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Move Your Money!

Are you upset about the Wall Street Banks that are “too big to fail”? You know, the ones that brought our economy to the brink of financial disaster and then sucked up our tax money in the bailout?  Yes, the bailout that was sold to us as a way to increase credit in order to get the economy moving, but then the big banks took our money and actually reduced credit, and instead used that money — our money — to buy up smaller banks and become even bigger (increasing their too-big-to-fail-ness). You should be upset!

Don’t just get mad, get even! Vote with your wallet by moving your money out of the big banks (like JP Morgan/Chase, Citi, Wells Fargo, or Bank of America) and into a smaller, community bank or credit union. Who knows? If enough of us move our money out of a bank that is too big to fail, it won’t be as big anymore. Not only that, but moving to a smaller bank might even save you money, since smaller banks don’t typically employ predatory tactics like excessive fees and penalties. Smaller banks also tend to lend money locally, helping your local community, and they are less likely to make those risky investments that almost killed our economy. You’ll be helping yourself and your country at the same time.

Can this become a movement? It already has a website, called Move Your Money, and they have tools that help you find a community bank or credit union in your area. They also made a short video that is a take-off on the Christmas classic “It’s a Wonderful Life” — apropos since that movie was all about the struggle between a small community bank and a larger, greedier bank.

Thanks to Huffington Post.

UPDATE: Cenk Uygur (host of the video blog “The Young Turks”) invites Tea Partiers to join the fight against the big Wall Street banks.