To emphasize the importance of individuals using credit unions and local banks, more than sixty activists gathered in southeast Fresno, CA for a press conference at noon yesterday. As reported in today's Fresno BEE Big banks have new foe in Fresno faith group, the Move Your Money campaign in Fresno during the past year has resulted in $750,000 taken out of the big banks and invested in credit unions and local banks. A sign at the event needed updating:
The press conference was superbly organized by the interdenominational Faith in Community as part of a nationwide Move Your Money day. Ice water, fruit and cookies were available for the participants sweltering in the triple-digit heat, the microphones worked, everyone received a 4-page double-sided handout containing all the speeches, and a comprehensive powerpoint presentation was posted on a huge board. Signs identified the organizers:
Other organizers included Occupy Fresno, which has continuously occupied a downtown area since last October and frequently demonstrates at banks, and Peace Fresno, whose spokesperson emphasized that justice is necessary for peace.
In the shaded location outside a Catholic church, a student contrasted the member-friendly policies at his credit union with the outrageous fees and policies he had known at Wells Fargo. A soon-to-be-foreclosed homeowner reported in detail the frustrations that Bank of America has caused him, which might have been avoided by California's new Homeowner's Bill of Rights:
The religious leaders presented very thoughtful messages about what has happened because of the big banks. "Reckless lending practices of the large banks triggered financial disasters for families," said one pastor quoted in the BEE article, and "the government's solution to saving the economy was to bail out the same big banks that have brought about this economic tragedy. They have rewarded and protected the big banks from the consequences of their own irresponsibility." Another pastor said, "We are trying to undo the injustice these big banks have caused." A third said, "These big banks, they do not get to keep all our money, they do not get to call all the shots. We want our money moved." She offered specific ideas about what needs to be done:
She also asked the big banks to provide permanent loan modifications with principal reduction; show a 200% increase in small business lending in hardest hit communities; and break apart conglomerate banking entities into manageable pieces. "Where can jobs come from?" she asked. "Small businesses need to grow, but in two years following the 2008 bailout, Bank of America's Small Business Administration loans went down 97%. In fact all major banks are lending less to small businesses than before the bailout. Principal reduction for homeowners would create economic growth and create jobs."
What can we do?
There were useful handouts. This young man was passing out a flyer about auditing the Federal Reserve.
Most of the activists had already moved their money from big banks to credit unions and local banks, but in case someone hadn't, there was this reminder:
In conclusion, the Raging Grannies led the group in this song to the tune of "Roll Out the Barrel":
Move all your money
Out of the big banks today!
Vote with your money
'Cause that's the American way.
We'll show the bankers
That we don't need them anymore.
We're goin' to our local credit union
Where our money will earn more.
Bank of America,
Chase Bank and CitiGroup, too,
Take millions in profits
And don't give a fig about you..
They don't pay taxes,
Not even one single red cent,
But they have no problem takin' bailouts
From the ninety-nine percent!
Say "no" to the bankers
Who suffer from terminal greed.
Move all your money
And let's help the poor folks in need.
The big banks have failed us
Though they say they're too big to fail.
It's time now to move all our money
And put the bankers all in jail.