predatory capitalism

Happy Bank Transfer Day!

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Happy Bank Transfer Day!

bank transfer day
Otherwise known as - you're charging me 22% credit card interest when I have a FICO score above 750 and no missed payments? Seriously?

Today has been declared bank transfer day. A nationwide consumer call to action to pull money from Too Big To Fail, derivative ridden, foreclosure fraud laden, fee crazed, bail out happy, offshore outsourcing our jobs, banks.

Credit Unions are rejoicing and celebrating the event. From a Credit Union National Association, press release:

At least 650,000 consumers across the nation have joined credit unions in the past four weeks

This represents $4.5 billion in deposit transfers to credit unions. The online banks and smaller banks probably have similar amounts in transfers.

The Federal Reserve statistics on money stocks show fed up customers have a long way to go to make a serious dent on commercial banks. Savings deposits at commercial banks are about $5 trillion whereas credit unions, thrifts are about a trillion. Checking accounts and the like are a little more even, with about $237 billion at commercial banks and $177 billion at credit unions, savings and loans. Growing the credit unions, smaller financial institutions that actually give the consumer a good deal, loan, invest in the real U.S. economy and hire Americans ....well, let's just say ya gotta start somewhere.

The Road to Predatory Capitalism

We have repeatedly heard over the past decade how “things just happened.”

How “…nobody could have foreseen that.”

Or, how everything came about due to “..unintended consequences.”

Conscious actions have intended consequences.

While at the same time we have repeatedly witnessed how the major perpetrators, culprits and predators go unscathed, facing no consequences for the abominations against the public.

In fact, we have observed them to be unjustly rewarded again and again and again.

Then there are those of us who must hustle endlessly for the next month’s mortgage payment, or rent due, or the next meal, are constantly chided with the admonition that “…we must innovate our way out of this!”

We, Kimosabe????

“We” have innovated endlessly, only to find ourselves bereft of employment while the technology we developed has been transferred, along with our jobs, offshore!