Saturday, December 3, 2011
Occupy SF Starts Bank, Will Hire Homeless & Students
Of course, the occupiers are not calling their financial institution a bank. They are calling it a credit union: the People's Reserve Credit Union.
The occupiers plan to accumulate capital assets of $7 million or more through "investments" by organizations and individuals.
Each of the credit union's two planned branches will include a cafe and a commercial kitchen "available to rent."
The occupiers plan to employ homeless people and students to handle their members' sensitive information and money and to loan that money to other homeless people and students (the 2010 Obama takeover of the student loan industry notwithstanding).
Occupy SF already has filed the paperwork to make their financial institution a reality, they say.
America knows by now that government agencies have gone out of their way to "bend the law" to accommodate lawless occupiers in cities all over the country and have permitted occupiers to ignore laws and local regulations with impunity.
With that kind of "experience" under their belts, the SF occupiers have reason to believe that banking regulations for anti-capitalists will be just a little (shall we say) less stringent than for other financial institutions.
This should be interesting to watch. From afar.
It surely will be less interesting when the final bill is delivered to taxpayers--in one form or another.
Ht: PJ Tatler via Mad Minerva.
Posted by Quite Rightly at 12:07 PM