MSE wield?

kipperman

I wonder if there is any figure on just how much economic influence this site has?

I got burnt by Icesave this week, and made the decision to withdraw funds from ICICI bank on the basis of this ( simply did not know enough about this foreign bank to be confident any more). Given that both of these have been recommendations of the site, I wonder just how many other forum users will make a similar decision- presumably causing a significant transactional value either way?

This is by no means any criticism - just an idle thought

laineyc_2

I think that it certainly has some economic power. I think in some ways it puts Martin between a rock and hard place. If he comes out and says i't may offer high interest but I wouldn't risk it' then he could cause a run on the bank. Instead, he provides all the releveant information and lets people make an informed choice.

These banks may have been recommended on the site but they were also accompanied with more facts on compensation etc, than I have found on any broadsheet supplement.

I have found checking the forums out over the last week or so, you find out here first how people are feeling and what is likely to happen e.g ICICI. My parents had savings in there and moved it at the beginning of the week and they don't frequent this site but from reading on this forum tonight, I think he made the right move.