Tuesday, October 18, 2011

Redistrubition of Wealth and a run on banks

Welcome to "Redistribution of Wealth".  The wall street protesters and Obama now have first hand experience on redistribution of wealth.

According to wikipedia:
Redistribution of wealth is the transfer of income, wealth or property from some individuals to others caused by a social mechanism such as taxation, monetary policies, welfare, nationalization, charity, divorce or tort law.[1] Most often it refers to progressive redistribution, from the rich to the poor, although it may also refer to regressive redistribution, from the poor to the rich.

According to dictionary.com: Theft is defined as:
the act of stealing; the wrongful taking and carrying away of the personal goods or property of another; larceny.

I don't see much difference here. Redistribution of wealth is taking from the rich and giving to the poor.  While theft is someone poor taking from those more fortunate.  According to this article:
 A truck filled with President Obama's podiums and audio equipment was stolen in Henrico just days before his visit to Chesterfield.
According to this article:
Occupy Wall Street protesters said yesterday that packs of brazen crooks within their ranks have been robbing their fellow demonstrators blind, making off with pricey cameras, phones and laptops — and even a hefty bundle of donated cash and food.

Now, not only are the protesters calling for a run on banks, but, so are the politicians.  Makes me wonder if the politicians are hoping for another bank bailout.

According to this article:
In an effort to send a message to big banks, some organizers, who are supported by the protestors of the Occupy Wall Street movement, have organized an event to remove all funds from banks and into credit unions.
The date planned for this event is November 5, 2011.

According to this article:
Sen. Bernie Sanders (I-Vt.) doubled down on his anti-Wall Street rhetoric over the weekend, encouraging protesters to withdraw money from the major banks and calling the financial industry “the most powerful, dangerous and secretive” institution in the United States.

I agree, if you feel like your bank isn't working the way you like it to and you find another bank that is better, then switch banks.  That is your right and another one of the great things about this country.  We still have some control here on decision making.  How much longer we will be able to enjoy our right to choose is a question I cannot answer.

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