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" The big banks on Wall Street, propped up by taxpayer money and government guarantees, have had a record year, making record profits while returning to the highly leveraged activities that brought our economy to the brink of disaster. In a slap in the face to taxpayers, they have also cut back on the money they are lending, even though the need to get credit flowing again was one of the main points used in selling the public the bank bailout. But since April, the Big Four banks -- JP Morgan/Chase, Citibank, Bank of America, and Wells Fargo -- all of which took billions in taxpayer money, have cut lending to businesses by $100 billion.
Meanwhile, America's Main Street community banks -- the vast majority of which avoided the banquet of greed and corruption that created the toxic economic swamp we are still fighting to get ourselves out of -- are struggling."
I agree the big banks caused the problem and was rewarded with a bail out while the smaller banks Are suffering the consequences and are rewarded with bankruptcy and taken over by the FDIC.To starve the big banks of cash would be the right thing to do,of course Barnake would just print up some money.
I do hope this catches on. I moved all our money out of Wells Fargo and BofA years ago and went to a small credit union. I will never do business with a big bank again.
I agree the big banks caused the problem and was rewarded with a bail out while the smaller banks Are suffering the consequences and are rewarded with bankruptcy and taken over by the FDIC.To starve the big banks of cash would be the right thing to do,of course Barnake would just print up some money.
absolutely! not only are the "too big to fail" oligarchs being allowed to get bigger, but they have the "inside track" when it comes to acquiring those banks that are cannibalized AND being allowed to use taxpayer subsidies and hand-outs to do it.
the government has decided to reward the big banks and punish the small banks. the net effect of this is to hurt small business lending and small business growth, which effects the employment rate.
we can't control the incredibly bad decision making by the government, but we can refuse to cooperate by funding the big banks. i hope every american makes it their news year's resolution to pull their money out and starve the big banks, which were given your money without your permission. as the government tries to pull more money from the little banks to starve them of capital, they are continuing to pump more money into the bigger operations.
i see that GMAC (which is the financial arm of GM) is in negotiations to get another 3.5 BILLION TAXPAYER DOLLARS, since they have already burned through the $12.5 billion already received since December 2008.
if we are in a "recovery", why is everyone still asking for more taxpayer money?
I quit investing in Wall Street (stock market) about five years ago.
I do find it ironic that those with left leanings (Michael Moore and now Arianna Huffington) are suddenly giving chic advice on how to deal with Wall Street. Too little too late....
Wall Street is a freaking strange place! It sort of reminds me of that scene in Alice in Wonderland where she's looking into the glass mirror.
My sentiments summed up from the lyrics to the song of Song, song of the south by Alabama:
"Well, somebody told us Wall Street fell
But we were so poor that we couldn't tell"
Last edited by Blue Grass Fever; 12-30-2009 at 06:41 AM..
I am trying to gain membership with a local credit union.
I am currently with Bank of America. They've never treated me wrong, never had a bunch of fees, etc but I don't appreciate their greed.
I’m glad to see people doing this. We moved out of big banks that had been bailed out early on and went to banks that hadn’t made irresponsible decisions. The smaller bank seems to be doing fine so far but I must admit that I am a little worried that the smaller bank won’t be able to compete with the irresponsible monsters that got the bailed out by the government.
Ever since the stock market shake up last fall, I have ceased putting my money in a 401K.
I don't control 401K money. If I need it in an emergency, I can't get it without paying a penalty. I can lose the money by the actions of other people. Government can change the rules on how 401K's are administered since taxes are involved.
So the question is - do I trust my money with people I don't know, who may or may not have my best interest at heart? Right now, my answer is no.
Our emails and phone calls are not being heard.
The only way to make ourselves be heard is to talk with our money. This is the only thing those greedy, corrupt banks understand. Talk with your money and do business elsewhere.
If enough people do it then IT WILL MAKE A DIFFERENCE.
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