I've been a satisfied credit union member for over 30 years, and I couldn't agree more with the letter (below) from Democracy for America's Political Director. Many people don't know that money in credit unions can be protected just as well as money in banks. Most credit unions don't charges fees for membership, either. Call your local credit union and ask a few questions. You may be pleasantly surprised at the answers you get.
--Cheryl
From Democracy for America:
The big banks on Wall Street -- JP Morgan/Chase, Citibank, Bank of America, Wells Fargo, Goldman Sachs and Morgan Stanley -- have had an incredible year, getting huge taxpayer bail-outs, making record profits and paying out multi-million dollar bonuses to their CEOs while many of them are still participating in all the highly leveraged activities that caused our housing and credit crisis in the first place.
I'd like to say the good news is that Congress is poised to pass major financial reforms later this month, so the President can sign the bill before the 4th of July. The problem is the bill they're planning to pass isn't good enough. Don't take it from me. Here's what the New York Times said about it last week:
--Cheryl
From Democracy for America:
The big banks on Wall Street -- JP Morgan/Chase, Citibank, Bank of America, Wells Fargo, Goldman Sachs and Morgan Stanley -- have had an incredible year, getting huge taxpayer bail-outs, making record profits and paying out multi-million dollar bonuses to their CEOs while many of them are still participating in all the highly leveraged activities that caused our housing and credit crisis in the first place.
I'd like to say the good news is that Congress is poised to pass major financial reforms later this month, so the President can sign the bill before the 4th of July. The problem is the bill they're planning to pass isn't good enough. Don't take it from me. Here's what the New York Times said about it last week:
The financial reform legislation making its way through Congress has Wall Street executives privately relieved that the bill does not do more to fundamentally change how the industry does business.
Despite the outcry from lobbyists and warnings from conservative Republicans that the legislation will choke economic growth, bankers and many analysts think that the bill approved by the Senate last week will reduce Wall Street's profits but leave its size and power largely intact.
In other words, too big to fail banks will still be too big to fail. It's time to take matters into our own hands. So today we're joining the Move Your Money campaign started by the good people at The Huffington Post. Declare your independence from big banks and pledge to Move Your Money to a local community bank or credit union today.
Community banks and credit unions don't act like the big banks. Typically, they're more responsible in how they manage their money, they're more closely connected to the people and businesses who live near them, and they're more inclined to make loans they know will get paid back. And your local credit union isn't going to ask Congress for a multi-billion dollar bail-out either. These are the qualities most people want banks to have.
The idea is simple. To regular Americans this issue isn't Left or Right -- it just makes sense. If enough people move their money from a big bank to a smaller, more local, more traditional community bank, we can break up the big banks ourselves. By working together, we won't have to wait for Congress make change happen.
Click here to
TAKE THE PLEDGE AND FIND A CREDIT UNION OR COMMUNITY BANK NEAR YOU
We can send a message to Congress, the President and every candidate running for office that we don't trust big banks with our money. But it's up to us to do it. Let's get started right now. Thank you for everything you do.
-Charles Chamberlain, Political Director
Democracy for America
Community banks and credit unions don't act like the big banks. Typically, they're more responsible in how they manage their money, they're more closely connected to the people and businesses who live near them, and they're more inclined to make loans they know will get paid back. And your local credit union isn't going to ask Congress for a multi-billion dollar bail-out either. These are the qualities most people want banks to have.
The idea is simple. To regular Americans this issue isn't Left or Right -- it just makes sense. If enough people move their money from a big bank to a smaller, more local, more traditional community bank, we can break up the big banks ourselves. By working together, we won't have to wait for Congress make change happen.
Click here to
TAKE THE PLEDGE AND FIND A CREDIT UNION OR COMMUNITY BANK NEAR YOU
We can send a message to Congress, the President and every candidate running for office that we don't trust big banks with our money. But it's up to us to do it. Let's get started right now. Thank you for everything you do.
-Charles Chamberlain, Political Director
Democracy for America
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