Arianna appeared on Countdown with Keith Olbermann Thursday to explain Move Your Money, a project that encourages Americans to fight back against Wall Street's too-big-to-fail culture by moving their money from bailed out big banks to smaller, better-managed community banks. Olbermann gave the "brilliantly simple" project a ringing endorsement:
"Remember the banks that were too big to fail, the ones that took billions in taxpayer money and used that money not to help you with a loan, but to sweeten their balance sheets and pay lobbyists to fight financial reform...? Well, it turns out that you are not powerless in their... grasp... time to make those too-big-to-fail banks just a little bit smaller by moving your money to a local community bank."
Visit MoveYourMoney.info to find a community bank near you. Click here for answers to frequently asked questions about how to move your money.
Visit msnbc.com for breaking news, world news, and news about the economy
I picture softball teams, disabled veterans fundraisers and adopt-a-pet benefits in charming, quaint slo-mo. Shooting starts this week - editing, post production and voice overs will be banged out next week and they should be on the air by the end of the month.
Chase What Matters in YOUR Community
The Citi Never Sleeps in Hometown, USA
Bank of America - Helping Widows and Orphans, One Smile At a Time....
you get the drift.....
That's why the media crisis is actually not so bad. When people get rid of useless
newspapers they save themselves such problems as being confronted with advertising
clearly against their interest.
Maybe of interest in the wider context: "Magazine Death Pool" of "Newspaper Death Watch",
to name just a few. Cases where it is much easier to consider problematic ad strategies,
no more frustration.
http://www.magazinedeathpool.com/
Would Congress bail them out if their problems were caused by their customers leaving them?
Ideas?
I have been a credit union member for years and have been happy with their services.
"The National Credit Union Administration (NCUA) is the independent federal agency that charters and supervises federal credit unions throughout the United States and its territories.
NCUA administers the National Credit Union Share Insurance Fund (NCUSIF). Backed by the full faith and credit of the United States government, the NCUSIF insures the member accounts in all federal credit unions and the substantial majority of state-chartered credit unions."
Anybody willing to go post on some conservative sites?
Great idea with Move Your Money. How about opening up a second front by advocating that people move their retirement investments to low fee Index Funds???
The big banks, indeed the entire financial services sector, make an astonishing amount of money on high management fees for mutual funds and other investment vehicles that try to beat the market sector average - but over time, never do. Why pay an "expert" 2% per year to deliver inferior returns versus what index funds can deliver for ~ 0.2% ? Lots of empirical data available to support this from John Bogle, Founder of Vanguard Funds, and others.
Money management that adds no value is a huge source of bonuses and profit for the big banks - but a parasitical tax for the average investor. Let's take it away.
Average investors are well-served by diversifying with index funds in different investment categories, .e.g stocks, bonds, real estate. Simple rules-of-thumb can determine the right allocation, (the older you get, the more of your money should be in bonds).
Tax strategy would dictate using 401Ks and IRAs to protect the interest from bond index funds, while buying stock index funds with non-retirement account $$.
Check back every year to see if any particular sector is over-valued or if your portfolio is overweighted in a particular sector.
It's not a lot more complicated than that, and certainly not worth subsidizing the lifestyles of big bank executives to have them pretend otherwise.
I mean, what benefit is it to the depositor to put their money in an institution that's "just the right size to fail"?