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 your money."
Colbert had some fun with the campaign, creating an opposing video for Citibank that would make for "a great ad ... that would also be a great new drama at 10pm on NBC." He also poked fun at "Arianna Huffingpo" and Bank of America for an ad that was placed on the Move Your Money story.
Acknowledging that community banks don't have an ATM on every corner, Eugene explained that the price for convenience is a broken system. He also pointed out that big banks are using our money to lobby Washington to keep that system the way it is.
If you'd like to move your money to a community bank, check out MoveYourMoney.info. Or maybe you can invest with Colbert.
"How much cash do I need to start a bank?" he asked Eugene.
"I think you just have to ask the U.S. government for it. Just say you're failing."
WATCH: (Scroll down for original Move Your Money video)
| The Colbert Report | Mon - Thurs 11:30pm / 10:30c | |||
| Move Your Money - Eugene Jarecki | ||||
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Arianna Huffington and Rob Johnson: Move Your Money: A New Year's Resolution
Check out this powerful new video and see why you should make it your New Year's resolution to move your money out of a "too big to fail bank" and into a community bank.
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Moving those funds to small banks will likely require pressure from many people. They will have to press the organization supporting the retirement program - employer, union, professional group, etc. - to open the plan up to such investment. The employer's response will often be that the option to do so is simply not available from the outside firm managing the fund, as Fidelity does for many 401Ks. In which case employees should press their employers to push Fidelity or whomever in turn to open up the option.
The first plan administration company to offer the option of "moving your money" to a small bank will have an instant competitive advantage, so its not an exercise in futility to press for it.
Why wouldn't opposition extend to politcal parties as government and banking policy are fundamentally intertwined?
Saying that 'the other' party would be worse is akin to an abusive spouse threatening their partner that they will be worse off if they left.
End the dysfunction.
It seems to me, that with the system set up as it is, companies can force a takeover in the courts. Hostile takeovers must be eliminated or it doesn't matter what bank you put your money in. As long as lawyers can go to court and claim it is in the shareholders best interest financially, the court can make them sell. This is wrong. For banks or any other publicly traded company.
Even worse is the period where you are forced to wait for a check to clear, during which time the bank has access to the funds virtually immediately, and is putting them to work from the start.
Checking accounts are your subsidy to banks, whether local/community, or monstrous Wall Street menace.
But credit union ATMs are part of a network, and you have access to the whole network of ATMs. So it's not as inconvenient as he made it sound.
Also, when talking about the failed community banks, he really should point out that, even if a bank fails -- whether community bank or credit union -- your funds are guaranteed up to $250K. So there's really no risk.
And credit union debit cards work just like big bank debit cards at your local Trader Joe's, or when you're in Auckland NZ and need to draw some local currency.
When I first saw this headline. I thought he was talking about Obama and Pelosi.
You do realize that FDIC insurance, not to mention bank bailouts, encourages this gambling?
The bailouts, as you mentioned, are a serious problem.
Chances are you don’t know the information in the following documentaries. If you don’t know how our money supply has been hijacked by elite banking families, how can you hope to solve the problem of artificially-created depressions and bank bailouts?
To solve the problem you have to understand the problem. To understand the way the system is gamed, you MUST watch the documentaries at
http://www.themoneymasters.com !
An economy runs on the availability of money in the form of loans to businesses. Control the supply of money means you control the economy. The private families who own the banks that comprise the Federal Reserve CORPORATION control the economy.
It doesn’t matter if money is gold, silver, paper or sea shells. He who controls the SUPPLY of money controls the economy.
We MUST FORCE Congress to end their subservience to the PRIVATELY OWNED “Federal” Reserve, take BACK their constitutional duty to regulate our currency DEBT FREE and eliminate the inflationary, wealth-stealing disaster known as Fractional Reserve Banking.
The solution for monetary reform is:
http://www.themoneymasters.com/monetary-reform-act/
Have you ever wondered why banks often have the biggest buildings in downtown centers? They are the Money Masters. They manipulate money for a living, and they’ve been cheating us blind, not just recently, but for centuries.
The rich really are getting richer and the poor are getting poorer, a new University of Michigan study shows. Rising inequality isn't new. The gap between rich and poor started growing before Ronald Reagan took office, and it continued to widen through the Clinton years.
But what happened under Bush is something entirely unprecedented: For the first time in our history, so much growth is being siphoned off to a small, wealthy minority that most Americans are failing to gain ground even during a time of economic growth -- and they know it. http://www.sciencedaily.com/releases/2007/08/070807171936.htm
WATCH MOORE'S CAPITALISM FILM - It shines a light on both Rep and Dem darkness.
STOP RE-ELECTING ...