Out of Whack Indeed!

Even with most credit unions closed for Columbus Day there was plenty of online buzz, and uncertainty, about what the credit union industry role might be on “Bank Transfer Day,” the latest event surfacing from the “Occupy Wall Street” protests.

Industry sources, speaking off the record, suggested any wholesale switch from large banks to CUs on Nov. 5, the day designated by one Californian and carried atwitter Monday, could conceivably put net worth ratios out of whack.
~ from ‘Bank Transfer Day’ Causes Credit Union Buzz by Jim Rubenstein ~

Don't ya just love the way financiers talk? Most of the world's economy is seriously out of whack, but they only seem to worry about the problem when their financial futures are on the line.

For years, they've told us that corporations respond to the will of consumers. If consumers are unhappy with the way a business or industry is run, the "free market" allows them to take their business elsewhere. But now that consumers are taking them at their word and organizing to bank elsewhere, all of a sudden these same bank execs are screeching, "The sky is falling. The sky is falling."

If they are so damn worried about their "net worth ratios," then maybe -- according to the notion of a "free market" -- they should change the way they do business. If they adopted more consumer-friendly policies, consumers wouldn't be so upset with them and there wouldn't be this movement to move accounts to credit unions (though switching to a credit union is still a good idea).

Needless to say, they don't want to change the way they do business -- it has served them so well over the past few years. My guess is that, if Bank Transfer Day picks up steam in step with the Occupy movement, the banking industry both will take to the airwaves to spread fear AND they will appeal to their friends in Washington for a financial lifeline (i.e., another bailout).

We wouldn't want anything to get in the way of executive Christmas bonuses, now would we!!