Thread: Move your money to small banks.

Originally Posted by Show-me

Are you as angry as I am about the monster mega banks taking billions in tax payer dollar so that they can in turn pay themselves millions in salaries and bonuses playing the market instead of loosening credit to small businesses and the consumer?

Are you as angry as me about all the fee's and charges the monster mega banks slip into a billing statement?

Well if you have a account with one of the "big banks" you are a enabler. You are voting with your business and wallet telling the big banks that it is OK to do what they are doing. Yes, you! Is it because you are complacent, don't care, like it, to busy, lazy?

Here is all you need to do.

1. Open a account at a "local" bank or credit union.

2. Transfer your money to the "local" bank or credit union.

3. Done.

If everyone does that it will send a clear message to them and the local businesses will most likely use the money for your community.

Quit making the monster mega banks rich. Quit enabling them, if you keep money there that is what you are doing.

Pass this on to everyone you know. The peoples voice is strong if we sing in unison.

Here is a good video clip.

http://www.businessinsider.com/dylan...uality-2009-10

Show-me,
I agree and sent you a related PM.
Unfortunately, it likely will be the same ol' "too big to fail" scenario as before.
Very sad, but what you suggest may be the only thing the normal citizen can do about it.
(Still wish to hear the FED will be audited & immediately!)

Hope your fall from home's ceiling, that you're OK.
VR

The Treasury should have lent the money out directly to small businesses at the prime rate. Now that what I call stimulus.

I have many problems with Goldman and among them being that this company was crying mother a year ago after facing a run on their funds. It's all ancient history now in our pathetic short term oriented society of who can beat the market on any given day.

Good luck with trying to get rid of the big banks but like it or not, without big banks, we're (humanity) finished. Small banks might be a few cogs on the wheel, but big banks are the wheel. The credit union isn't lending a line of credit to Goldman Sachs to drive their algorithmic trading units which is the only productivity (if you can call it that) left in America.

I got mortgage rates pretty low a few years back and am not about to enable the machine by refinancing to a little guy from the big guy so I can save $10 a month and fight the man. Oh, and I do have accounts at two credit unions, three major banks and one regional bank, so I guess I can say I've spread my risk.

We'll probably see more bank runs 5-10 years from now when baby boomers finally realize that a pension crisis is unavoidable.

Originally Posted by Bullitt

I got mortgage rates pretty low a few years back and am not about to enable the machine by refinancing to a little guy from the big guy so I can save $10 a month and fight the man. Oh, and I do have accounts at two credit unions, three major banks and one regional bank, so I guess I can say I've spread my risk.

If you have a low rate, it does not make sense to refiance. That justs spends more like you said. I am fighting back by paying extra on my mortgage to get it paid off sooner. Plus it reduces the amount of interest that is paid over the course of the loan. So, in a small way, I am fighting back, but on my terms. Once debt-free, they all can kma.

Also, have you checked into Everbank. You can hold your account in foreign currency.

Here is an article on a local San Diego Bank...

To be honest, my link isn't fair and you seem a decent person...

Regardless, how much does Goldman Sachs owe the government?
My memory is that they did not want any bailout money.
Neither did JP Morgan/Chase and Wells Fargo.
Many small regional banks as well

They were 'forced' into taking bailout cash because the Treasury did not want an immediate run on the banks who 'elected' to accept the bailout. If your bank walked up to the bailout teller at the FED would you have stayed with it? Nope. Did the TARP funding end the bank runs? Yup. And, only half of the $750 Billion was expensed - with much of that going to dead ends like GM, Chrysler, and AIG (not banks). All the banks were asked to feed from the same trough. Kinda a Three Musketeers thing.

More than half of the TARP funds have been repayed with interest. How much of the $840 Billion in 'stimulus' money will be repaid? Where is the audit on that spending? Do we really want the 'Banking Queen' or 'The Hammer' managing our money supply, interest rates, and the strength of the dollar. Watch who screams when Bernanke starts raising interest rates next year. You can't do what's necessary when the FED is politicized.

It really is too bad about 'San Diego National Bank'. That mural is stunning amongst the concrete jungle of San Diego. You can see it from the I-5 freeway.

How about really screwing them over?

1. Move what you need for day to day living into a small, local bank.

2. Start investing in metals with your surplus earnings.

CIT Files Bankruptcy; U.S. Unlikely to Recoup Money (Update3)

By Tiffany Kary, Dawn McCarty and Lester Pimentel

Nov. 1 (Bloomberg) -- CIT Group Inc., a 101-year-old commercial lender, filed for bankruptcy to cut $10 billion in debt after the credit crunch dried up its funding and a U.S. bailout and debt exchange offer failed.

CIT listed $71 billion in assets and $64.9 billion in debt in a Chapter 11 filing in U.S. Bankruptcy Court in Manhattan. The U.S. Treasury Department said the government probably won’t recover much, if any, of the $2.3 billion in taxpayer money that went to CIT.

http://www.bloomberg.com/apps/news?p...d=a3.t_GrxbL2U

Can you feel the knife, twisting ever so slowly.

Originally Posted by Show-me

http://www.bloomberg.com/apps/news?p...d=a3.t_GrxbL2U

Can you feel the knife, twisting ever so slowly.

Yes, and it is probably the first of many such stabs in the back.

Originally Posted by Show-me

http://www.bloomberg.com/apps/news?p...d=a3.t_GrxbL2U

Can you feel the knife, twisting ever so slowly.

Geez, Ray Charles could have seen that coming. How else would they scrub the books? As usual, the taxpayers have to eat the bill. I wonder who will scarf up all the real estate for pennies on the $. Bet the opportunity won't be extended to the taxpayer.

Originally Posted by wv-girl

If you have a low rate, it does not make sense to refiance. That justs spends more like you said. I am fighting back by paying extra on my mortgage to get it paid off sooner. Plus it reduces the amount of interest that is paid over the course of the loan. So, in a small way, I am fighting back, but on my terms. Once debt-free, they all can kma. You go girl! I got mine wrapped up last year. AND I've pulled down my account balance at BofA steadily since then, used to hold more than 20x what's in my account now. but transferred the direct deposits to 5-star regional bank so it's built up the cash holdings-ready for me to spend it down on major home improvs this winter and next summer-if the world doesn't tank before I get funds spent. Still dickering with heating and cooling company over last details before I sign on dotted line for major work this winter.

Also, have you checked into Everbank. You can hold your account in foreign currency.

Now that I didn't know. Everbank, eh? I'm kinda interested in doing some currency diversifying with a bit of leftover savings that wouldn't be needed til next summer, but still studying up on FOREX haven't made much headway yet.