Saturday was the day when anyone who is fed up with their big corporate bank and bank fees was supposed to take their money and head to a credit union.
According to a national credit union trade group, some 650,000 people across the U.S. have switched to a credit union since Sept. 29.
In Seattle on Saturday some 659 people opened new accounts at 45 branches of the Boeing Employees Credit Union (BECU) according to the Seattle Times. That was a record number of new accounts opened for a Saturday....
They all did themselves proud. I am more proud of this movement as every day goes by. It is the largest CONSUMER movement in the USA. It was not only an important statement to make, but, also a wise financial move for everyone that particiapted. Federal Credit Unions are member owned. They are sound ways of securing finances. They have all the conveniences without any of the dangers. The more people seek credit unions to safe guard their financial 'HEALTH,' the more the credit unions will be the venue of investment in communities and citizens.
Congratulations. It is a historic movement. I proud of everyone, without exception. I heard the number 650,000 before the dedicated day of "Bank Transfer Day." Many people were carrying out a change to their banking needs before the exact day of the movement's goal. I am fairly confident there are more than 650,000 that have found security with community banks and credit unions. It will keep growing. It is a good thing. These institutions were safe from the collapse of 2008. They were and are nowhere neer AIG.
I have to laugh when I hear the Right Political Wing of the USA blame Fannie Mae and Freddie Mac for the collapse of 2008. It wasn't those institutions that were responsible. The Right Wing conveniently forgets the banks like BOA and Goldman drove AIG over the brink and that is what caused the collapse and the need for the USA to bailout them out. AIG's 'rescue insurance' should have never existed.
AIG continues payback despite loss (click here)
Analysts welcome progress in turnaround efforts
November 6, 2011 - 6:00am
NEW YORK—Despite a series of developments at American International Group Inc. last week that included a $4.11 billion third-quarter loss, analysts remain cautiously optimistic about the future of the company and expect it to continue on its path away from government ownership....
If the banks didn't have FAUX assurance in their 'rescue insurance' they would have pursued a far different path then the CLIFF they rode off. It is amazing to realize that huge investment banks, the people that are suppose to know what they are doing, the CEOs with the know-how; actually found it necessary to pay for 'rescue insurance' in the first place. Isn't that a bit of an oxymoron? Yes, it is. Nothing like A LIVE EXPERIMENT with unpredictable security mechanisms like Credit Default Swaps. Amazing it the EXPERIMENT existed in the first place.
If the banks didn't have FAUX assurance in their 'rescue insurance' they would have pursued a far different path then the CLIFF they rode off. It is amazing to realize that huge investment banks, the people that are suppose to know what they are doing, the CEOs with the know-how; actually found it necessary to pay for 'rescue insurance' in the first place. Isn't that a bit of an oxymoron? Yes, it is. Nothing like A LIVE EXPERIMENT with unpredictable security mechanisms like Credit Default Swaps. Amazing it the EXPERIMENT existed in the first place.
