David McNew/Getty Images
LOS ANGELES, CA - NOVEMBER 5: Molly Hawkey, who moved her money from a bank to a credit union this week, carries her sign in the downtown financial district during during the the Move Your Money March on what is being called Bank Transfer Day on November 5, 2011 in Los Angeles, California. Occupy movement members are calling for people to move their money from banks to credit unions today in support of the 99% movement. (Photo by David McNew/Getty Images)
I went on American Now with Andy Dean on Friday to discuss Bank Transfer Day, which of course took place on Saturday. Andy's a sharp and entertaining guy who's no fan of the Occupy Wall Street movement, nor really of the bank transfer idea, but he certainly wasn't afraid to engage in some lively back-and-forth on the topic. Good radio!
You can listen to the segment here. It's the second hour of the show, from Nov. 4. We also wound up discussing my idea that the Post Office could enter the banking business, as a way of saving its skin. And we wrapped it all up with the meltdown of MF Global and the fate of its CEO, former New Jersey Gov. Jon Corzine, who may or may not wind up in jail.
In terms of the postgame analysis for Bank Transfer Day, there does seem to be a sense that the lead-up to the protest effort saw a fair number of people move their accounts from big banks to credit unions. Firedoglake has a small amount of snap feedback.
What's more important here is that people now have a better sense of their banking choices. They understand what big banks have to offer, but also what small banks and credit unions are all about. We definitely need a higher level of financial literacy in the country, so even if Bank Transfer Day doesn't end up costing Bank of America and Wells Fargo billions, it has probably improved the citizenry by making everybody understand that not all banks are created equal.