These is a lot of talking about how mad we are that the big banks are paying out strongBillions/strong of strongDollars/strong in bonuses when they had their hands out just a year ago. Remember, they were telling us they needed the governments help to even survive. In fact, they were so convincing that they scared Congress into doing what they wanted with no strings attached.
Now a year later, they are telling us they made records profits and the executives deserve to be paid for their hard work. Now some folks are calling this one of the greatest frauds perpetrated on the US. Bill Black, a former government official during the Savings and Loan crisis laid this case out on the Business Matter’s program titled, “Cronie Capitalism” . Could be. But it doesn’t look like anyone in Washington is going to do anything substantive about this. Sure there’s hand wavering and lots of talk, but no real legislation and the dollars from Wall Street firms and big banks continue to flow in to the campaign coffers of both political parties.
But don’t despair. Maybe there’s something we can do about it. Something that doesn’t require the President or anyone in Congress to do anything. Something that can have a profound affect. What would that be, you may ask?
Over the holidays a group of people that included Ariana Huffington of the Huffingon Post were talking about what they could do about this clear inequity. They decided to start a campaign to recommend that people move their money from the large banks who has taken our taxpayer dollars to enrich themselves while failing to help homeowners or small businesses.
Take this money and move it to financial institutions that are part of the solution. The movement is called Move Your Money. It encourages people to move their money from the big banks to credit unions and community banks.
I know how convenient it is to have you account at Bank of America or Chase or Citibank, I was stuck in the convenience situation myself. But I realized that I am part of the problem unless I take action personally. So I did, I opened my personal and business accounts at a local community bank.
Some will ask are they safe? When you look at the problems of the financial crisis, you don’t find credit unions or community banks holding Credit Default Swaps or packaging up mortgages into securities and loosing contact with their customer. Sure profits may be down, but they still do business the old fashion way – face to face. They know you and you know them.
I am encouraging you to consider taking action. Find out more about this movement. Go to the moveyourmoney.info website and see what others are doing and saying. See if it this feels like the right thing for you to do. Remember that you can make a difference .http://businessmatters.net/fyc/fyc-100108.mp3%5D