Move your money

Posted on January 7th, 2010 by ecthompson md

From HuffPost:

Arianna and Rob Johnson, director of the Economic Policy Initiative at the Franklin and Eleanor Roosevelt Institute, urged Americans to move their money to community banks during an appearance on the Ed Show with Ed Schultz on Wednesday.

Just last week, Arianna and Rob unveiled Move Your Money, a challenge to Americans fed up with too-big-to-fail banks. The initiative encourages account holders to withdraw their money from big, mismanaged banks and move the funds to smaller, better-managed community banks–institutions that are still lending.

Arianna explained that community banks are more likely to lend, and to help fuel a recovery among America’s small businesses, “Community banks are much more likely to reinvest that money in the community and actually help create jobs…because… $1000 billion less money has been lent to communities from these four banks that we bailed out.”

This sounds like a pretty good idea to me.

Tags: Economy // 1 Comment »

  • Rowell

    We had seen for the past few months that every government and financial sectors where doing their share to stabilize the troubled economy, there had been the bail out funds for the delinquent companies and unemployment benefits fro those who had been laid off. For instance – Make Home Affordable, the government aid program for homeowners with troubled mortgages along with some other government aid programs to help stem the tide of foreclosures.  The Mortgage Banker’s Association has reported that one in seven mortgages is in foreclosure, though to be fair, that probably has more to do with the unemployment rate, rather than anything else – you can’t save a mortgage with payday loans, and no one can pay off a mortgage without a job.

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