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Fighting for an Alternative to Big Banks


Fighting for an Alternative to Big Banks

Katherine Isaac

We’ve heard a lot about Wall Street reform in this presidential primary season. Most of the attention has been on the need to break up the “too big to fail” banks, curbing short-term speculation, and reining in executive bonuses.

But we also need to create a financial system that serves the everyday need for accessible, affordable financial services. Nearly 28 percent of U.S. households are at least partially outside the financial mainstream, or underserved by traditional banks. A shocking 54 percent of African-American and 47 percent of Latino households are underserved.


This idea just gets better and better. Let’s make it happen!


I’m in for that, where do we get active.


This bears repeating (and aids those who don’t actually read the C.D. articles all the way through):

“There are approximately 22,000 payday loan stores in this country – that’s more than Wal-Mart and Starbucks combined.”

Add the above statistic to the material published today by Paul Buchheit and the portrait of a new Dust Bowl style America is taking shape quickly.

And this one:

“Each year, the average underserved household spends $2,412 – nearly 10 percent of gross income – in fees and interest for non-bank financial services. These transactions might include a payday or car title loan, cashing a paycheck, or simply accessing Social Security benefits. As United for a Fair Economy puts it, “Each year, over $103 billion is stripped from these people and their communities and ends up in the hands of Wall Street.”


In other news a Court of Appeals has overturned a conviction and fine of some 1.2 billion levied against the Bank of America for the Countrywide Finance Mortgage fraud. They laughed all the way to the bank.

I note with interest that when the fines first announced there were all matter of articles carried suggesting “Justice done” but when the same fines overturned in a higher Court there silence.



Some might be interested in a UK experience of a post office bank that was imaginative and innovative until privatised. I recall at the time it was sold for 300 million pounds to the Alliance and Leicester Bank who in the following years annual account valued it at a billion pounds - so much for Thatchers financial prudence.


The organisation chalked up notable firsts. It was the first bank designed with computerised operations in mind; the first bank in Europe to adopt OCR (optical character recognition) technology; the first bank to offer interest-bearing current accounts, and the first bank in Europe to offer telephone banking, operating several years prior to the start of Midland Bank’s First Direct service. It is widely credited for shaking up the UK banking market, forcing competitors to innovate and respond to the needs of the mass market.


As with so many other issues, Bernie Sanders stands with the people - the 99% - on this common-sense, non-usury alternative to predatory payday-lenders and banker parasites! He IS Fighting for an Alternative to Big Banks!

In great contrast, DNC Chair Debbie W-S supports the payday-lender predators - as Clinton supports big-bank predators and usury! Birds of a feather - two corrupt allies that conspire together to screw the most vulnerable among us to serve big-money and power! They both must be taken down!

Support the Real Deal, Bernie Sanders, not predatory business as usual! Bernie or Bust!


As pointed out in this article, the US Post Office (relabeled the US Postal Service in 1971) HAD Postal banking from 1911-1967, so there is no question that it would succeed again. Too bad so many Congresscritters are owned by banks.


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