Tired of the fraud by “big banking interests”?
Tired of bailouts?
Tired of 29.9% credit card interest rates?
Tired of our government screwing you while favoring (and handing billions of your money to) big banking interests?
THEN DO SOMETHING LAWFUL AND EFFECTIVE ABOUT IT.
I started talking about this quite some time ago. Specifically, in October I said:
Go withdraw all your money and business from the following institutions:
Bank of America
Place your business with a local community bank or credit union in their place, and tell the above four institutions to “piss off.”
I’ve resisted doing this, but the idea that banks are now going to try to penalize those who do not carry balances or pay late fees is the last straw.
This is a call for a boycott.
A call to break these institutions by destroying their deposit base and “net interest margin”, one consumer at a time, as a protest against the outrageous actions these firms have taken in terms of risk and their shifting of the costs of that risk, which should have resulted in their failure and closure by The FDIC and OCC, onto the backs of their customers via outrageous fees, interest rates and costs, along with the direct subsidy being paid by all taxpayers generally.
Now The Huffington Post has picked it up and suddenly there’s a Facebook group for it too.
The idea is simple: If enough people who have money in one of the big four banks move it into smaller, more local, more traditional community banks, then collectively we, the people, will have taken a big step toward re-rigging the financial system so it becomes again the productive, stable engine for growth it’s meant to be. It’s neither Left nor Right — it’s populism at its best. Consider it a withdrawal tax on the big banks for the negative service they provide by consistently ignoring the public interest. It’s time for Americans to move their money out of these reckless behemoths. And you don’t have to worry, there is zero risk: deposit insurance is just as good at small banks — and unlike the big banks they don’t provide the toxic dividend of derivatives trading in a heads-they-win, tails-we-lose fashion.
So come on board folks. Yeah, I know, I started banging this drum a couple of months ago and others have been doing so as well.
The point is not to take credit.
It is to make a meaningful difference.
Go over to http://www.moveyourmoney.info to learn how easy it is and to research which local banks you should patronize – based on safety, soundness, and most importantly BEING A LOCAL COMMUNITY ORGANIZATION.
While IRA doesn’t include this and neither does the web page, a credit union is just as good an option if you have one available and is a MEMBERSHIP ORGANIZATION – not a money-sucking Wall Street monstrosity. One such Credit Union that I personally like is Pentagon Federal Credit Union – they’ll allow anyone to join for a one-time donation to an affiliated organization that works for our men and women in the armed forces.
Make your New Years Resolution telling the big Wall Street robber barons TO GET STUFFED!