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Fed Up With Big Banks That Fund Climate Crisis and Oppression, Community Coalition Demands Public Bank for New York

Fed Up With Big Banks That Fund Climate Crisis and Oppression, Community Coalition Demands Public Bank for New York

Julia Conley, staff writer

Chanting, "Wells, Chase, B of A, public bank's a better way!" social justice groups rallied at the New York Stock Exchange on Tuesday to demand that New York City divest from Wall Street banks and establish a public bank that is "expressly chartered to serve the public interest."

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The monetary system, exploited and co-crafted by banksters, the ‘join the thugs’ rather than ‘resist the thugs’ gang, deserve severe criticism for selling out humanity for dollars and nonsense.
Unwilling to abandon their powerful perches, high above democratic accountability, the vultures will have to be dealt with firmly to wrest power from the elite, brutal few.
Don’t buy the lies.

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So Far, So Good — for New York.  But what about the rest of us?  We need a similar program NATIONWIDE!!!
How about expanding the idea of Postal Banking to include loans for small businesses and affordable housing?

Screw the Wall Street banks.

Support Public banks.

Put community before corporations.

"Here’s the deal: New York City currently deposits billions of public dollars in the big Wall Street banks. These bankers make millions off these deposits and high fees, while providing little benefit to the City… Our money should be put to use in our communities." —Stephan Edel, New York Working Families

The rally came days after the Trump administration announced it would roll back the Volcker Rule, which since 2014 has prohibited banks from using their accounts to conduct risky, speculative trading, in an effort to avoid another financial meltdown like the one that threw the country into a recession in 2008.

“With the Trump Administration and Congress handing out massive corporate tax breaks, rolling back federal financial reform, and gutting the Consumer Financial Protection Bureau, Wall Street is heading straight for another crisis,” said Deyanira Del Rio, Co-Director of New Economy Project. “A public bank will allow New York City to deposit our public money with a bank that belongs to New Yorkers.”

The crowd also heard from a Brooklyn resident whose rent has doubled in recent years and who spoke about the exorbitant fees New Yorkers pay to big banks every year, a student who spoke out against predatory loan practices and Wall Street’s investment of billions of dollars in fossil fuels that accelerate and worsen the climate crisis, and a social justice activist who told the crowd of JPMorgan Chase’s support for private prisons.

Wall Street isn’t “heading straight for another crisis” — they are looking for the big payday from which
they got bailed out by US Taxpayers last time. This is all fakery – play-acting. These “crashes and booms”
which capitalism have always brought are the way the Elite make money. You can’t make serious $$$ or WINDFALLS from stable markets, nor a stable economy.

Try to borrow $1,000 from a bank …
Then take a look at how much they’re giving you when you give them $1,000.

Just as an aside –
We had something very odd happen with a LLBEAN/VISA card where LLBEAN
took the liberty to inform us that our card will now be changed to LLBEAN/
MASTERCARD … cause it’s allegedly better. For whom?

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There is a ready made system for a public banking system, except the big banks have and will block it. Set up a public banking system through the US Postal System. It has worked well in England for a long time and it can work just as well here if we can fight the big banks and the politicians that they own to get it.


Digger – Agree –

but over and again we are butting our heads on the reality that our political system is no where under the control of citizens. We have no leverage over our officials and thus no leverage over anything that happens.
The only response can be non-violent non-cooperation with the system.

We are nearing the point now where Elites will no longer have to work at all for their profits as they take more complete control over government and its citizens. We will no longer be labor for corporate profit, we will be enslaved by their government.

Public banks, credit unions - people have to have solutions alternative to the status quo financial system, and these types of financial institutions are places where everyone should be moving their money - flea the Big Banks. Flea the banksters.