“I think they mean non-payment on a massive scale sufficient to bring down the banks by destroying their cash “
Even if every single SEIU member, teacher’s union member, and federal employee union member did so, that wouldn’t be sufficient to bring down any bank. They also now have cash reserves that those members do not have. The housing crash provided over 10 million unpaid properties and millions more were late a few months.
Union members are not who they are targeting.
They are focusing on homeowners whose homes are worth less than they owe.
They want to convince them that the smart thing to do is stop paying their mortgages and remain in the home until they are evicted (about 1 year).
Currently, according to Lerner, about 10% of foreclosures are of homes owned by people who can afford to pay but choose not to, because the home is not worth what they owe.
Lerner figures that if 500,000 more homeowners choose that route, the banking system would seize up again, causing another finanacial crisis.
Additionally, they are using community organizations to attack JP Morgan Chase, a sound bank, thinking that if they can cause them to fail, a la Lehman Brothers, weaker banks will fold as well.
Once the banking system has collapsed, chaos will rule and the radicals will take advantage and take power.
Union members are not the ones who will take over. They are just tools.