A blog to keep current on MPIRG'S fight for social and environmental justice.

Tuesday, January 3, 2012

Why social justice and faith leaders should move their money

As the U.S. economy slowly recovers from its recession nightmare it’s critical that the American people wake up and actively engage in solutions. We have the power to fight against the corporate interests of the institutions that caused this crisis. As average citizens, we can choose not to support these financial juggernauts by moving our personal finances into small, local banks and credit unions. There are numerous reasons to move your money from the Wells Fargos and U.S. Banks of the world and this blog series reviews just a handful.

The major banks' misleading and deceptive policies are more than expensive and frustrating -- they're simply wrong.

For those of us actively invested in making the world a more honest and just place, saying no to the Big Banks' lies and sneakiness is taking a stand for humankind.

We've all been watching middle class America shrink. Major banks have atrocious records of helping homeowners avoid foreclosure, and in many cases, have made these situations worse. Unlike local financial institutions that work to meet their consumers' needs, Wall Street sticks to strict guidelines in order to maximize profits. In 2008, nine of the bailed-out banks paid out almost $33 billion in bonuses to their top executives. To put that in perspective, that’s more than twice the GDP of Afghanistan.

We shouldn't be rewarding gluttony, and we shouldn’t be rewarding deceit.

Remember "the first will be last..."? I'm not willing to wait, and those currently struggling certainly can't afford to. We all must stand up as arbiters of peace and justice. If you are a part of an organization or church that values fairness and equal treatment and opportunities for all people, consider investing in a local bank or credit union so that your money is working for, not against your fellow citizens. Taking a stand against predatory, Bully Banks is a step in the direction of honor and a show of strategic support for the poor.

Written by Joey Dobson, MPIRG Campus Organizer

Photo Courtesy of Christian Today

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