Ready for Bank Transfer Day, Fellow 99 Percenters?
The Occupy movement sure does, which is why they've declared tomorrow, Nov. 5, to be Bank Transfer Day. It's already Guy Fawkes Day in the U.K., cementing the movement's fetishization of V for Vendetta. (Turns out David Lloyd, who drew the Alan Moore-written graphic-novel miniseries on which the 2006 movie is based, has been down to Zuccotti Park in New York and is cool with seeing the mask used in this way. What comics fan would have thought that V would end up being a bigger cultural phenomenon than Watchmen?)
The roots of the recession, and the severe, long-simmering U.S. income inequality that recession has brought to a rolling boil, are complex and intertwined. Of course, if you click through on this link to the Economic Policy Institute and set the sliders to go from 1980 to 2008, you could be forgiven if you find yourself wanting to BLAMEREAGANBLAMEREAGANBLAMEREAGAN... and unfortunately, all of his successors, under whom the trend accelerated.
So, it's not all about the banks. And remember, a lot of banks that weren't too big to fail, did, in fact, fail.
But the ones that made all those subprime loans, and then got bailed out, and now won't renegotiate those loans, are repossessing homes without having the right to do so, and are now reluctant to make loans at all while charging onerous fees and raking in ginormous profits? Yeah, screw them.
Thinking of dumping Wells Fargo, Chase, or Bank of America tomorrow in favor of Mom & Pop's Puppies & Apple Pie Credit Union & Also Puppies? Click here to find a credit union near you.
And feel free to hum this little Mojo Nixon ditty while you do the deed.