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View Full Version : Occupy SF Protesters to Open People's Reserve Credit Union



bijou
12-04-2011, 05:52 AM
A few weeks ago, we got a real kick out of the fact that Occupy Oakland deposited a $20,000 donation it received into Wells Fargo -- one of the many big banks the movement has been actively protesting since September. Say what you want about Occupy SF camp (it's dirty and filled with homeless people) -- at least protesters there are practicing what they preach.

Members of Occupy SF announced their ambitious plans to turn protesters into bankers by creating the People's Reserve Credit Union. According to Occupy SF's Facebook page:

The goal of this project is to encourage San Francisco residents, businesses, as well as nonprofit and city agencies to keep their money out of the big banks and to redistribute that money locally. Initial services will include micro-loans for the working poor and homeless, and subsidized student loans at low interest rates.


The credit union is being created with the help of San Francisco's Glide Community Church and Supervisors John Avalos and Eric Mar. The group filed its paperwork and has already crafted a thoughtful mission statement: The credit union will serve as a replicable model for other financial institutions to reinvest wealth in their local communities. They will support microenterprise, provide educational loans, and foster community improvement projects.

Jason Macarthur, a protester with Occupy SF, listed the goals that the organization plans to achieve within the first year. That includes starting with 500 members with plans to grow to 2,000 members before the end of next year.

Other plans include:

Accumulate capital assets of $7 million or more, through investments by different organizations, members, et al.

Open two credit union branches within the city of San Francisco. The first branch location in the mid-Market Street corridor , in the former Social Security Administration storefront (MOCD) , with the assistance of other local nonprofits. Each branch will have a cafe within it and a commercial kitchen available to rent.

The credit union will employ students and homeless, creating 60 part-time jobs.

Issue 300 to 500 micro-enterprise loans (max. $5,000).

Add 1,000 people overall to the city employment payroll.

Finance and start a food co-op large enough to support a neighborhood. ...http://blogs.sfweekly.com/thesnitch/2011/12/occupy_sf_peoples_reserve_credit_union.php

SarasotaRepub
12-04-2011, 08:44 AM
Micro-Loans???? Now who in their right mind would "Loan" someone like bobbolink (assuming she's still alive) a penny??? I mean, come on!!!! :D

NJCardFan
12-04-2011, 12:23 PM
Let them. They're going to find out real quick how it feels to "loan" someone money only to not get it back.

Rockntractor
12-04-2011, 01:03 PM
Free hammer or sickle, your choice when you open an account.

Beefeater
12-04-2011, 01:06 PM
The credit union will employ students and homeless, creating 60 part-time jobs.

Huh, students and homeless making credit decisions. Think I'll just run right over and move my money in. What could go wrong?

bijou
12-04-2011, 01:53 PM
The credit union will employ students and homeless, creating 60 part-time jobs.

Huh, students and homeless making credit decisions. Think I'll just run right over and move my money in. What could go wrong?

Yeah, your life savings will be perfectly safe. :rolleyes::D

JB
12-04-2011, 04:17 PM
This is just too perfect. I can't stop cracking up about this. People that protest banks and capitalism are now bankers and capitalists.

And then I see a future where the folks that took student loans from this place suddenly start thinking "you know what, these guys were right, I shouldn't have to repay these funds." And then we'll have Occupiers occupying an institution that was started by Occupiers.

Teetop
12-04-2011, 05:40 PM
I predict the US taxpayer being hooked in this fiasco. :(

jediab
12-05-2011, 10:42 AM
They offer low interest rates? Shouldn't it be loans for free? That is one of the things they preach right? Free school!

NJCardFan
12-05-2011, 11:15 AM
They offer low interest rates? Shouldn't it be loans for free? That is one of the things they preach right? Free school!

Seriously. But as I said, we'll see how much fun it is when they're loaning out money and none of it is being paid back. Isn't this what they want?

AmPat
12-05-2011, 11:16 AM
If I allow myself to ignore the OWS hypocrisy, can I collect my share of the interest? It is the "People's bank," correct? Sure, I didn't contribute, but isn't that the message of OWS? You don't have to work to pay off your personal liabilities but you can claim your share of unearned bonus.:cool:

Silverhair
12-05-2011, 12:42 PM
Homeless people handling SS numbers and other banking information?

60 Part-timers needed to handle a mere 2,000 members with only 7 million in deposits?

I foresee instant failure.

noonwitch
12-06-2011, 12:28 PM
They'd do better if they tried a food co-op first. That way, they can either sink or swim with their own money instead of other people's money.

DumbAss Tanker
12-06-2011, 01:07 PM
There's a counterpart to FDIC for credit unions, the alphabet soup for it eludes me at the moment, but the regulators there have to be either laughing or crying at the stupidity on display in this situation.

Odysseus
12-06-2011, 02:55 PM
There's a counterpart to FDIC for credit unions, the alphabet soup for it eludes me at the moment, but the regulators there have to be either laughing or crying at the stupidity on display in this situation.

Assuming that they aren't forced to accede to this lunacy by the Obama administration. I can see some regulator writing up the report on this fiasco and then being told to bury it and prepare to keep them solvent, no matter what. Meanwhile, $7 million is enough money for every homeless scammer, indigent con artist and petty hack in the bay area to try to grab a piece, and if these clowns handle this with the same maturity and clear-eyed realism that they brought to OWS, then it will have been looted and be insolvent before the ink on the incorporaiton papers is dry.

Rockntractor
12-06-2011, 03:02 PM
Assuming that they aren't forced to accede to this lunacy by the Obama administration.

I would bet Obama backs this and makes some stupid comment about how wonderful these young entrepreneurs are. The fed will then cover up any theft or mistakes that happen and will attack any attempted whistle blowers.
There are some things we have learned to count on with this regime.

Adam Wood
12-06-2011, 06:40 PM
There's a counterpart to FDIC for credit unions, the alphabet soup for it eludes me at the moment, but the regulators there have to be either laughing or crying at the stupidity on display in this situation.

The NCUA (http://www.ncua.gov/Pages/default.aspx).

DumbAss Tanker
12-06-2011, 07:03 PM
I would bet Obama backs this and makes some stupid comment about how wonderful these young entrepreneurs are.

Well, if their business model itself wasn't enough to do the trick, THAT certainly would be the Kiss of Death for their chances to remain solvent right there!

:rotfl: