Snarling Banks
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We're sick and tired of being bullied and stomped on by the Powers That Be in Washington, and by gollies, we're not going to take it anymore!
Hooray! It's about time that workers, consumers, small farmers and other "small fry" joined together in a populist rebellion to make big-shot Congress critters of both parties listen to us. But — uh-oh — wait a minute. These mad-as-hellers aren't wielding pitchforks and torches, but big bags of cash. Holy Thom Payne — they're bankers!
Very few Americans on this side of the ATM machine think that the biggest problem in Washington is that the moneychangers don't have enough clout. But, incredibly, here they come with a super PAC intended to force lawmakers to bow even deeper to their needs.
"Congress isn't afraid of bankers," declared one of the bank honchos who organized the Friends of Traditional Banking super PAC. "They don't think we'll do anything to kick them out of office," he said, but that's exactly the plan.
In a dramatic and wholly destructive escalation of Big Money's assault on America's democracy, FTB's funders are not out to support candidates, but "to defeat our enemies." A Utah banker who chairs the new super PAC explains that giving $10,000 or so to the opponent of an incumbent who sides with the people has no impact, "but if you say the bankers are going to put ... $1 million into your opponent's campaign, that starts to draw some attention." He calls this a "surgical" approach to carving out political power. Yeah — like doing surgery with a chainsaw and sledgehammer!
Thank you, Supreme Court, for making this crass money play possible with your plutocratic Citizens United decision. Now that bankers are going to intimidate officeholders with the threat to put unlimited campaign cash against them, we can expect Big Oil, Big Pharma and all the other Bigs to join the fun.
But bankers don't throw their weight around only in terms of campaign contributions. Indeed, Woody Guthrie wrote a song titled "Jolly Banker," a perfect-pitch parody of the propensity of Depression-era bankers to feel good about gouging their small borrowers.
Woody's song could also apply to the gouging we're getting from today's national chain banks (the very ones that have a super PAC), except the song's title should be "Snarling Banker." Only a couple of years ago, Bank of America, Citigroup, Wells Fargo and others were quite jolly, because they were piling up mountains of profits through such sneaky schemes as secretly enrolling customers in checking accounts that charged $35-a-pop for every overdrawn check, then rigging the flow of checks so unwitting customers would be overdrawn.
Public outrage exploded, especially because only a year earlier, We the People had bailed out these same banks. Thus, Congress shut down some of the worst gouges. This pinched bankers' exorbitant profits a bit, and they've been snarling ever since. "Banks aren't charities," they barked — apparently thinking that someone might've mistaken them as such.
One thing you can count on is that banker greed is bottomless, and it's now coming back with a vengeance. Of course, they could make money honestly (as community banks and credit unions do) by making good loans and delivering good service, but instead they're returning to what they call "creative banking." You would call it "fee gouging."
Wells Fargo now hits you for $15 a month just to have a checking account, unless you keep at least $7,500 in your account. Citibank charges $20 a month, unless you keep $15,000 on deposit — more than double last year's level. Bank fees for money orders have doubled, and fees for cashier's checks have quadrupled.
There is a way out of this endless abuse-the-customer game: Move your money out of their vaults! For help, go to www.MoveYourMoneyProject.org.
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6 comments on "Snarling Banks"
May 24, 2012 2:54am
THE REVOLUTION WILL NOT BE TELEVISED, said Gil Scott Heron.
He was right, TV is in the hands of those who will be brought down by the revolution, they won't allow Truth on there.
Instead the Revolution will be broadcast on you tube, by the people.
So throw away your TV, it only feeds you bullshit ( and that's really too kind a word for the toxic mix that's coming out of your TV!)
May 23, 2012 8:07pm
When we get smart we will probally have state run banks for the citizens
and the next time the big 5 want a bailout just say no no matter what they cry about. Jp morgan chase was just setting out a trial balloon when thay said we lost 2 billion dollars so the next time they can ask for another bailout and also test the stupid weak laws that are supposed have written to seperate speculation from real banking. I say just dont pay your credit cards for a month and threaten to not pay the next and the next. If we all let them know we are going to change the credit scores because of the banks not listening to our demands then you dont have to pay the cards and let the banks eat it.
May 23, 2012 3:54pm
Obama doesn't have the balls to take on the banksters. He has the proof to convict them, but refuses to do so. He'll get his money when he's out of office, I guess - he certainly isn't getting it now. Perhaps he's hoping his pandering to the big money will help later on.
He's really a repugnant in the guise of a Democrat!
WA
May 23, 2012 3:35pm
This election will be decided by your television set, same as all elections since 1960! Griping about money in the SuperPacs doesn't really get it until you realize that all the 5 Billion coming OUT of the pockets of the big banks, the Corporations, AND the ordinary citizens is going INTO the pockets of television-Los Angeles, THAT'S who gets the money, and THAT'S who will decide this election! It's interesting to also note who really benefits from Citizens United, yup, television again, not only do they get Billions more than previous elections, they now get to either accept or reject SuperPac commercials, more imperial deciding power for those plucky little (billionaire) zanys in L.A. So, as the four big television Corporations now have "freedom of speech", the politicians watch Billions flow through their hands on the way from bank lobbyists to L.A. TV!
May 23, 2012 3:21pm
I moved my money out nearly a decade ago. BECU has been great to me and I to them. However, they pissed me the right off last week. I miscalculated and forgot about a check I wrote a month prior that hadn't been cashed yet for $150. I paid for something small with my debit card and had a balance of $138. The check was cashed the next day and I put in a paycheck the day after that.
I was charged $25, for a first offense and having been a long time member.
The NSF charge was higher than the amount overdrafted. I rectified problems within 2 days. And still, I get charged.
That's not cool.
I wonder if they'll start to become more and more deviant and corrupt the more and more people stay away from banks.
May 23, 2012 11:35am
Wall Street big banks should charge people for writing or speaking their names.