Subscribe to Dollars & Sense magazine. Recent articles related to the financial crisis. Break Up With Your Big Bank (Bankster)Here, from Bankster, is another example of anti-big-bank activism, albeit of the PC consumerist sort, that *might* be able to send the biggest banks the message that We Don't Like Them. Here are the details:FOR VALENTINE'S DAY - BREAK UP WITH YOUR BIG BANK! I got into a bit of trouble the last time I posted this kind of thing—about the Move Your Money campaign, which was co-sponsored by Arianna Huffington. First of all, blog visitor Michael E. responded thusly: "Doug Henwood, the intrepid, articulate, and clear-headed editor of the Left Business Observer, asserts that "Move Your Money" is a delusional waste of time and effort based on false assumptions about the banking system. His argument is very convincing. Check out his article in the current issue." Once I'd read the LBO article, which I liked quite a bit, I posted the bulk of the argument from it, with a link urging people to subscribe to LBO. I guess no good deed goes unpunished—within an hour or so we got an email from Doug saying he was annoyed that we had posted "the entirety" of the piece (which we had not), even though he intended to post the full text of the article on his own site that very day. Sigh. Of course I trimmed down the re-post immediately. We again urge you to subscribe to LBO (it's Doug's livelihood!), and listen to Doug's excellent radio program. (Subscribe to D&S while you're at it—it's our livelihood! E-subscriptions are now available—a full-color pdf delivered to your Inbox six times a year.) And if you still have money in one of the big banks, put it in a credit union! But needless to say, don't expect that to bring down capitalism or even to make it appreciably less nasty, except maybe with respect to your own overdraft fees. —Chris Sturr, D&S co-editor. Labels: Bankster, big banks, Doug Henwood, Move Your Money, Valentines Day
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Wasn't the entire problem with this described in _It's a Wonderful Life_? Bailey's credit union is depositing in Mr. Potter's bank!
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To the extent that this isn't true, a total depositor strike against the megabanks actually would shut them down -- there's only so many times you can get bailed out with no depositors. << Home |