Bank Transfer Day
Nov 04, 2011
When I first learned about the Federal Reserve Bank and its takeover of the government in 1914, it was really difficult to find others who would listen. Back then (1970's) such talk was all just shrugged off as "conspiracy theory."
What a difference today! Many people don't really understand the root of the problem, but just about everyone knows that they are being affected by banker greed and control. Bankers used to enjoy high esteem in the world. Now they rank below lawyers, politicians, and TV evangelists. Even used car salesmen find themselves looking rather respectable these days.
The big bank bailouts of 2008 and 2009 are just now getting the backlash that they so well deserve. They got bailed out so that they could continue their gambling practices. Today the CEO of MF Global resigned after his company went bankrupt illegally using other people's money while betting on European debt.
Likewise, Bank of America, the Bailout Poster Boy of 2008, has enraged Americans, as it continues with its multi-trillion dollar derivative programs. They are so deeply in trouble that they felt it necessary to make their customers pay $5/month to use their own money with a debit card. The consumers just said no, and BoA was forced to back down.
Now there is a grass-roots movement to fight back by taking money out of these big banks and doing business with local credit unions and regional banks instead. People are starting to realize that it is their patronage that has empowered the big banks. Each one thus has the power to put their money elsewhere.
There is now a Bank Transfer Day being scheduled for Saturday (tomorrow).
If money talks, how loudly does $4.5 billion speak? That's how much deposits at the nation's credit unions have increased since Sept. 29, estimates the Credit Union National Association. The organization says at least 650,000 people have opened new accounts, bringing those billions of dollars with them....
On Saturday, tens of thousands of Americans are planning to march, protest or move their money as part of what is being called Bank Transfer Day, a grassroots idea born from a Facebook page that has gained steam with the help of the Occupy Wall Street demonstrations.
Claes Bell, a banking reporter with BankRate.com, says the flurry of activism is a response to ongoing resentment over bank bailouts along with new frugality as the economy -- and wages -- continue to sputter....
Dr. Stephen Jones