GO FURTHER THAN THE OBAMA PLAN OF FEES ON BANKS, WITHDRAW YOUR SUPPORT THEY NEED! OH, YES WE CAN -- BY VOTING WITH OUR FEET!

Written by Jim McGrath Monday, 11 January 2010 17:45

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WHY IS IT TIME TO GO FURTHER than the Obama plan for fees on banks to recoup bailout money reported today in The New York Times (see link below)?   No serious proposal for clawbacks has been enacted by our legislators, be it due to timidity, encapturement by banking interests, or both.  Obama's proposal sounds like a good idea, but these behemoth banks will only pass these fees on to customers, even as they thrive under our (taxpayer) money and grant themselves huge bonuses for their shenanigans.  They will do the same and worse than they are doing now with outrageous charges and other fees, like jacking interest rates up 30 percent, tacking on fees for not using your credit card, etc.

HOW TO GO FURTHER: VOTE WITH YOUR FEET -  it is time to abandon the banks, they have abandoned us. Promising to use government aid to lend to small business in order to revive the economy, again, they have instead hoarded billions in bailout funds and gather to themselves great largesse and perks.  Vote by transferring your deposits (which is their lifeblood) to smaller community banks. Do what thousands of others are doing, as emboldened by the grassroots Move Your Money campaign. Their website shows instantly where local community banks are near you, by zip code (see my homepage for the link).

Coverage by the New York Times: http://www.nytimes.com/2010/01/12/business/economy/12bailout.html?