Tars
01-08-2010, 08:20 PM
Just went in today to get the paperwork for transferring our bank accounts to Redwood Credit Union. Like many, I've become disgusted with the big banks. There's a slang term from my time in the military, "BOHICA". "Bend Over Here It Comes Again". The huge banking interests are snickering "BOHICA!" behind their hands as they inform us that our banking costs are going to go up significantly.
I've been following Arianna Huffington's New Year's resolution to move her banking to small local banks, or credit unions. It's becoming a movement.
Check out this article from "The Huffington Post (https://www.huffingtonpost.com/)",
"Move Your Money: A New Year's Resolution (https://www.huffingtonpost.com/arianna-huffington/move-your-money-a-new-yea_b_406022.html)"
Excerpt:
"The big banks on Wall Street, propped up by taxpayer money and government guarantees, have had a record year, making record profits while returning to the highly leveraged activities that brought our economy to the brink of disaster. In a slap in the face to taxpayers, they have also cut back on the money they are lending, even though the need to get credit flowing again was one of the main points used in selling the public the bank bailout. But since April, JP Morgan/Chase, Citibank, Bank of America, and Wells Fargo -- all of which took billions in taxpayer money -- have cut lending (https://www.huffingtonpost.com/2009/12/16/nations-4-biggest-banks-c_n_394264.html) to businesses by $100 billion.
Meanwhile, America's Main Street community banks -- the vast majority of which avoided the banquet of greed and corruption that created the toxic economic swamp we are still fighting to get ourselves out of -- are struggling. Many of them have closed down (or been taken over by the FDIC) over the last 12 months. The government policy of protecting the Too Big and Politically Connected to Fail is badly hurting the small banks, which are having a much harder time competing in the financial marketplace. As a result, a system which was already dangerously concentrated at the top has only become (https://www.huffingtonpost.com/2009/10/29/too-big-to-fail-too-small_n_338387.html) more so."
If you're still being taken for granted by the souless moneysucking corporate banks, do yourself and your community a favor, and MOVe YOUR MONEY!
Remember, local banks bring money into the local economy. They don't put in in the overflowing pockets of New York ripoff coporate banking executives' millionaire lifestyles.
I've been following Arianna Huffington's New Year's resolution to move her banking to small local banks, or credit unions. It's becoming a movement.
Check out this article from "The Huffington Post (https://www.huffingtonpost.com/)",
"Move Your Money: A New Year's Resolution (https://www.huffingtonpost.com/arianna-huffington/move-your-money-a-new-yea_b_406022.html)"
Excerpt:
"The big banks on Wall Street, propped up by taxpayer money and government guarantees, have had a record year, making record profits while returning to the highly leveraged activities that brought our economy to the brink of disaster. In a slap in the face to taxpayers, they have also cut back on the money they are lending, even though the need to get credit flowing again was one of the main points used in selling the public the bank bailout. But since April, JP Morgan/Chase, Citibank, Bank of America, and Wells Fargo -- all of which took billions in taxpayer money -- have cut lending (https://www.huffingtonpost.com/2009/12/16/nations-4-biggest-banks-c_n_394264.html) to businesses by $100 billion.
Meanwhile, America's Main Street community banks -- the vast majority of which avoided the banquet of greed and corruption that created the toxic economic swamp we are still fighting to get ourselves out of -- are struggling. Many of them have closed down (or been taken over by the FDIC) over the last 12 months. The government policy of protecting the Too Big and Politically Connected to Fail is badly hurting the small banks, which are having a much harder time competing in the financial marketplace. As a result, a system which was already dangerously concentrated at the top has only become (https://www.huffingtonpost.com/2009/10/29/too-big-to-fail-too-small_n_338387.html) more so."
If you're still being taken for granted by the souless moneysucking corporate banks, do yourself and your community a favor, and MOVe YOUR MONEY!
Remember, local banks bring money into the local economy. They don't put in in the overflowing pockets of New York ripoff coporate banking executives' millionaire lifestyles.