In an effort to gain even more control of Americans’ banking assets, the banking industry is trying to stamp out member-owned credit unions—which began amid the banking failures of the Great Depression—by stripping them of their nonprofit status.
Saturday is the day 80,000 people have pledged to punish “too big to fail” banks by moving their money to credit unions and local community institutions. How does it work? Will banks feel the hurt? How can it be done quickly and conveniently? Josh Harkinson at Mother Jones answers these questions and more.
In this clip from Tuesday’s “Democracy Now!” we hear the story of Goldman Sachs’ recent move to back out of a fundraiser for the Lower East Side People’s Federal Credit Union after the financial giant caught wind that the event would pay tribute to the Occupy Wall Street movement. But, as Amy Goodman and investigative reporter … (more)