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Old 01-26-2010, 10:08 AM
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fight back

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Larry LaBorde

If they are "too big to fail" let's help them get smaller and make our national banking system healthier...

If you are tired of the Wall Street bankster bailout program at taxpayers expense but feel helpless to do anything about it then keep reading. If record profits for the big six banks (and big bonuses for the executives there) that took your tax dollars makes you wonder exactly who is in charge then read on. If you get upset about the Goldman Sachs executive retirement plan (become US Treasury Sec and cash out lifetime personal portfolio tax free AND help out your old pals on Wall Street) for Wall Street banksters then get ready to fight back.

You have probably heard the term, "too big to fail" in conjunction with the TARP funds that were shoveled at Wall Street banks at taxpayer expense. I think that if they are "too big to fail" then they are "too big to exist". Of course no one at the White House is asking for my opinion. However, we as consumers can always vote with our feet. Fire the Wall Street bankers. There is a movement afoot to go back to local banking. Go to Move Your Money and visit their site. Say no to the Potters of the banking world and yes to Jimmy Stewart. Look in your wallet right now. How many of you have credit cards issued from the big banks? How many of you have IRAs or other accounts with or do business with the big 6 banks in any way? (Morgan/Chase, Citi Bank, Bank of America, Wells Fargo, Goldman Sachs or Morgan Stanley). Fire them this month. Help make them smaller by removing your business from their banks. They will not even notice your loss but they will notice the loss of hundreds of thousands of customers leaving and going back to their local banks and credit unions. If they are "too big to fail" let's help them get smaller and make our national banking system healthier.

Most of the big 6 banks have quit or contracted their lending and are piling up all that TARP money on deposit at the Fed. Most local commercial banks and credit unions continue to lend in the local community. Go to Solari | The Solari Report and read Catherine Austin Fitts' articles on supporting your local community. It only makes sense after you read and think about the difference it makes in your long term quality of life.

Credit Unions hold 70% of their mortgages and an even higher percentage of other loans as opposed to big banks with their "originate to sell" model. It is these very "originate to sell" models that got us into the mortgage crisis. While the local banks and credit unions that hold their mortgages in their loan portfolio are very concerned about a borrower's ability to repay the loan, the big banks with their "originate to sell" model could care less about the loan ever being repaid. If the loan goes bad it is someone else's problem. If too many go bad they stick the taxpayer with the bill.

Open up an account at a local bank or credit union. Check their rating out first at Mortgage Rates Credit Cards Refinance Home CD Rates by and choose a B rated bank or better. Go inside and meet them. Do not use the drive in too much. Go inside, shake hands and get to know each other. These people are your neighbors.

Grow up and cut up those credit cards (you know you have several) and use a debit card, write a check or even use CASH. The surest way to not overspend is to spend cash and to stop spending when you are out of it. Does the thought of cutting up your credit cards give you withdrawal symptoms? What about emergencies? Well how about doing what your grandfather did and keep a little cash close at home for emergencies. Hide a few hundred dollars at home and become your own ATM machine. Buy gold and silver for your long term savings and become your own central banker. Use the local bank for everything else.

Fight back and fire the Wall Street banksters. Pull your pension funds, IRAs, credit cards and other funds from the scam artists on Wall Street. One termite can not do much but thousands of us can make a difference. Support your local farmer, small businessman and local banker. You will live in a healthier community as a result.
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