salon.com: Put your money where your mouth is: It's time for the 99 percent to fund the new America

[Douglas Carpenter]

Thursday, Nov 3, 2011 9:45 PM 23:31:39 UTC+1000

Put your money where your mouth is

It's time for the 99 percent to fund the new America

By David Talbot

It’s time for all of us to start putting our money where our mouth is. On Saturday, Nov. 5, many people will do just that, transferring their checking and savings accounts from rapacious giants like Bank of America to community-based lending institutions, credit unions and other financial organizations more responsive to the needs of their customers. You can only screw and gouge people for so long before they finally bite back. B of A has been trying the public’s patience for way too long — grabbing a big government handout, and then squeezing struggling homeowners, jacking up credit card rates, and laying off thousands of workers. The bank’s latest act of arrogance — announcing a new monthly fee on debit card users — was the tipping point for many customers. Sure, bank officials finally blinked, canceling plans for the new fee and explaining that they had “listened to our customers.” But don’t expect that to become a habit at Bank of America.


snip:

This is a good start. Now we need to extend the Bank Transfer idea, disinvesting not only from oppressive financial institutions, but from corporate politics and corporate media. American democracy has become thoroughly corrupted by the flood of corporate dollars and influence. Propelled by the obscene Supreme Court ruling on corporate campaign financing, spending during the 2012 campaign year will likely double over 2010 expenditures, skyrocketing to nearly $8 billion. The Republican Party is a wholly owned subsidiary of the 1 percent. And the Democrats are close behind, with President Obama charging close to $40,000 a plate on the campaign dinner trail. Real campaign finance reform is impossible, with corporate-controlled politicians in both parties blocking any substantive legislative efforts to clean up the system.

The 99 percent need to counter this deep corruption by withdrawing their campaign dollars from bought-and-paid-for politicians, and channeling these donations to new leaders who pledge to support the new declarations of independence that are now being put forward by the movement. We have seen the power of digital democracy and grass-roots fundraising. A full quarter of Obama’s campaign contributions in 2008 came from small donors. We’re the 99 percent. We need to harness our collective power. We can use this financial clout to punish candidates who are working against our interests, and to reward those who are fighting for us. When a political leader like New York Gov. Andrew Cuomo spits in the faces of the working people, students and Democratic activists who mobilized to elect him by opposing extension of the state’s millionaires’ tax — and has the utter gall to declare it a principled decision — we need to defund him. Our hard-earned money should go instead to those elected officials who regard the 99 percent as their constituency, not the Kochs and Trumps.

http://www.salon.com/2011/11/03/put_your_money_where_your_mouth_is/singleton/

[DirkGently]

1. Absolutely. +++

[sam11111]

2. co ops can produce anything - auto parts Spain toothbrushes Sweden (refinery McPherson KS)

Electric co ops USA
Grocery co ops

Co ops-----------------
Elect the manager
No outsourcing
No owner donating huge gobs of cash to the GOP
No firing on a whim

[FredStembottom]

3. This is what will work.

Our money out of predator banks. Then on to targeted campaign donations. Money directly to only the individual candidates who will help the general welfare.

I left corporate media behind 20 years ago. There simply is no reason to tune into it. (except maybe for pictures of weather-related disasters).

[Fawke Em]

4. I use a small, regional bank.

This bank did not waste my money buying up junk and has always been prudent about loans; therefore, I am not going to switch banks (I do use a credit union for my car loan, though).

However, I do plan to cancel my BoA card on Saturday. I still have a balance, but will not be incurring new debt on it. They recently bought the company I had a card with, so my using them was not my choice. I'll pay it down as quickly as I can.

Now - how do I re-fi my house to get it out of Chase's clutches?

[hifiguy]

6. Same here. My bank is a small regional, foundation-owned bank

that takes community service seriously.

[saras]

5. Sure thing, as soon as we TAKE OUR MONEY BACK FROM THE BANKERS

[glinda]

7. yes. And the fact that it is only less than 1% who moved their money, we need

to encourage more people to move their money. Less than 1% is not enough.