People all over the country are choosing to move their money out of bigger banks and into smaller, community-oriented financial institutions that generally avoided the reckless investments and schemes that helped cause the financial crisis.
Fueled by the personal initiatives of thousands, it’s a grassroots effort that has the potential to shift power in the financial system away from Wall Street and to Main Street.
- Smaller financial institutions are better equipped to have a cooperative approach with customers because they are less riddled by debt, which means they can more freely lend money.
“Community banks are much more likely to reinvest that money in the community and actually help create jobs,” Huffington Post editor Arianna Huffington said on MSNBC.
No matter the impact, “Move Your Money” is a better public response to national bank bailouts than apathy or boisterous tea parties. It is a promising solution for Americans fed up with how their money is handled.
~ Nico Pitney on MSNBC – January 12, 2010