Occupy Wall Street has made little sense to us from its inception — Wall Street is, in our opinion, not nearly as culpable in the current economic downturn as are Fannie, Freddie, Chris and Barney. But where banks have done wrong (and there are some good arguments here), we applaud the “vote with your feet” method of voicing consumer displeasure. This from the AP:
A grassroots movement that sprang to life last month is urging bank customers to close their accounts in favor of credit unions by Saturday.
The spirit behind “Bank Transfer Day” caught fire with the Occupy Wall Street protests around the country and had more than 79,000 supporters on its Facebook page as of Friday. The movement has already helped beat back Bank of America’s plan to start charging a $5 debit card fee.
What we find ironic, however, is that the leftist/Marxists of the OWS protests are getting actual traction from a purely free-market solution, i.e., if you don’t like it, don’t support it. No company wants to lose customers. If your bank displeases you, pull your account.