1. Read Why
Dear Portland Music Community Leader,
We would like to encourage you to remove your money from Bank of America, Citi, Wells Fargo, and JPMorgan Chase and begin banking with a clear conscience with a local community bank or credit union. The big banks do not deserve your business. Your money is better invested by those in your own community who have a stake in the health and well-being of your community.
If you have already moved, great. If you still bank with one of the big banks, you have a decision to make. It is the same as the decision to shop at your co-op instead of Walmart. It’s the same as the decision to buy organic vegetables instead of pesticide vegetables. It is the same as riding a bike when you could drive. You are where you bank.
The economic crash, recession, and meager recovery your business has been forced to fight through was brought on by the greed and shortsightedness of the largest investment and consumer banking institutions who, after years of deregulation and “innovation” in financial services, went for broke, armed with creative financial instruments designed, sadly, by many of our best and brightest young thinkers who otherwise could have been engineers, doctors, teachers, scientists etc. in another, better, economic system.
We know how the story went: the big banks wrecked the economy, were bailed out, and succeeded in lobbying for a watered-down Dodd-Frank reform bill, tied up proposed regulation in the courts, and went back to the same business practices and saw record profits. After riding high, the big banks are now feeling a little pain, which they are quick to pass on to consumers with the new fees proposals in the news recently.
This entire saga is the clearest example of the pillaging that is done by the me-first, country-second elites, enabled by their government cronies, in an economy and society where they have all the power and have to be forced through what little regulation can be passed to have any regard for their countrymen.*
We have been asking ourselves what we can do. Occupy Wall Street and the 1000+ related demonstrations across the country are populated by people just like us who are seeking answers to that question. We are angry. We fear for the short, near, and long-term health of our economy and feel the negative impacts on our society caused by the recklessness and greed of those in power.
We believe that moving money away from the big banks and the pirating elites and into community-focused credit unions and local banks is a powerful and empowering first step in righting our system. We have decided to begin by working in our own community, with musicians and music-related businesses. We do this in solidarity with others working similarly right now in their respective communities and with the hope that perhaps others in Portland might follow our example and work in their own communities in a similar way.
Will you pledge to move your money?**
As much as the big banks do not deserve your business, credit unions and community banks do. If we want to balance our economy so that it shifts toward local focus and investment such that our small businesses are the beneficiaries instead of the pirating elites, join us in moving your money.
Sincerely,
Rachel Blumberg, Sam Coomes, Neal Morgan, and Lisa Schonberg
How out of whack is our economy?
- 80% of Americans’ gains in income between 1980 and 2005 went to the top 1%.
- Minimum wage is at a 50-year low adjusted for inflation.
- The top 1% controls a third of the nation’s wealth.
- The top 10% controls nearly 3/4 of the nation’s wealth.
- In the 70s, CEOs made on average about 30x the average worker. That grew to 100+ in the 80s/90s and is north of 300+ by conservative estimates.
- Other developed industrial societies are between the 10x and 50x range.
- The amount of the Bush tax cuts that go to the top 1% every year is larger than the entire budget for the US Dept. of Education.
I could go on and on, but instead, I strongly recommend you look through these slides to get a good picture of income inequality in the US: http:// www.businessinsider.com/us-wealth-inequality-2010-7
Credit Unions and community banks will provide the same services as the big banks.
We understand that making this shift will involve time and some cost, so we just need your commitment now to make the move in the next 6 months. We recommend simply going to talk to one or two credit unions and explaining how your business works, what your banking needs are, and see how well they match up. Here is some information:
How convenient is a credit union?
- 6,300 LOCATIONS: Linked in a nationwide network, so you can use any credit union to deposit/withdraw, not just your own.
- 28,000 ATMs: You will have access to all ATMs in that network in the US and Canada. Many are in 7-Eleven stores! Search for ATMs at cuswirl.com or use iPhone app “CO-OP ATM”.
- Most credit unions and small community banks can work with you by covering ATM fees, should you find yourself traveling and forced to use big bank ATMs.
- You can find a credit union here: www.findacreditunion.com
- The feeling of empowerment and your own peace of mind is worth any slight inconveniences related to making this move.
If you have already moved, great. If you still bank with one of the big banks, you have a decision to make. It is the same as the decision to shop at your co-op instead of Walmart. It’s the same as the decision to buy organic vegetables instead of pesticide vegetables. It is the same as riding a bike when you could drive. You are where you bank.
The economic crash, recession, and meager recovery your business has been forced to fight through was brought on by the greed and shortsightedness of the largest investment and consumer banking institutions who, after years of deregulation and “innovation” in financial services, went for broke, armed with creative financial instruments designed, sadly, by many of our best and brightest young thinkers who otherwise could have been engineers, doctors, teachers, scientists etc. in another, better, economic system.
We know how the story went: the big banks wrecked the economy, were bailed out, and succeeded in lobbying for a watered-down Dodd-Frank reform bill, tied up proposed regulation in the courts, and went back to the same business practices and saw record profits. After riding high, the big banks are now feeling a little pain, which they are quick to pass on to consumers with the new fees proposals in the news recently.
This entire saga is the clearest example of the pillaging that is done by the me-first, country-second elites, enabled by their government cronies, in an economy and society where they have all the power and have to be forced through what little regulation can be passed to have any regard for their countrymen.*
We have been asking ourselves what we can do. Occupy Wall Street and the 1000+ related demonstrations across the country are populated by people just like us who are seeking answers to that question. We are angry. We fear for the short, near, and long-term health of our economy and feel the negative impacts on our society caused by the recklessness and greed of those in power.
We believe that moving money away from the big banks and the pirating elites and into community-focused credit unions and local banks is a powerful and empowering first step in righting our system. We have decided to begin by working in our own community, with musicians and music-related businesses. We do this in solidarity with others working similarly right now in their respective communities and with the hope that perhaps others in Portland might follow our example and work in their own communities in a similar way.
Will you pledge to move your money?**
As much as the big banks do not deserve your business, credit unions and community banks do. If we want to balance our economy so that it shifts toward local focus and investment such that our small businesses are the beneficiaries instead of the pirating elites, join us in moving your money.
Sincerely,
Rachel Blumberg, Sam Coomes, Neal Morgan, and Lisa Schonberg
How out of whack is our economy?
- 80% of Americans’ gains in income between 1980 and 2005 went to the top 1%.
- Minimum wage is at a 50-year low adjusted for inflation.
- The top 1% controls a third of the nation’s wealth.
- The top 10% controls nearly 3/4 of the nation’s wealth.
- In the 70s, CEOs made on average about 30x the average worker. That grew to 100+ in the 80s/90s and is north of 300+ by conservative estimates.
- Other developed industrial societies are between the 10x and 50x range.
- The amount of the Bush tax cuts that go to the top 1% every year is larger than the entire budget for the US Dept. of Education.
I could go on and on, but instead, I strongly recommend you look through these slides to get a good picture of income inequality in the US: http:// www.businessinsider.com/us-wealth-inequality-2010-7
Credit Unions and community banks will provide the same services as the big banks.
We understand that making this shift will involve time and some cost, so we just need your commitment now to make the move in the next 6 months. We recommend simply going to talk to one or two credit unions and explaining how your business works, what your banking needs are, and see how well they match up. Here is some information:
How convenient is a credit union?
- 6,300 LOCATIONS: Linked in a nationwide network, so you can use any credit union to deposit/withdraw, not just your own.
- 28,000 ATMs: You will have access to all ATMs in that network in the US and Canada. Many are in 7-Eleven stores! Search for ATMs at cuswirl.com or use iPhone app “CO-OP ATM”.
- Most credit unions and small community banks can work with you by covering ATM fees, should you find yourself traveling and forced to use big bank ATMs.
- You can find a credit union here: www.findacreditunion.com
- The feeling of empowerment and your own peace of mind is worth any slight inconveniences related to making this move.