Thursday, February 25, 2010


I'm sure that I'm not alone in thinking that the recovery from this recession is not progressing as rapidly as hoped. But are you aware that one of the prime culprits impeding the economic recovery is the banking industry? That's right... the very industry that plunged us into the recession is now preventing the economy from recovering as quickly as it could. Surprised?

We have all heard that the banks aren't lending money. And we know that the health of the economy is measured in part against the amount of lending going on. So, by not lending the banks are applying a soft brake to the recovery. However there's more. The banks also collected billions of dollars in fees last year. That means that billions of our dollars never had a chance to make it into the consumer stream. Businesses collectively lost billions of dollars in revenue and we, the public, lost billions of dollars in buying power in 2009 alone. And of course, adding insult to injury, the only reason the banks collected all of that money was to impress investors and siphon it up to the do-nothings at the upper executive level.

In other words, a few greedy men are prolonging the recession by pinching your purchasing power.

Let's say the bank took $1,000 from you in fees last year. That's about a month's worth of groceries for a family of four. Because the bank took that money you were not able to buy some of the things you wanted (or needed). The merchants who would have benefited from your purchases lost that business because the bank had pocketed your money - and the money of every other customer who those merchants depend on. Some businesses have been forced to close because the banks have purloined more money from their account holders than they are entitled to. This causes an increase in joblessness. And even if you haven't lost your job to the bank-created recession, the bank-created shortages in your bank account have probably caused you to go without certain necessities as well as other things.

And that's how the banks are single-handedly killing the American Dream.

That's why it's doubly important that we take our power back from Bank of America and the other "too big to fail" banks as soon as we can. Once we have regained our power and the banks are following our edicts we can get the economy back on track through spending, trading, and borrowing again. Keep telling your friends about this movement. Go and replace your money at Bank of America or your other big bank with the Proclamation. Let's turbo-charge this protest now and get our economy on the fast road to recovery.

Oh, and by the way... when you hear or see the phrase "Too big to fail" please remember that the Titanic was touted as "unsinkable" and too big to fail. Such claims rarely ever hold water.

No comments:

Post a Comment