For Citizens To Move The Money
Huffington, publisher of the web’s popular Huffington Post, launched a campaign urging Americans to withdraw their money
and stop doing business with the four “too big to fail” banks and move it into local community banks that are
struggling to stay afloat.
wrote that the idea was concocted in a meeting she had with staffer Rob Johnson, political strategist Alexis McGill, writer
and filmmaker Eugene Jarecki and Nick Penniman of the HuffPost Investigative Fund.
article penned by Huffington and Johnson, they said they “began talking
about the huge, growing chasm between the fortunes of Wall Street banks and Main Street banks, and started discussing what
concrete steps individuals could take to help create a better financial system.”
quickly concluded that the best and easiest way for citizens to fight the system would be “Move Your Money.”
noted that the “Big Four banks,” JP Morgan/Chase, Citibank, Bank of America and Wells Fargo, took billions in
taxpayer bailout money but cut lending to businesses by $100 billion.
America’s Mail 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.” Many of
these banks were closed in the past year.
we thought the rich hand-outs to cover bad behavior and risky lending were over now that Mr. Obama is in the White House,
to the Washington Post, the Obama Administration pledged on Christmas Eve to “provide unlimited financial assistance
to mortgage giants Fannie Mae and Freddie Mack, an eleventh-hour move that allows the government to exceed the current $400
billion cap on emergency aid without seeking permission from a bailout-weary Congress.”
commentary by David Reilly, a columnist for Bloomberg News, revealed that the so-called financial reform legislation working
its way through Congress, includes a few “business as usual” clauses and fails to reinstate the Glass-Steagall
Act, adopted after similar risky investment practices brought on the Great Depression of 1929. The act was repealed under
the Clinton Administration and this opened the door to the careless lending practices that brought about the financial meltdown.
new reform act would authorize the Federal Reserve banks to provide up to $4 trillion in emergency funding the next time Wall
Street crashes, the Reilly article said. “That is more than twice what the Fed pumped into markets this time around.
The size of the fund makes the bribes in the Senate’s health-care bill look minuscule,” he wrote.
where we sit, watching our nation’s economy circle the drain and the big bank and corporate CEO’s only scrambling
for new and better ways to rape the system, will not bring reform or fix anything. It looks like the power brokers are
still in charge and plan to conduct business as usual on Wall Street and in Washington.
They don’t seem to care about salvaging a crumbling nation that needs to be returned to its status as a beacon to the
support the Huffington plan to call on action by the American people to Move The Money out of not only those big banks, but
stop buying from and supporting all businesses that are showing contempt for the people on the street.
closed account may not seem like much to those giant banks, but collectively hundreds of thousands of money draws will
at least cause an itch and hopefully gain some attention.
Huffington-Johnson story concluded: “Think of the message it will send to Wall Street – and to the White House.
That we have had enough of the high-flying, no-limits-casino banking culture that continues to dominate Wall Street and Capitol
readers to link to the Huffington website and read the story in full. Click on: http://www.huffingtonpost.com/arianna-huffington/move-your-money-a-new-yea_b_406022.html