Sunday, January 1, 2012

OWS considers how to reform our banking system

"One evening in Zuccotti Park, I somewhat rashly, and without much forethought, stood up and announced that I wanted to set up a working group to explore alternative systems of banking. I did not have a clear plan but felt that we had to get to the heart of the problem. If we could change banking and make it embody the values of Occupy—equality, transparency, democracy—we might not only change the financial industry for the better, but also change the very nature of the economy—and thus society itself.
Other members of the group share this ambition. Those who have joined the group represent an extraordinary and eclectic mix. There are army vets and unemployed students, but also a large number of financial experts: former derivative traders, SEC regulators, bankers, financial analysts and bloggers and even a professor of financial law. We have no shortage of expertise, and no shortage of determination either."

The comments are worth reading too.  Actually I agree with one commenter, to just switch to credit unions for the time being. Redesigning the entire banking system is a pretty long-term project.  Credit unions are designed to help the local community and are more responsive to members.  They're already established, so the move from banks to credit unions is simply one of taking the time to do it.

At any rate, it's nice to see people working on this.

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