Just as I was saying I saw no plans, goals or actions coming from the Occupy Wall Street crowds, one finally manifested itself over the weekend, and I have to admit, it was a doozy. If adopted by a great number of people, it could send a very powerful message to the large banks. It was a declared day for people to close their accounts at large banks, and move their money to credit unions or small regional banks. Of course, there is nothing that says such a movement must last for only one day. It can essentially go on for as long as there are people who want to move their money away from big banks.
The bigwigs that run the large banks care nothing about protests, marches, sign waving , speeches, and all the rest of such actions. They yawn and say, "So what." But touch their money, and you have their attention, and then some.
This is exactly the kind of action that is needed to start showing that the people are fed up with what the banking industry has been doing to us and put some real teeth in our protest. If only a few million people (more, of course, would be even better) removed their money from the large banks, that would be a big thumb in the bank's collective nose. It is the famous line from the film, Network, "I'm as mad as hell and I'm not going to take it anymore," but this time said to real financial fat cats by real people. It is a firm sign to the banks that people are taking positive action for their cause.
My wife and I will soon be joining those ranks. We are already a customer of a regional bank, but it is buying other banks, growing rapidly, and starting to find ways to nit-pick its customers to death with additional fees. It seems to have designs on becoming a large, or at least larger bank. That's when it's time to say, stop the bus and let us off. We will join the exodus to the credit unions within a short while.
If you are still banking with a large bank perhaps you will join us in leaving, and spread the word to others. It could do wonders and save you a few bucks at the same time. It's a first step.
Showing posts with label lenders. Show all posts
Showing posts with label lenders. Show all posts
Monday, November 7, 2011
Friday, October 7, 2011
Occupy Wall Street - A Different Take
It has been featured in the newspapers, magazines, and local and national TV news. I'm talking of course about what is commonly known as "Occupy Wall Street." It has also been described in various ways, some of which are "The voice of the people", "The liberal answer to the Tea Party", or "A sign that a change is coming."
As a liberal Democrat, one would think I would embrace this movement with open arms. I'm not sure how you embrace something with open arms, but you get the idea. The problem is I don't. ahh....but then again, I do. Confused? Me too.
Protests make those involved and many not involved with them feel good, because they are doing something. They often are a fore runner of a more permanent action, cause, or movement. Also, they bring light to a problem that needs fixing, and the banks are certainly a problem that needs fixing.
However, in looking at the Occupy Wall Street movement in New York, and now in other US cities, there are troubling aspects, not so much because of what is happening, but more because of what is not happening. First and foremost, where is the organization and where are the stated objectives? I have made no bones about that fact that I do not like, or respect the Tea Party movement or what they stand for. However, only a fool would claim they are not organized. They are, and that's what makes them so dangerous to our country.
Like most mass movements, Occupy Wall Street is a conglomerate of different factions. The unemployed are a large part of the crowd, as are the employed who are just managing to get by. But so are the anarchists, and the hangers-on, and thrill seekers who have nothing better to do. The anarchists are dangerous and want to cause mayhem and destruction. The hangers-on and thrill seekers just get in The way.
Many of the major banks were saved with a bailout (a loan that has been almost entirely repaid, not a hand out as the Tea Party claims). They were saved from conditions which they created for themselves with greed, fraud, and just plain bad business practices. Saving them was a bitter pill, but as I have pointed out in the past, not saving them would have made the financial condition of our nation far, far worse than it already is. What we need now is government regulation (with teeth) that will force them to start circulating (via loans and other avenues) the trillions of dollars on which they are currently sitting. We need that money to flow through our country once again.
Some in this new movement want to shut down Wall Street, and while Wall Street, itself, has some answering to do for some of its transgressions and shady deals, we must never forget, that the investments of many average Americans are also tied up in stocks, bonds and mutual funds, and harming Wall Street also harms all of those citizens, their families, and their retirement.
So, will any long lasting good actually come from the Occupy Wall Street movement? I sincerely hope so, as it could be the start of a needed political force to offset the stupidity of the Tea Party. If this is to happen, however, we will need less people in the demonstrations dressing like zombies (never have quite figured that out other than some type of street theater) and more organization, goals, and plans to achieve those goals in order to get the money flowing in this country again, create jobs, and stop the banks from lining their own pockets at the expense of average Americans.
If we can do that, the Occupy Wall Street movement will have positive results for the country. If not, it will soon be a forgotten footnote in history.
As a liberal Democrat, one would think I would embrace this movement with open arms. I'm not sure how you embrace something with open arms, but you get the idea. The problem is I don't. ahh....but then again, I do. Confused? Me too.
Protests make those involved and many not involved with them feel good, because they are doing something. They often are a fore runner of a more permanent action, cause, or movement. Also, they bring light to a problem that needs fixing, and the banks are certainly a problem that needs fixing.
However, in looking at the Occupy Wall Street movement in New York, and now in other US cities, there are troubling aspects, not so much because of what is happening, but more because of what is not happening. First and foremost, where is the organization and where are the stated objectives? I have made no bones about that fact that I do not like, or respect the Tea Party movement or what they stand for. However, only a fool would claim they are not organized. They are, and that's what makes them so dangerous to our country.
Like most mass movements, Occupy Wall Street is a conglomerate of different factions. The unemployed are a large part of the crowd, as are the employed who are just managing to get by. But so are the anarchists, and the hangers-on, and thrill seekers who have nothing better to do. The anarchists are dangerous and want to cause mayhem and destruction. The hangers-on and thrill seekers just get in The way.
Many of the major banks were saved with a bailout (a loan that has been almost entirely repaid, not a hand out as the Tea Party claims). They were saved from conditions which they created for themselves with greed, fraud, and just plain bad business practices. Saving them was a bitter pill, but as I have pointed out in the past, not saving them would have made the financial condition of our nation far, far worse than it already is. What we need now is government regulation (with teeth) that will force them to start circulating (via loans and other avenues) the trillions of dollars on which they are currently sitting. We need that money to flow through our country once again.
Some in this new movement want to shut down Wall Street, and while Wall Street, itself, has some answering to do for some of its transgressions and shady deals, we must never forget, that the investments of many average Americans are also tied up in stocks, bonds and mutual funds, and harming Wall Street also harms all of those citizens, their families, and their retirement.
So, will any long lasting good actually come from the Occupy Wall Street movement? I sincerely hope so, as it could be the start of a needed political force to offset the stupidity of the Tea Party. If this is to happen, however, we will need less people in the demonstrations dressing like zombies (never have quite figured that out other than some type of street theater) and more organization, goals, and plans to achieve those goals in order to get the money flowing in this country again, create jobs, and stop the banks from lining their own pockets at the expense of average Americans.
If we can do that, the Occupy Wall Street movement will have positive results for the country. If not, it will soon be a forgotten footnote in history.
Thursday, March 17, 2011
The War On The People.
If you still have doubts about the Republican controlled House of Representatives favoring big business over the welfare of the people (in this case the citizens of the United States), consider the following two articles from yesterday's paper.
The bureau is chiefly designed to give consumers simplified information about financial products and protect them from unfair practices. Priorities Warren (Editors note: The chief of the new bureau) considers important include regulating mortgages, credit cards and non-bank financial companies like mortgage brokers, payday lenders and private providers of student loans.
GOP lawmakers also challenged the bureau's role in a push by federal agencies and the 50 state attorneys general to force five large U.S. banks to agree to make it easier for struggling homeowners to avoid foreclosure and rework their mortgages.
And then there is this:
By Kathleen Hennessey
The bill was approved by the House Energy and Commerce Committee in a largely party-line vote. Republicans argued that action by the EPA, coming after Congress failed to pass a climate and global-warming bill, would impose burdensome and unnecessary rules on industry.
Democrats cast the measure, called the "Energy Tax Prevention Act," as a skirmish in an ongoing GOP war on the science of global warming. The bill is unlikely to win significant support in the Senate, where Democrats hold the majority.
The Republicans would like to weaken the environmental protections we enjoy, while at the same time allowing credit card companies, banks, payday lenders and the like continue to gouge the public with unjust and sometimes illegal practices.
I particularly liked the phrase where the Republicans say "would impose burdensome and unnecessary rules on industry." Would one of those rules be about not killing some of us with their toxic waste?
Some days, I don't have to write this blog, as the Republicans all but write it for me.
More later............................
The Associated Press
WASHINGTON —
House Republicans said Wednesday that a new government agency designed to protect consumers from problems with mortgages, credit cards and other lenders has too much power. They also criticized it for participating in a federal-state effort to force mortgage servicers to change the way they foreclose on troubled homeowners.The bureau is chiefly designed to give consumers simplified information about financial products and protect them from unfair practices. Priorities Warren (Editors note: The chief of the new bureau) considers important include regulating mortgages, credit cards and non-bank financial companies like mortgage brokers, payday lenders and private providers of student loans.
GOP lawmakers also challenged the bureau's role in a push by federal agencies and the 50 state attorneys general to force five large U.S. banks to agree to make it easier for struggling homeowners to avoid foreclosure and rework their mortgages.
And then there is this:
By Kathleen Hennessey
Tribune Washington bureau
WASHINGTON — A House committee on Tuesday advanced a bill that would block the Environmental Protection Agency (EPA) from regulating greenhouse gases, boosting a top Republican priority and aiming a blow at the Obama administration and states that favor tougher environmental regulations.The bill was approved by the House Energy and Commerce Committee in a largely party-line vote. Republicans argued that action by the EPA, coming after Congress failed to pass a climate and global-warming bill, would impose burdensome and unnecessary rules on industry.
Democrats cast the measure, called the "Energy Tax Prevention Act," as a skirmish in an ongoing GOP war on the science of global warming. The bill is unlikely to win significant support in the Senate, where Democrats hold the majority.
The Republicans would like to weaken the environmental protections we enjoy, while at the same time allowing credit card companies, banks, payday lenders and the like continue to gouge the public with unjust and sometimes illegal practices.
I particularly liked the phrase where the Republicans say "would impose burdensome and unnecessary rules on industry." Would one of those rules be about not killing some of us with their toxic waste?
Some days, I don't have to write this blog, as the Republicans all but write it for me.
More later............................
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