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Occupy SF to Open ‘People’s Reserve Credit Union’

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By Doug Powers  •  December 5, 2011 09:49 AM

**Written by Doug Powers

At some point prudent savers come to the realization that it’s unwise to put their money in a financial institution that may eventually be torched by a member of their own group. As a result, SF Occupiers are starting their own bank:

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.

People’s Reserve organizers say they plan to create 60 part time jobs for students and the homeless. Here’s the good news: These jobs will pay at least $20 an hour! How do I know that? Because it’s a part of Demand One and I expect the Occupiers to do nothing less than lead by example:

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Zombie at PJ Media has a warning for the nation’s newest bankers:

Occupy SF will soon learn that micro-enterprise loans are incredibly risky, because most micro-businesses fail. Risky loans are what caused the banking crisis in the first place — remember? Or was that too long ago for you?

It’s all fine and dandy to start your own banking institution with good intentions, but at the end of the day, if you are hemorrhaging money due to risky investments, while calming depositors with the reassuring “Don’t worry, everyone’s money is safe in the hands of the students and homeless transients on our staff,” you’re not likely to last a year. That is, unless, you learn the hard way why banks do the things they do to survive and thrive, in which case Occupy SF will become the very “banksters” they loathe.

And they’ll really become that which they loathe if they lose everybody’s money and then accept a government bailout.

If the People’s Reserve ever has a credit card to promote, they’re in luck, because one of their supporters has plenty of experience in that area.

“Degree of difficulty” rules for Occupy Bank discussion in comments: No “deposit” jokes.

**Written by Doug Powers

Twitter @ThePowersThatBe

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