Posts Tagged ‘Big Banks’

“The Summers of Our Discontent”

This article is the 98th posted on The Huffington Post.


The President named a new Fed Chairman.

Janet Yellen, currently Vice Chairwoman under Ben Bernanke, was selected by President Obama to head the most important financial institution in the world. The best choice he could make.

He was poised to make a huge mistake. One we couldn’t live with; one that would have caused more damage than has already been done.

The name of Larry Summers was recycled by the Obama administration, this time as a candidate for Chairman of the Federal Reserve.

But was Summers the right man for the job?

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Posted in Banking, Economy, HuffPost Articles, Obama, Politics, Too Big to Bail | Comments Off

“Senate Votes for Big Banks and Against the People!”

The People vs. Big Banks! Who won the vote in the Senate last week?

Last Thursday night the Senate voted on an important amendment for ‘the people’ of this country—protecting the American people from predatory banks. The amendment (Brown (OH) amdt. No. 3733) to Restoring American Financial Stability Act of 2010, would impose leverage and liability limits on bank holding companies and financial companies. Essentially a controlled method of separating the banks and protecting depositors and investors—‘the people.’

There are many reasons to break up the Big Banks and those are discussed in greater detail in “Break ’em Up!” But mostly it’s because of what the banks continue to do to middle-class Americans with impunity.

Surely the Senate voted in favor of their constituents?

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Posted in Banking, Politics, Too Big to Bail | 2 Comments »

“Move Your Money!”

Two weeks ago, Arianna Huffington and Rob Johnson introduced a program which will cleanse the financial system of banks that are too big to fail.

The program, “Move Your Money” will help stabilize good community banks and credit unions while making big banks smaller, reducing their negative effect on the economy.

How does it work? Actually it is very simple. They have, along with the help of political strategist Alexis McGill, filmmaker/author Eugene Jarecki and Nick Penniman of the HuffPost Investigative Fund, set up a data base that helps you find healthy community banks in your area by entering your zip code.

The list of banks that come up in your area are community banks, the vast majority avoided the greed and corruption that created the toxic economic environment that we still face. They are banks that have not taken careless risks with their depositors money—Your Money!

I had previously advocated this move in an article in March of 2009 in “Too Big to Fail; Too Big to Bail!” It was an opinion of mine I had been developing since the request for TARP money; the $700 billion giveaway to save Big Banks from themselves with taxpayer’s money.

But the powers at Huffington Post have taken it one step further and made it easy to find quality banking institutions in your area.

I’m moving all my money from Big Bad U.S. Bank to Schools First Credit Union and will be glad when the final automatic transaction has changed, freeing me of the nickel and dime mentality of U.S. Bank. Happy to be free of one of the most predatory banks in the country I find my credit union to be friendlier, more efficient, more caring, and more responsive to my needs.

The more people that move their money to better community institutions, the quicker the banking sector will become more transparent and stable for hard-working American families.

The process has already begun. Send an important message to the irresponsible banking giants by joining the thousands of Americans who have already moved their money. Let the Big Chief Bankers, who will be receiving millions of dollars in bonuses, know that you cannot participate in the extreme, almost criminal risks that they continue, without restraint, to take with your hard-earned money.

As a reassurance, your money at both community banks and credit unions are insured by the FDIC and National Credit Union Administration at the same levels as the Bank of America, JP Morgan Chase, Wells Fargo, U.S. Bank, Citibank, PNC Financial, Fifth Third Bank, Keycorp, Zions Bank, and Goldman Sachs.

Go to and find  a good community bank or credit union—Today!

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Posted in Banking, Call to Action, Economy | 1 Comment »

“Too Big to Fail; Too Big to Bail!”

In March of 2009 I wrote an opinion on the big banks, their executives, and what they did to cause the financial crisis that almost melted down the entire global economy.

Just over a year ago, as the total collapse of the financial system was unraveling, the banks were given a huge bailout despite the fact that clearly over 90% of those that wrote, called, and e-mailed their Congressional representatives told them NO bailout. The banks had misused depositors and investors money and deserved to fail.

Our corporate bought, non-responsive members of Congress voted for the bailout, despite their constituent’s admonition of such a use of taxpayer’s money. Despite the fact that some of these big banks have kinda paid-back the TARP (Toxic Asset Relief Program) funds they were given, they still have billions in government guarantees for their toxic assets, corporate bonds, and shares we still own.

Are the banks remorseful for causing the recession and a bad economy for millions of hard-working Americans and their families? They’re giving out billions of dollars in bonuses! Have they learned anything from their mistakes?

The answer is unequivocally—NO!

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Posted in Banking, Economy, Opinion, Too Big to Bail | 4 Comments »