Consumers are responding appropriately by leaving Big Banks in high numbers. The National Association of Federal Credit Unions and the Credit Union National Association are seeing "a tripling of volume" on there online systems which provide access and convenience to consumers to switch from a Big Bank to a credit union. This swell of traffic is due to the Move Your Money campaign, which was started to alert consumers to the risks of Big Banks and the fact that moving your money to credit unions will not only secure your money but send the best message to Big Banks that they need to change their anti-consumer anti-taxpayer policies. [5]
Why not punish Big Banks? Big Banks are reclassifying filing categories to make reports hard to decipher, altering year-end report dates, reporting massive rebounds that don't add up or make logical sense, covering up of speculative activities that should be disclosed in SEC filings. [6]
Too big too fail banks are too big to exist and should be encouraged by the people of this country to adopt a policy of too small to fall that prevents the risky business which creates economic collapses that happen every 5 to 7 years. The Glass-Steagall Act should be reinstated.
Our leaders chose to bail Big Banks out with our money. We may not have wanted to bail them out, but we did. And, so we have every right to make demands and engage in actions that create pressure on the government to hold accountable and enact huge systematic reforms that will prevent the American people from having to pay for the damage casino capitalists have done next time this happens because we know if this happens again American taxpayers will be asked to foot the bill.
In terms of infrastructure and public transportation, President Obama had an opportunity to push a real public works program like the program that had been implemented during the Great Depression. But, instead the economic stimulus was poorly allocated and sent to more highway projects instead of public transportation projects. This was done under the assumption that highway projects would create more jobs than public transportation projects would.
Spending on public transportation and highway projects was monitored by groups like the U.S. Public Interest Research Group and it was found that public transportation projects created twice as many jobs because they were more complex and required more labor.
Reports found that public transportation projects would have had a quicker impact on the economy because they were more "shovel-ready." A "Jobs for Main Street" package and could generate approximately 71,415 more job-months for Americans who are suffering from unemployment. [7]
America needs innovation but it does not need innovation that will do further damage to the people by creating health, safety, and environmental threats. It does not need innovation, which will fail to reduce imports of foreign oil or fail to reduce global warming. [8]
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