Even though there has been an increasing level of revolutionary saber-rattling in comments, it’s hard to see what the outlet for the anger against the banking industry will be. The brief surge of letter-writing, e-mails, and calls to Congressmen to forestall the TARP proved useless. But Americans don’t go to the barricades or do general strikes, much the less put heads on pikes.
But this sort of revolt does fit, that of a debtors’ strike. It doesn’t require violence or even public assembly.
The first test of public mood will be whether this video (hat tip Karl Denninger via reader Scott) goes viral.
If you do decide to go this route, check your state’s statue of limitations on this type of debt. And even after that time has passed, if you establish a new relationship with the institution (as in get a new credit card or open a bank account), my understanding is that they can reactivate the obligation. Of course, anyone who gets in this sort of fight would presumably never want to do business with that institution again, but a lot of retailers and affinity groups have cards that are operated by one of the big credit card issuers, so you need to be careful.