A recent business news item brought back to mind why my wife and I have recently gone through the hassle of moving our checking account from a local [JP Morgan] Chase bank, two blocks away, to Eastern Michigan Bank, closest branch downtown about two miles distant [but on our regular route to work and church]. The service at Chase on Garfield St. had always been personal and competent, but they are part of our very problematic national financial system. The recent headlines read, “Top JPMorgan [Chase] exec joins London Whale winning firm.”
What are individual account holders, wanting to act conservatively and responsibly, to do in the face of such gross fiscal abuse of the public trust? Ultimately we should organize to require government regulation that would break up these financial mega-institutions, and regulate the smaller units so that they would operate for the public good. The goal: real long term investment in the country, instead of micro-second speculative trading for the sole purpose of profit-taking. The hi-tech money changers have turned our national banks into a den of thieves. Yet to return to the ideas of small banking, noblesse oblige, and progressive taxation of the rich is a difficult task, an uphill battle.
ne can begin the work of getting financial institutions to take the interests of everyday people seriously by everyone beginning to move their money out of the big banks. There is a website, Move Your Money, dedicated to this campaign. Small local banks and credit unions that will use our money to foster local growth, and avoid risky mega-ventures, can be found. Money placed there is more likely to work for our friends and neighbors. The more money withdrawn from the coffers of those who’d maximize their profits at the expense of everyone else, the better--a redirection of funds back to the basic needs of a working inventive America.
Returning violence for violence multiplies violence,
adding deeper darkness to a night already devoid of stars.
Darkness cannot drive out darkness:
only light can do that.
Hate cannot drive out hate: only love can do that.Dr. Martin Luther King, Jr.
An additional inditement of JP Morgan Chase Bank arrives today 1-15-13
Interesting presentation of Glass Steagall Act, replaced in 1999, as a hindrance to money's best interests--written in 2003 before the crash.