Arianna spoke to Rick Sanchez on CNN Thursday afternoon to urge Americans to withdraw their money from big bailed out banks and move it into local community banks.
Visit moveyourmoney.info to learn more about the project, and find a well-ranked community bank near you.
WATCH: Part 1
Eugene Jarecki, who directed the Move Your Money video, stopped by the Colbert Report on Monday to warn Stephen about "crazy sociopaths who gamble with...
I get more truth here than any of the media feeds.
Blessings to everyone in the New Year. Check out
you tube 2010 Predictions from Beyond.
http://www.bloomberg.com/apps/news?pid=20601039&sid=a48c8UpUMxKQ
These guys don't know how to answer to their board of directors. The premiums the Fed is assessing on solvent banks is exorbitant.
Keep fighting -- take your money back. The Feds obviously learned nothing from the savings and loan crisis but even those remainders that switched to banks are finding it a tough row to hoe today. My community banks give back in so many ways that I do not regret doing business with them, but the Feds are making even them charge fees and premiums just to pay the insurance that they don't like but must charge to stay solvent.
The risk occurs when insolvent banks are given trillions in bailout cash. All that free money means that community banks cannot compete with the wheel barrows of money the mega internationals are getting for free from the Federal Reserve.
Community Bank A has $1 million in deposits, and 1% default.
Mega Bank B has $100 million in deposits, and 15% default.
Mega Bank B receives $15 million in CASH to cover it's losses ... Community Bank A receives nothing. The mega bank is made solvent by the Federal Reserve and the community bank is destroyed ...
If Mega Bank B doesn't receive bailout money, it goes insolvent (bankrupt and is sold at auction by the FDIC). This is how capitalism is supposed to work.
Now, under bailout nation ... Community Bank A has to cover the losses on it's loan portfolio with it's own money (no free money for them) . This means Community Bank A has less money to loan out to consumers. Mega Bank B however, destroys the competiton because, not only do they not take any responsibility for their bad loan portfolio ... they have hordes of new cash to make new loans!
What makes this truly evil, Mega Bank B uses the free money to purchase Community Bank A at a pre-arranged price through the FDIC when the community banks fail.
http://www.michaelmoore.com/words/mikes-letter/michael-moores-action-plan-15-things-every-american-can-do-right-now
Peace and Happy New Year to everyone.
The "Tea-bag" movement was re-branded by yours truly, as I decided it was obnoxious, bad for tea companies such as Earl Grey, Lipton, King Mountain Tea, and reflected negatively on the founding of the USA from the original Boston Tea Party.
Still, we can call some people "tea-baggers", distinct from "Tea Partiers". Also, President Obama's critics are not the main connoisseurs of tea, nor tea parties, so the movement is patriotic, like our president.
The Tea Party is mine now. Some Republican tried to co-opt the movement, spending $4000.00 for dinner or something. Now the Tea Party constituency must recognize me.
But for most of my expenditures I use the American Express card because we travel a lot on business. We don't use any of the pay over time features.
This enforces a kind of fiscal discipline on us and keeps us from over spending. Also, we avoid the malls like the plague and keep as much of out spending local as we can.
The average American saves about $400 a Year. Average household debt is $100,000. You can't blame the banks for that horrifying situation.
Move money from one bank to another in an attempt to punish and control financial institutions will not work. Banks wouldn't have control over America if the majority of people weren't living WAY beyond their means on borrowed money.
For me, it's "Do I want it, or do I need it? If I need it, I'll buy it. If I want it, it can wait."
takes discipline, but it works.