There’s been lots of coverage and talk surrounding the #OccupyWallstreet movement. I’m not fully sure what the movement is, but the gist I get so far is, it consists of everyday citizens (99% ) that are fed up with the (1%) upper echelon leadership of Wallstreet and the banking &  financial sectors.

After 3 years of waiting for the “Troubled Asset Relief Program”- TARP  (bailout) to trickle down to displaced homeowners and the unemployed, people are no longer willing to ignore and be silent about bankers unfair operations (i.e. fee hikes, lack of lending, continued foreclosures, etc.) despite being bailed out by the government following their predatory practices that were primary contributors to the economic collapse.

The “99%” of society are now expressing their displeasure by occupying the footsteps of  financial districts across America, demanding these institutions be accountable of their inequitable practices and restore whatever integrity is left in this corporatocracy.

I share many of the sentiments being addressed in #OccupyWallstreet. Its about damn time people started holding the corporate powers accountable for their inhumane & exploitative practices – domestic & foreign. There’s a serious class-war happening thats becoming more and more prevalent as globalization feeds on the poor in the guise of democracy & capitalism. It is being dictated by the top 1% of those with vested interests in the institutions that facilitate financial tools.

Although I strongly support the #OccupyWallstreet movement,  it doesn’t mean much if we continue to support these institutions by allowing them to capitalize and collect interest on our checking & savings accounts. I think Plato once said “Money talks & Bullshit walks” (don’t quote me on that lol). The power is in how we allocate our money.

 

So I have a proposal for everyone that’s committed to the #OccupyWallstreet movement. Let’s #unOccupyWallstreet and divest our funds from the banks that don’t have your community or you, best interest in mind. I implore you to instead, invest your hard earned money into credit unions and community banks.

Before you make this transition to credit unions on the strength of my (ig’nant) recommendation, first understand how banks and credit unions work.

“Banks are for profit institutions management is always seeking a profit to return to the shareholders (and there is nothing wrong with that)

Banks make their profit by:

• charging high fees,
• offering most or all services for a fee,
• paying depositors a low interest rate on deposits, and
• charging its debtors a high rate of interest.”

“Credit Unions are non-profit institutions. Credit unions tend to not seek a profit and desire to return as much value back to the depositors [members] (which are often termed shareholders). Credit unions accomplish this by:

• keeping fees at a minimum,
• offering many services for free,
• paying a higher interest rate to their depositors, and
• charging their debtors a lower interest rate.”

A historical and common disadvantage credit unions have had are lack of accessible ATM locations. However, that has changed in recent years as credit unions and community banks form co-operative ATM usage where you can use any ATM at any credit union or community bank with no surcharge fees.

So once again, I implore you to divest your funds from Wallstreet (Chase, Wells Fargo, BofA, etc. – most yall hate these banks with all your heart anyway) and invest them in more financially responsible institutions. The benefits exceed just your bank account, investing in your local financial institutions stimulate the local economy, creating economic prosperity for the community like the booming 1920-30’s Black Wallstreet in Tulsa, Oklahoma (slightly dated reference, but still relevant).

 

Despite my suggestion to divest from big banks, it is even more important for people to be financially literate to prevent future corporate shamwows from taking place. Although Wallstreet & banks are the primary reason for this current economic crisis, it’s important to understand that as citizens, our financial illiteracy and American greed paved the way for them to exploit us.