By Lisa Yenn Staff Writer
Revolution In Media is sponsoring a day of action against the banksters that are destroying families all over America. September 3rd is the day that we all pull our money out of the banks and move to credit unions.
Fact: The Banksters want another bailout even though they are charging fees to their customers in record amounts.
It’s time to send the banksters a lesson, move your money and support your local credit union.
Fact: Some of the world’s major banks are willing to do business with corrupt regimes. By doing so they facilitate corruption and looting of natural resource revenues, denying some of the world’s poorest people a chance to escape poverty.
We cannot sit idly by as the banks seek to destroy families and communities.
Norman Rousseau committed suicide after Wells Fargo sent an eviction notice to him and his family. Rousseau shot himself in the head days before he was scheduled to be evicted after battling Wells Fargo to avoid foreclosure.
Pamela Flores was told by Bank of America to stop making payments on her mortgage after she told them she could no longer afford it. The bank told her if she stopped paying, she would become eligible for the Making Home Affordable Program, a federal initiative meant to provide mortgage relief. The bank put on her on a trial period, but then claimed she missed a payment and was disqualified. She contends that she made all payments on time. Her home went to auction.
There are countless other tales of woe due to corrupt banks. Enough is enough, we need to send them a clear message.
In the interest of transparency, here is a list of banks that contribute to various politicians. We hope you use this as a guide when you vote, so you know who the politicians really work for.
METHODOLOGY: The numbers on this page are based on contributions from PACs, soft money donors, and individuals giving $200 or more. (Only those groups giving $5,000 or more are listed here. Soft money applies only to cycles 1992-2002.) In many cases, the organizations themselves did not donate; rather the money came from the organization’s PAC, its individual members or employees or owners, and those individuals’ immediate families. Organization totals include subsidiaries and affiliates.
All donations took place during the 2011-2012 election cycle and were released by the Federal Election Commission.
Those receiving top funding from the banks:
|Romney, Mitt (R)||$1,922,140|
|Obama, Barack (D)||$708,759|
|Corker, Bob (R-TN)||Senate||$327,390|
|Bachus, Spencer (R-AL)||House||$252,400|
|Tester, Jon (D-MT)||Senate||$220,418|
|American Bankers Assn||$2,580,000|
|JPMorgan Chase & Co||$1,920,000|
|Independent Community Bankers of America||$970,000|
Lobbying Totals, 1998-2012
Source OpenSecrets.org, Center for Responsive Politics
As you can see, the banks of a lot of influence in Washington. We cannot count on politicians to do the right thing, even if they say that they will. We all know politicians will say anything just to get elected.
It’s time that WE THE PEOPLE, speak with actions and not words. If we move our money from the banks they will be forced to end their corrupt ways in hopes of maintaining their way of life.
What If The Banks Fail?
There are many people who will call out doomsday scenarios when the discussion turns to bank failure. They will make it seem as though the entire US economy is linked to the success of banks.
Not true. The economy thrives or fails based on consumer spending and demand for goods. Banks have very little say when it comes to dictating the economy. If every US bank failed, Wall Street would become alarmed, but the spending of US citizens would right any wrongs. We need to stop paying attention to what Wall Street says, since they are run by banks. Of course Wall Street will sell doom, gloom, and calamity should Americans leave their banks. We need to be smarter than they take us for.
Even if only one million Americans left their banks, it would be enough to send shock waves through out the entire system. The banks have millions of dollars to spend on feel good advertising and PR, but Americans possess the power of millions of voices.
It’s time to leave the corrupt banks and rebuild our communities.
Recently, the city of Oakland went to war with Goldman Sachs over fees and penalties. Here is more information on the story from Thom Hartmann:
But now, one city is fighting back. Back in 1998 – Goldman Sachs gave the city of Oakland a deal on its debt – saying it would convert the city’s $187 millionin debt to a new fixed-rate of 5.6%. Over the nest decade though – thanks to the economy tanking – interest rates plummeted – meaning the city of Oakland was now paying a much higher-interest rate that it would have been before Goldman Sachs stepped in. Oakland has now paid $26 million more than it should have – and Goldman Sachs is demanding more than $15 million in fees and penalties. But rather than rolling over and becoming a municipal salve to Wall Street – Oakland is fighting back. Last week – the Oakland City Council voted unanimously to terminate the bad deal the city had with Goldman Sachs. The resolution was simple – yet strongly worded – saying: “if Goldman Sachs refuses to terminate the swap agreement without termination fees or penalty within 60 days, then they will be excluded from any future business with the City of Oakland.” Basically – if Goldman Sachs doesn’t do what the city says, then the city will pull all of its business out of the bank, which is a whole heck of a lot of money. It’s a threat that the bank has to listen to – and a threat that other cities need to issue on their own.
The point is – no city in America should be doing business with the banksters on Wall Street – who have proven time and time again they’re only interested in looting. Instead – cities across the nation should be investing their assets in local banks and credit unions – institutions that actually care about the communities they belong to – and not just short-term profits for foreign shareholders. This has been a central theme coming out of the Occupy Movement since last Fall – calling on citizens and communities to move their money out of the big banks and into local credit unions. Millions of people have moved their money since last year – sucking billions of dollars of wealth out of the big banks and moving it into community banking institutions. And according to some reports on Wall Street – the big banks could lose as much as $185 billion by the end of the year if the defections continue. And if cities like Oakland get into the game, too – then Wall Street’s giants will lose even more money. That’s the best way to put an end to “Too Big To Fail” – for all of us to walk away from these giant, predatory institutions. Let’s keep it up – move your money and encourage your city to do the same – and transform banking back into the safe, useful, and boring industry it was for most of the 20th century.
- Why Wells Fargo Is The Pick Among Major Banks (seekingalpha.com)
- July 7: Yard Sale for Oriane Rousseau who lost her home (occupyventura805.wordpress.com)
- Wells Fargo Dominates as Rivals Fall Behind (valuewalk.com)
- What to Expect From Banks Next Week (fool.com)
- Wells Fargo CEO says more cost-cutting needed (bizjournals.com)
- Bank Of America: Don’t Miss This Rare Opportunity (seekingalpha.com)
- Banksters Take Us to the Brink (themoderatevoice.com)
- Banksters Get Raises (revolutioninmedia.com)