November 5th was officially “take your money and run” day. A day set aside for the people to hit the big Corporate banks where it hurts most, in the vaults. “Take your money and run” came about after Bank Of America decided to create a $5.00 monthly fee for any customer deciding to access their money by using their bank card.
The impact of Saturday’s “take your money” event is not yet known, but some very interesting details are coming out since the greed of big banks manifested itself in Bank Of America’s decision. A study by the Credit Union National Association shows that from September 29th to November 4th, hundreds of thousands have joined Credit Unions.
At least 650,000 consumers across the nation have joined credit unions in the past four weeks, reflecting consumers’ reactions to rising fees at banks, according to a survey by the Credit Union National Association (CUNA).
They have joined credit unions since Sept. 29, when Bank of America (BofA) unveiled its plans to charge $5 a month for debit cards. The public outcry the past month has forced BofA and other big banks to reconsider their debit fees.
Americans finally taking matters into their own hands? That’s what this country is all about!
Seems like Wall Street has found a friend in the Republican Party. According to a research done by The Center for Responsive Politics, Wall Street has moderately increased its donations to Democrats, while drastically increasing the payout to Republicans in congress. The Boehners of the world are finally seeing the rewards of their fight against Financial Reform materialized.
The research, that focused on the 2009 and 2010 donations by Wall Street, found in 2009 when the talks about Financial Reform were just talks, Democrats received the majority of all donations from the Finance, Insurance and Real Estate Sectors.
The Center also looked into the donations of Commercial Banks and Securities and Investment companies, and found the same to be true. Democrats were happy in 2009.
Then 2010 rolled around, and so did Financial Reform legislations. And the GOP, led by the Boehner, increased their opposition to any regulations of Wall Street. In one of his more famous speeches, the Boehner told American Bankers Association to fight!
“Don’t let those little punk staffers take advantage of you and stand up for yourselves. All of us are hearing from our friends and constituents on lack of credit, you can’t get a loan, the more your government takes and taxes, the more regulations you have to comply with the more cost you have there and less amount you are going to have available to loan to customers.”
Boehner however, wasn’t the only GOP congressman working hard for his increased donations from Wall Street. Mike Pence, (R) for Indiana’s 6th Congressional District had this to say;
“This bill can be summed up in two words: ‘government control’ and it will serve as the latest piece of the president’s job-killing agenda. This represents another defeat for Hoosier families, small businesses and family farms, who continue to wonder when Washington Democrats will set aside their big government programs and work with Republicans on ideas that can actually put Americans back to work.”
And Mitch McConnell, the Republican Senate Minority Leader did not want the Senate to even talk about Wall Street Reforms. In one of his more mind boggling statement on the subject, McConnell said;
“We can solve this problem. But we wont solve the problem if we vote for cloture tonight. A vote for cloture is a vote that says we’re done listening to the American people on this issue. And a vote against ending this debate is a vote for bipartisanship.”
Huh? In other words, if we continue to filibuster this issue, we will somehow eventually became bipartisan or the Financial Reform issue will die. Either way, McConnell earned his pay-raise from Wall Street.
It’s a simple equation. Democrats voted for the American people and Financial reform and saw no real change in their donations. Republicans went to bat for Big Banks and Wall Street and received their pay in the form of huge donations from Big Banks and Wall Street.
The report shows the following:
2009/2010 – 1st Quarter: Financial Sector:-
Democrats donations from Financial, Insurance and Real Estate went from $10.1 million in 2009 to $10.5 million in 2010. In the same quarter, this sector’s payout to Republicans went from $5.1 million in 2009 to $16.9 million in 2010
Commercial Banks:
Democrats went from $747,000 to $862,000 while Republicans pay increased from $505,000 to $1.4 million
Securities/Investment:
Democrats went from $2.8 million in 2009 to $3 million in 2010, while Republicans went from $881,000 in 2009 to $5 million in 2010
We use cookies to improve your experience on our site. By agreeing to this, we can analyze browsing behavior and unique IDs on this site. Declining or revoking consent may affect certain features.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
