First Business Day of 2010: MOVE YOUR MONEY!!!!


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Submitted by Sarah on Mon, 01/04/2010 - 3:52pm

Departments:

Department of Eerie Historical Parallels

Thread:

Class Warfare

Hillbilly Report, which I've mentioned before, urges that you move your money out of big corporate banks (and their vampiric capitalism) into community banks. If you don't have a community bank, use a credit union. Seriously, they're the closest thing to the kind of bank George ran in "It's A Wonderful Life" around. These institutions are something like a cross between an old-fashioned pre-Phil-Gramm savings and loan, and a co-op.

Banking for profit destroyed the American national economy under w. Even Bernanke says the lack of oversight on the banks and financial institutions contributed heavily to the aftermath of the busted housing bubble (aka the current depression).

Want justice? Act for it! Move your money!!

That's one video that defines the Republican viewpoint: "a discontented lazy rabble" = all of us who aren't Mr. Potter.

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i did this 30 years ago

i've never regretted it, but it does mean i won't be taking part in any present-day mass migration.

And Beware of Changes

proposed for money market accounts which will potentially prohibit redemptions when (not if, methinks) there is a future "run" on a MMF as was feared when the Reserve MMF 'broke the buck' in 2008. Zero Hedge's article is actually a graduate seminar on MMFs, but the essential quote is below.

"Yet new regulations proposed by the administration, and specifically by the ever-incompetent Securities and Exchange Commission, seek to pull one of these three core pillars from the foundation of the entire money market industry, by changing the primary assumptions of the key Money Market Rule 2a-7. A key proposal in the overhaul of money market regulation suggests that money market fund managers will have the option to "suspend redemptions to allow for the orderly liquidation of fund assets."

http://www.zerohedge.com/article/governm...