Exit Wall Street: go local today with a new account at Philly’s own PFCU

Dec 10, 2011   //   by Robert Monk   //   Customer Resource Blog  //  No Comments

The Problem with Mega-banks             [get coupon]

Disappearance of Main Street Banks and Neighborly Accountability

The 99% are the ones who have not positioned themselves to benefit at the expense of others through the banking and financial systems. We need to put our money in banks that serve us well, and do so without putting the entire U.S. and global financial system at risk. Doing so may make our own real deposits safer, and it may defuse the time-bomb of ‘too big to fail’ bailout logistics and ‘too big to refu$e’ lobbying that is often as not against the public interest.

According to a recent article in the New York Times Magazine, just three banks handle 44% of all US banking, while the 20 largest banks handle 92% of banking in the U.S. Not only does this concentration of financial power distort our politics, it endangers our actual, deposited dollars, and the entire financial system in which those dollars circulate. The big 3 banks, and possibly the big 20, may truly be ‘too big to fail’, but July’s downgrading of US credit ratings means we — tax-paying citizens and businesses — can’t afford to bail them out again; assuming we even could the first time. Further, Congress is so frozen by partisan politicking that it’s done little to implement new regulations that could prevent new rounds of fraudulent investment/default insurance by the same big banks that failed us last time around. The big 20 fought state regulators trying to put a plug in predatory sub-prime lending for years prior to the 2009 crash, and continue to shape regulation that favors them over smaller banks. Some bet against the very investments they were recommending to their own clients. Is this where you want to get financial advice, or keep your money?

Toward solutions for hard-earned savings

Get a $25 credit for electric work, or support local food options with
Mariposa Food Co-op when you use a new account referral coupon, below

 

Click to load printable referral coupon.

Click this image to load a printable coupon and credit Robert Monk for referring you to PFCU.

Click to load printable referral coupon.

Click this image to load a printable coupon to credit Mariposa Food Co-op for referring you to PFCU.

Also, consider joining Mariposa Coop or referring new members there. Mariposa is offering $10 referral credit and $10 sign-up bonuses now, as part of its membership drive leading up to opening the new store in early February.



 

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