People planning a run on the major corporate banks on November 5th might need to consider a few extra things before fanning the flames of yet another financial fire. Most of them may not necessarily have enough savings anyway to even justify moving it from one bank to another just to show a faceless corporate entity just who wears the second-hand pants in the business relationship. What will withdrawing the money prove? This is a much more tenuous situation than what the far left or even far right may understand it to be and no self-respecting educated person should even consider playing musical bank accounts next month before reading this.
Now I absolutely understand the reasons that people want to leave B-of-A. Believe me I left them a while ago for another unnamed corporate bank, and have since even moved some funds to a local bank. While I'm not an economist, I still understand something basic about national bank chains which is that they are not wholly owned by the executives or even American investors but they also are owned partly by foreign investors. Foreign investment in American banks i.e. our "debt" comes with the promise of possibly being paid back with interest. Furthermore, foreign investors aren't necessarily jumping in bed with your local credit union (most of which aren't publicly traded from what I know) hoping that their profits will explode.
The only good that would might come out of transferring funds from one large bank might be that they would rescind their latest fund raising strategy in favor of simply gauging us on overdrafts. The problem with making a run on all the major banks at once is that investors who see that they're being messed with will pull their money en masse creating that good old domino effect that makes credit markets freeze up (again) thereby putting even more poor slobs out of work. Somebody stop me if I'm off base here...
So as a general request, please save the rage for a rainier day. I get that you have an opinion on what's going on but now that you've pulled yourself away from facebook long enough to read the newspaper do us all a favor and continue to protest peacefully and withdraw your money if you must from only the banks which are going to charge you just for breathing. There's just not reason enough to panic for most of the 99 percent because we were poor before this started and contributing to the systematic failure of a national bank which employs a lot of people like you won't solve your problems and it might just make them even worse.