Forum Post: Withdraw money from Wall Street and invest in nonprofits
Posted 12 years ago on Oct. 7, 2011, 3:58 p.m. EST by TeBrun
(22)
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There has been some talk about boycotting the big banks. This is the only way to produce any change. We need to get the word out. I believe January 6th is the said date for everyone to take their funds out of the big banks.
I personally would like to see The People start a massive national credit union. We could collectively be powerful enough to bring balance to the economy.
This is not a bad idea at all - you need standards though, and (as pointed out by johndblair) not other people's definitions of "non-profit" or "socially conscious investing" etc. If some good sensible OWS people could get together and control how the standards are drawn up and how the beneficiaries are certified, that gives real power that can be leveraged to positive effect - provided it is used honestly.
The main pitfall is ensuring people that their money is safe, at least to the same degree as the banks have managed.
I think this need not apply only to investments in banks - for example, consider the diamond, a colorless stone, well supported by advertisement, which when torn from its place and faceted to uniformity serves as a potent metaphor for corporate man. Imagine you replaced this stone, which loses most of its value at the jeweler's door, with a cheap stone bearing the serial number of an account for money invested in this people's credit union. Which would increase in value over time, better serving its primordial purpose of guaranteeing the woman wearing it that her children, for a month or two, need not fear hunger.
I lost faith in Obama last January when he caved to conservative demands and extended tax cuts to the wealthy. He keeps compromising away his soul, trying to be a nice guy. He's not strong enough. I don't think anyone is in that position.
But we are strong enough. We are the people. We are the workers. We are the tax payers. We should stop supporting the corrupt global banking system by withdrawing our money. I would love to see the 99% pull together and create a non profit bank(credit union). But I'd be happy too to see us invest locally, in our local credit unions.
Great power could be reaped through the creation of a nation wide credit union. Non profit. Non ceo bonus. No hidden fees. non corruption. Simple a safe place to hold our money and to bank through.
Non-profits are part of the problem. The executives of many non-profits still take home millions of dollars a year. If a non-profit was truly non-profit they would not have the money to build bigger buildings and lobby Washington D.C., but the history of non-profits shows me that the only reason they are non-profit is so that those running them can make millions without worrying about taxes taking away any money that the non-profit takes in.
There is only one way to dissolve the big banks. And that is to take our money back. We still own a good chuck of the banks. Let's take our money back.
A non profit bank could be set up in a way that is ethical and fair. Small local credit unions do it all the time. It has to be done properly.
Obamas' 2012 Finance Director is the son of BANK OF AMERICAS former CEO.... the guy who got us in this mess!!! Keeping it all in the Family
Oh well maybe you should stop posting from your smartphone too!