Back in 2008 when the banks took advantage of lax regulations augmented during the Bush administration a movement called: Move Your Money sprang up as a reaction by the public.
At that time, those who had faith in Big Banks, were joining a movement that at least gave some power back to the people, especially those who still had any money left after the Wall Street derivative scandal.
Move your Money consisted of a basic principal which is to move your funds to smaller, people based community and credit union banks. This revolution actually started four years ago by the people and is associated with Huffington Post CEO Adrianna Huffington on December 29, 2009.
The movement had petered out in the past few years but has been reborn with the people’s movement of Occupy Wall Street which was born of seething anger by Americans who are jobless and have been reduced to the economy of a third world country.
Over dinner the thought of hitting Wall Street where it hurts (the bottom line) and in a mass movement to move money from the large banks that perpetrated the fraud and into safer, ethical banks locally.The big banks thrive on using people’s money to make shady investments then turn around and take high roller risks, many of which are backed by bets against those investments. It is called covering both ends of the investment, win or lose the big banks make money, the customer loses theirs.
From 2007 Americans lost 16 trillion dollars in home ownership and wealth and in 2008 more were pushed into jobless poverty as a result of the Wall Street meltdown. Consumers at that time felt they could no longer trust their bankers and their government to protect them from criminal banking fraud. This resulted in four years of Americans feeling that the middle class workers are being forgotten, that their government has abandoned their needs and are playing politics with their lives.
The corruption continues today, October 2011 but now Occupy Wall Street protesters are living in their backyard, setting up tents, communication systems and declaring an occupation of where the thievery all began-Wall Street.
Anger Banking a phrase we coined, declares the outrage of Americans against big Wall Street banks that were once considered Too Big to Fail yet, they are not regulated in spite of the new financial reform bill passed finally in July, 2010.
The Dodd-Frank Bill also included a new Consumer Protection designed supposedly to end the gambling on Wall Street. The bill was going to protect against more bailouts, protect consumers from shady financial deals by bankers and institute new laws on banks for credit card gouging which they are still doing today.
By the time Dodd-Frank was finalized the bill was so watered down, critics say that it is totally useless, does not solve the banking fraudulent practices and was a waste of time.
Last week the Bank of America and other banks following suit are raising or establishing new fees for the use of a debit card. The BOA stated this was because of the new regulations in Dodd Frank however it appears to be another gouging and more about higher profits for banks. The outrage has renewed the resurgence of Move Your Money as well, the fear that large banks will falter in the oncoming economic downturn globally.
The Occupy Wall Street has become a national movement growing bigger each day, louder and more a force to be heard going into the 2012 Election. The recession caused by a financial meltdown is deeper than any other recession and will take efforts from the government to reform the banking industry not using a bill with watered down rules that look like Swiss cheese with the loopholes and flaws.