Re: Banks taking advantage of us all. We should all do something about it!

ILW

zppp wrote: »

Here we go again.

Someone who doesn't understand economics, and that a full run on all banks, would bring the whole economy to it's knees.

Or to put it another way, savers with bank deposits could bring the whole economy to its knees if they got organised and chose to.
Quite a bargaining tool for higher rates to be paid I would have thought.

ses6jwg

ILW wrote: »

Or to put it another way, savers with bank deposits could bring the whole economy to its knees if they got organised and chose to.
Quite a bargaining tool for higher rates to be paid I would have thought.

If the economy was brought to its knees people would lose their homes, their jobs even more so than they are now!

All that for an extra 1% on your passbook account!

Just go research other ways to invest and save there are plenty out there. Millions are doing just this.

Relying purely on cash based savings for your future is for the moronic and naive.

JuicyJesus

Your suggestion is akin to blackmail. Only stupid blackmail. Because if you were to carry out your threat you would, at best, put yourself at immense personal risk, and at worst (i.e. assuming it was actually an effective plan, which thankfully it isn't) completely pork the economy, with a lovely cascading domino effect of banks and then in turn small businesses failing, followed swiftly by their staff falling deep into sh*t as their wages don't get paid, followed by other businesses failing because their customers are gone, followed by THEIR staff not getting paid... being the most charitable I can here, and trying not to unleash the expletive-laden and (again using charitable language) "unsympathetic" rant that I so dearly wish I could post in reaction to every pillock who thinks they're a lot more important, effectual and insightful than they think they are on complex economic systems which are reliant on the individual actions of billions of people, this idea has not been thought through very well.

I can draw you a diagram of what a stupid idea this is if you like, as are most of the petty and typically idiotic, ill-thought through and uninformed ways in which Daily Mail reading reactionary cretins try to "get bakc at teh banks that ruined the enconomy!!!!111" through mindless acts of petty retribution which do little except make them feel like some revolutionary and rebellious Nelson Mandela type. The only saving grace is that everyone else sees what a stupid idea it is too and won't join you, meaning that what will happen is you will be mugged for your life savings (good job publicising the date on which you and others will take large amounts of money out of the bank) while the banks will keep on doing business as usual. Admittedly my diagram would just be a crayon drawing of that particular event, but I feel it would put across my point well enough.

Hint: blackmail only works when there is no risk to yourself.

noh

JuicyJesus wrote: »

...... try to "get bakc at teh banks that ruined the enconomy!!!!111" through mindless acts of petty retribution which do little except make them feel like some revolutionary and rebellious Nelson Mandela type...............

More Wolfie Smith than Nelson Mandela.

ILW

Or possibly just get better interest on savings.

JuicyJesus

ILW wrote: »

Or possibly just get better interest on savings.

That won't happen. Sorry to break it to you. By the time such a thought passes through anyone's head (i.e. about the time people stop thinking your pointless act of uncivil obedience is stupid) the bank will be screwed anyway, and the lovely bank collapse dominoes scenario comes into play.

Your idea is stupid, it is doomed to fail and it would have completely different results to what you intend. You are better off looking for a better rate online rather than wasting time on childish fantasies like this.

ILW

Surely there is a pretty good chance that just a credible threat could do the trick, just like any other form of group negotiation.

From my point of view this is nothing to do with punishing banks, just using a measure of power to get a better deal.

JuicyJesus

ILW wrote: »

Surely there is a pretty good chance that just a credible threat could do the trick, just like any other form of group negotiation.

From my point of view this is nothing to do with punishing banks, just using a measure of power to get a better deal.

No such threat is credible because the idea itself is ridiculous. Assuming that you have many other people who will join you in this (most people won't, I don't think you have one supportive person in this thread even) you either threaten to carry out the action and don't do it, in which case what you have is an internet petition (and we all know how effective they are), or you do do it in which case Pandora's box is opened and your pathetic goal of an interest rate rise quickly becomes irrelevant compared to the economic sh*tstorm that gets unleashed.

And again, this all hinges on you having popular support for such an idea, which doesn't exist. See other posts about Eric Cantona's similar wheeze, and how that failed - and Eric Cantona is relatively well known!

ILW

Why is a rise in savings returns a pathetic goal?

lr1277

ILW wrote: »

Or to put it another way, savers with bank deposits could bring the whole economy to its knees if they got organised and chose to.
Quite a bargaining tool for higher rates to be paid I would have thought.

I am not an expert but let me take some guesses as to what will happen.
The banks use your savings to lend money to people including in the form of overdrafts, loans and mortgages.
Let us say a good chunk of money was no longer available to the banks, as a commercial organisations, they would have to reduce the amount of lending.
Overdrafts, loans and mortgages would have to be repaid immediately.
Now there may be more savers than mortgage holders, but can you imagine the howls when people are told to repay they borrowings IMMEDIATELY!!!!

Banks might use your money but they are responsible to their shareholders.
So I suggest if you want more interest, you buy some banks share, band together with other shareholders so that you have more than 50% of the voting shares and then make your demands for better rates of interest and/or lower profitability.
Obviously if the banks are less profitable, you won't be getting as a high a dividend, but the dividend might still be higher than any interest on your savings account.

I should say you buy shares at your own risk. Shares can go up as well as down.