Keith Olbermann got behind the Move Your Money campaign on his show this evening: “It’s time to make those Too Big To Fail banks just a little bit smaller by moving your money to a local community bank.”
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Dozens of major media outlets have already gotten behind the effort, including the Christian Science Monitor, Lew Rockwell
and Salon.
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“Move your Money” is wrong for posting Banco Popular as an alternative local bank in Puerto Rico. Banco Popular is the biggest bank in Puerto Rico, holds a monopoly over electronic commercial transactions, received $1 billion in TARP money, and its president is a member of the Federal Reserve Bank of New York. There are plenty of credit unions on the island that have been doing a good service to communities and have not taken a penny of US taxpayers’ money.
[...] financial system away from Wall Street and to Our Street. Keith Olbermann of MSNBC got behind the Move Your Money campaign on his show. He believes: “It’s time to make those Too Big To Fail banks just a little bit [...]
After watching Arianna Huffington on Keith Olberman’s Show explaining the “Move Your Money” campaign, I talked with my daughter who was a stock broker for ten years and is now a realtor living in Dallas. She felt that any incitement to “run on banks” is irresponsible. She stated that she has attempted to elicit mortgages from community banks and even some larger banks and her attempts have proved unsuccessful. That criteria for approval of mortgages have tightened significantly and all the previous criteria for mortgage approval (including 45 and 50 percent debt to income ratios) have been reinstated, still these smaller financial institutions are not lending. She has had to rely on JP Morgan Chase and Wells Fargo Banks primarily for mortgages to qualified potential home buyers. Many years ago when she still worked as a stock broker, Allan Greenspan was one person with whom she heartily disagreed and grew to dislike. She was years ahead of most people who felt he was the Messiah. Her concerns and downright fears of his economic policies all came to pass. Although her Business Degree gave her a Marketing & Statistics Major, her Minor was in Economics, a subject which she loved. So, I do listen to her and respect her opinion.
Moving your money is a great concept and I think that if it was applied to the largest retailer’s you would see a increase in hiring by small bussiness. Shop at local stores not the large chains.But move your money does nothing to stop the ability of big banks and big bussiness from manipulating the system. Any CEO worth there pay is going to try and maximize profits and pay as little tax’s as possible.There ability to buy laws that accomplish this is why tax payers, by way of there elected officals had to bail out AIG and the big banks. The abillity of big bussiness to buy laws is the root cause behind most of America’s problems. What is good for big bussiness and it’s bottom line is not what is good for the country
We must start somewhere to repair the ills of our nation. And moving our money is a great first step! So let’s keep it moving forward! And just maybe those big bankers will finally realize they’ve missed a step or two of their own.