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Bank Transfer Day: How much Effect?

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User ID: 3003754
United States
11/05/2011 08:48 PM
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Bank Transfer Day: How much Effect?
[link to www.salon.com]

"And something is clearly happening here. According to a press release from the Credit Union National Association, “at least 650,000 consumers across the nation have joined credit unions in the past four weeks.” "

"CUNA estimates that credit unions have added $4.5 billion in new savings accounts. More than four in every five credit unions experiencing growth since Sept. 29 attributed the growth to consumer reaction to new fees imposed by banks, or a combination of consumer reactions to the new bank fees plus the social media-inspired Bank Transfer Day."

This is a cool article and one thing I would like to point out is that for every dollar a bank has in reserve it can loan ten. So in stead of $4.5 Billion we're really talking about $45 Billion. And that figure doesn't take into account the horribly inflated derivatives market.

That's only taking into account the past four weeks. What will the final numbers on today be? And what about the next for weeks?

I think this is really going to have an effect. Although it may take a few weeks to really see the full effect, this may get pretty heavy.

So, how bad do you think it will be? What will happen?
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