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For Conservative and Moderate Pagans
How You Can Make A Difference 
2nd-Jan-2010 10:16 am
Dragonfly Moon
Interesting article with a surprising conclusion how we as individuals (regardless of political affiliation) can make a difference in the current economic mess and circumvent the government/big business (pick your favorite villian).

Move Your Money: A New Year's Resolution
an excerpt:
..."We talked about the outrage of big, bailed-out banks turning around and spending millions of dollars on lobbying to gut or kill financial reform -- including "too big to fail" legislation and regulation of the derivatives that played such a huge part in the meltdown. And as we contrasted that with the efforts of local banks to show that you can both be profitable and have a positive impact on the community, an idea took hold: why don't we take our money out of these big banks and put them into community banks? And what, we asked ourselves, would happen if lots of people around America decided to do the same thing? Our money has been used to make the system worse -- what if we used it to make the system better?"

Where's your money? Are you contributing to the problem?
Comments 
2nd-Jan-2010 05:29 pm (UTC)
I think Ariana has forgotten though the very complex economic stuff between banks. The big banks, with the money in them, lend money to the smaller banks, and every bank in America that is insured by that insurance(1929 stock market crash I believe caused that to come into being) is propped up by the Feds.

She's simplifying the problem and making the big business into the evil doer. Part of the problem the banks had, was that they lent(ARM) to people who didn't have great credit, which was not a bad thing. Now, even people with good credit can't get a loan, because they may not meet the qualifications of debt to profit ratio.

It's a friggen mess.
2nd-Jan-2010 06:13 pm (UTC)
Although last reports I saw (sorry, don't have the reference quickly available) showed the larger banks were not lending - not to small banks, corporations, or individuals. They were putting the money instead in short term investment instruments that were, due to the Fed rate being effectively zero, giving them a guaranteed (low) return but without the risk associated with actually loaning out monies to anyone. This made sense from the point of view of returns to shareholders but not to improving the economy. I haven't seen corresponding stats showing smaller banks are also doing this; I would prefer to believe they are more community focused and still making loans.
2nd-Jan-2010 07:03 pm (UTC)
community banks aren't making loans either.(I suspect) We had our mortgage with one, Trustmark, they were a lot more Conservative, due to they have more to loose.

On the other hand they did fund the Autism soccer thing, and many small town activities.

I do not also know how much of the not loaning is due to new Fannie mae and Freddie Mac standards either. We could do with a Mortgage broker in this conversation, they would know more about this.
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