Citizen-State Owned Banking Can Save America from Crazed Wall Street Bankers

Dear Representatives.


About a year ago I started sending you messages that Washington State needs to own its own bank. About the same time, I started writing news outlets like The Huffington Post that people should move out of large, unresponsive and financially unconcerned about Main Street USA. This message has taken root and now it is time for the politicians of Washington take notice that a movement is ongoing to replace Wall Street bankers with Main Street bankers.

People want local banks and not “too big to fail banks.”

http://www.huffingtonpost.com/2009/12/30/move-your-money-tell-us-a_n_407297.html

Make it your New Year's resolution to move your money. We can't think of a better way to start 2010.

WATCH:

Too-big-to-fail banks are profiting from bailout dollars and government guarantees, and growing bigger. Tell us which community bank you use, and why.

http://www.youtube.com/watch?v=Icqrx0OimSs&feature=player_embedded

As national banks soak up bailout dollars, cut lending, and exploit overdraft fees, a number of Americans have decided to move their money to local banks.

While Wells Fargo and Citigroup have made headlines recently for repaying the massive debts they owed to the American taxpayer, people are still frustrated about subsidizing the gambling habits of mega-banks. Yesterday's post "Move Your Money" generated a lot of comments from readers who want to ditch their accounts with the Too Big to Fail Banks.
Below is a list of the four mega-banks that took the most government bailout money:

1. Bank of America ($45 billion) 2. Citigroup ($45 billion) 3. Wells Fargo ($25 billion)

4. JP Morgan Chase ($25 billion) (Source: ProPublica)

According to Treasury's most recent report on the bailout, our massive subsidy of the behemoth banks didn't pay off especially well. Large financial institutions made record profits last year. Neighborhood banks, on the other hand, were forced to sharply increase their rates of consumer loans to fill demand. For these reasons and many, many more, we're seriously thinking about localnomics.

We want to hear how local banks serve communities better.

Send us your videos, stories, and even just locations of the best local banks in America. It's easy to participate. We want to know why some Americans have decided to move their money and why others should.

Have you trusted your savings to a community bank? How has that worked for you? Share your story and the location of your local bank.  Move Your Money Stories

Participating is easy! Simply click on "Comments" and leave your message.

Dennis Eros