Archive for October, 2011

Why I Refuse to be a Part of the Bank Transfer Day Movement

Thursday, October 13th, 2011

This is the movement in question: [Link 1] [Link 2] (The “Occupy Wallstreet” movement has the respectable goal of getting back at banks for raising fees, by encouraging depositors to move all their money to credit unions).

I posted the following message to the Facebook page of the movement, as well as to the Facebook profile of its founder:

As one of YOU, I fully support your cause (I really, WHOLEHEARTEDLY do), but here is why I refuse to join:

This is a bit scary to the extent that it could cause a bank run if it gets enough exposure. Ironically, a bank run would probably result in another round of bailouts.

Even if there’s no bailout, keeping in mind that the fractional reserve system has banks only holding 10 or 20% of depositors’ money in reserve, the other 80% will have to be compensated from the FDIC. And guess what ultimately backs the FDIC? Tax-payers’ money.

This is a financial system that’s designed to fuck over the American consumer no matter how you try to fight it. Granted, I presented a worst-case scenario where the movement would have enough exposure to deplete banks of all their reserves. Even a grass roots movement that would cause a hindrance of, say 5%, can potentially put banks in the red enough for them to have to tap into the FDIC.

I should also note that I acknowledge FDIC’s insurance limit of $250K, but most millionaires are millionaires because they’re smart enough not to hold all of their money in cash (via checking or savings accounts, or even CDs). Hence, most of the lost money resulting from a bank run would in fact be within the FDIC’s insured limit since most accounts are under $250K in value, and since most wealth held by banks is an accumulation of such accounts as opposed to million-dollar accounts.

Please view these links for reference:


Robert Rafii

Not to Make Light of Steve Job’s Death, but

Thursday, October 13th, 2011

…here’s a chat log from a conversation I just had with a good friend.  Keep in mind UNIX underpins both Mac OS X, Apple’s desktop operating system, and iOS, which runs the iPhone and the iPad.

My Friend: did you hear that the father of C and one of the inventors of UNIX passed away recently?  that guy did so much more for us than that steve jobs ever did
Me: i did not.  steve jobs is overrated.  i don’t make light of anyone’s death but i’ll just share my philosophy with you in a photo.
My Friend: ritchie invented the programming language every reputable OS is written in
My Friend: have you ever heard of the kerrigan and ritchie book about C
My Friend: this guy was dennis ritchie
Me: i haven’t heard of him.  which is further testament to the sad fact that the guys who deserve real credit are often fucked over by others
My Friend:
My Friend: this was literally the guy who invented C and helped invent UNIX at bell labs
My Friend: very important fellow
Me: isn’t it peculiar that he died 3 days after jobs?
Me: maybe nature is trying to prove a point.
Me: that people who matter the most are the ones that we often overlook
Me: nature: “don’t believe me? here i’ll kill this guy 3 days after steve job’s and you’ll see.”