You remember the movie It’s A Wonderful Life. George Bailey savings and loan verses the big banks and evil Mr. Potter.
The recent vote to continue to allow Wall Street to win adds to an already growing frustration. Many every day Americans can feel powerless, but we are not. There are several things each one of us can do to make a huge impact on the financial institutes in our country.
1. Move Your Money: There is a campaign to encourage individuals to move their money from the big banks into smaller community banks or credit unions. If enough people move their money, the big bankers who Washington keeps protecting will feel the effects.
Across the country, a movement has sprung up. Dubbed “Move Your Money” and championed by blogger Arianna Huffington since late 2009, the campaign aims to persuade consumers, businesses and municipalities alike to transfer their financial holdings from institutions such as JP Morgan Chase, Bank of America and other large banks based in New York and other capitols of capital to smaller, locally-owned and operated banks and credit unions that dot the landscape throughout America.
Underlying the movement is the belief that community banking institutions more readily contribute to the health of their communities, as they are more likely to loan money to start-up businesses and other organizations to grow local companies and employ local people.
Taking away money from big banks and putting it into community based credit unions will improve your community by lending to local business upstarts.
I really like this idea. But I bet Wal-mart hates it.