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Campaign to Move Money From Giant Banks to Community Banks Is Going Viral

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January 07, 2010 – Comments (8)

George Washington blog has the update:

http://www.washingtonsblog.com/2010/01/campaign-to-move-money-from-giant-banks.html

Arianna Huffington and Rob Johnson's campaign for people to move their money from the giant "too big to fail" banks to local community banks and credit unions is quickly going viral. Numerous financial writers have endorsed the campaign, including:

Justin Fox (Time)

Tim Fernholz (Newsweek)

Rolfe Winkler and

Felix Salmon (Reuters)

Andrew Sullivan (The Atlantic)

Peter Rothberg (Nation)

As Gary North correctly writes at libertarian website LewRockwell.com: The protest is neither Right wing nor Left wing.

Indeed. Polls show that both liberals and conservatives are furious that the big banks are calling the shots and that the giant banks are running amok with the backing of the taxpayers. That's why the campaign is going viral. Moving our money will let us all - left and right - vote with our wallets and regain some control over our economy and our finances.

8 Comments – Post Your Own

#1) On January 07, 2010 at 9:20 AM, mtf00l (44.95) wrote:

I like the idea however I don't believe it has legs.

Here's why...

If we do the big banks will "acquire" the community banks and credit unions with the full faith and credit of the government.

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#2) On January 07, 2010 at 10:00 AM, chk999 (99.97) wrote:

Let me know how that works out for you.

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#3) On January 07, 2010 at 10:28 AM, FleaBagger (29.30) wrote:

Are banks legally allowed to acquire credit unions?

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#4) On January 07, 2010 at 10:50 AM, catoismymotor (39.02) wrote:

Fleabagger, apparenty so. Here is a link to a news story where a CU was interested in buying a local bank.

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#5) On January 07, 2010 at 11:07 AM, kdakota630 (29.50) wrote:

Is anyone else cynical enough to think that if enough people move their money from the Big Banks that they'll ask for (and get) another bailout because of all the money they've lost as people move their accounts?

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#6) On January 07, 2010 at 11:52 AM, abitare (31.66) wrote:

My point is still the same, you should resist these criminals and there actions, otherwise you can expect more of it.  I believe resistance is the rightous action here and I believe it will make an impact. Even if you don't think it will make an impact you should resist for moral reasons. 

Als die Nazis die Kommunisten holten, habe ich geschwiegen; ich war ja kein Kommunist.
Als sie die Sozialdemokraten einsperrten, habe ich geschwiegen; ich war ja kein Sozialdemokrat.
Als sie die Gewerkschafter holten, habe ich geschwiegen, ich war ja kein Gewerkschafter.
Als sie mich holten, gab es keinen mehr, der protestieren konnte.“

Pastor Martin Niemöller 

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#7) On January 07, 2010 at 1:38 PM, StatsGeek (29.22) wrote:

Abitare --

I'm planning a move myself right now from Wells Fargo to a local credit union.

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#8) On January 07, 2010 at 1:58 PM, outoffocus (22.84) wrote:

I've been recommending credit unions for years.  Nice to see people finally waking up.  On the other hand, theres a disadvantage to everyone jumping on a bandwagon.  I think right now I enjoy great benefits from being apart of a credit union because only a small subset of people bank with them.  However if everyone begins to move from big banks to CUs, then the CUs may begin to operate like big banks...

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