Push came to shove, and we shoved hard. Millions of voices around the world were heard as hundreds of thousands of people closed out bank accounts starting in October and pushing through with strong and loud protests in solidarity with Occupy Wall Continue reading →
I sat last night on irc and thought to my self I need to keep pushing Operation Cash Back, I need something inspiration to say, then I had remembered a tweet that @A_Friendly_Foe had tweeted to me, I know its from a movie but my goodness if this speech did not give me chills. Everyone who has participated in this operation, be it moving your money, or RT is made up of this speech. I ask you to read it, or listen to it, its brilliantly worded and suits exactly what is going on in our world right now. Continue reading →
In full support of Nov 5th we would like you to continue moving your money, it is already obvious that since Oct. 17 when we started Operation Cash Back we had no idea of the impact, we hoped of impact and it has worked, Continue reading →
CUNA estimates that since Sept. 29 (the day BofA announced fees),650,000 new members have joined credit unions. To put this in perspective, there were 600,000 new members joining credit unions in all of 2010. So the past month has seen 50,000 more members than all of last year.• Also during that time, CUNA estimates that credit unions have added $4.5 billion in new savings accounts, likely from the new members and existing members shifting their funds.
Ive pushed this Operation and others like it because I so believe in them. I daily read the stories posted on here about what this revolution, Occupy Wall Street, means to so many, on so many different levels. Most times, I will not lie, it brings me to tears. I will tell you why, and why it is so important for the many different generations, races, religions to be one voice right now.
11 years ago I bought my home, it was a steal, never in a million years could we have ever afforded a house so big, with such a big yard, in the area we live, owners sold it to us for what it was valued at by the town. My credit was not good, and still i got this loan, with closing costs it came out over what I was approved for, and still I got the house. I was stupid and sheepish at the time and never questioned anything, because I had a home. 7 years later, my mortgage had been sold 2 times and I was in foreclosure, literally a week away from a sale date on my home. I planned my suicide. The burdons of financially being in debt had gotten me to the point I was willing to take my own life. I had it planned out, what I would do, how I would do it, and notes I would leave.
That day in the mail I got a letter saying they had canceled the sale, and even the people trying to help re-modify my loan at the time had no idea where it came from, but it was legal and it was so. I came up with the 750 I needed for a total of 7k to re-modify. 11 years later I am there again, modification only helps to stop the obvious from happening then.
Last year I had my electric turned off for 4 months during winter, I had a nice neighbor who helped with an extension cord. Im ok on gas, water, electric im still piled high into and just hope once again I can make it to where they dont shut you off for winter, and try to pay off most of it during the winter months.
When OWS started, and grew, I watched online, the video, the pictures, the emotion, the fight. And I cried in front of my children. They asked why I got so upset, and i said simply, “Im not a lone” Its so overwhelming to see the fight going on world wide now, it fills me with such hope that things will change. No, not overnight, but they will.
I would also like to note, I have a degree, I have to work 2 jobs all the time, usually pick up freelance work for extra and usually need to see a local food pantry once a month. I never thought my life would come to this. EVER.
Occupy Wall Street for me is hope, for the future and for my children, and knowing I am not a lone in this plight.
Dell Inc. now offers discounts on computers and devices through the Invest in America program, available exclusively through credit unions from the CU Solutions Group (CUSG). CUSG, a
provider of human resources, technology, marketing and membership enhancement solutions for the creditunion industry, today announced this strategic partnership agreement.
“Dell is the perfect addition to the Invest in America program and we are very pleased to have a partnership with them,” said David Adams, CEO of CU Solutions Group. “Invest in America is about connecting credit union members with discounts from top American companies like Dell, while supporting American businesses, jobs and local credit unions.”
The agreement calls for up to 30% discounts on computer systems and 10% off on Dell Mobility products, with discounts also available on business‐class systems. Dell, a Fortune 50 business and a Top 5 web merchant, joins the successful Invest in America program that also includes special credit union member discounts from top American companies including General Motors, Sprint, Intuit and more. The Invest in America discounts are designed to help credit union members by offering significant discounts on products and services they use every day. Consumers and credit union members can find details on the discounts at http://www.lovemycreditunion.org, where they can also learn about credit unions and how to find and join one.
With lower rates, better fees, free ATMs and even special member discounts, credit unions are a high‐quality, low cost choice for financial needs. Invest in America is just one way that credit unions support their core philosophy of “people helping people.” The nationwide Invest in America program is available at more than 3,000 participating credit unions in all 50 states.
An email to me from Anon Debtor Girl-
Occupy Student Debt started out on Facebook (www.facebook.com/occupystudentdebt) as a group for angry student debtors. The guys from Default: The Student Loan Documentary and Robert Applebaum of forgivestudentloandebt.com got involved, which helped the page get some attentionI became furious on Wednesday when Obama announced his student loan “reforms” because they only cover federal loans, and not private, bank-backed loans (i.e. through Sallie Mae, Citibank, B of A, Chase, etc.) Anyone who has already defaulted on either type of loan is still fucked, and there are no bankruptcy protections even for the disabled. The banks can even garnish your Social Security checks, thanks to Congress stripping away consumer protections in 2005.Most people don’t know the difference between gov’t backed and bank-backed loans, so they keep assuming everyone has the right to income-based repayment plans. No. The big banks don’t give a fuck if you’re unemployed and begging to defer, or if only bringing home $800/mo. They’ll still demand the full $1,000 you owe — and if you can’t make payments for only 90 days, you default. Once you default, your credit is shot for life. You can’t rent a house or an apartment, and you still have to pay back the amount you owe plus thousands more in bullshit fees. Studentloanjustice.org has some good explanations of how this works, and how it’s meant to especially ruin the lives of low-income and minority students.What we’re trying to do: We want to collect your stories about student loan hell. We want to inform the public about the lack of consumer protections and refinancing rights for student loans and hold private lenders accountable for their refusal to help students avoid default. We believe that the federal government must act to help students who have already defaulted, and to restore consumer protections and bankruptcy rights immediately. We want lenders to be held accountable for lobbying Congress and for exploiting poor and middle-class families. We want to draw attention to what student debtors are truly facing. We are the overeducated underclass. Don’t call us entitled for wanting survival.We’re trying to organize a Student Debt Action day on 11/12. , we want students to join their local Occupy events to protest the exploitative actions of the government and big banks as outlined above.
In an analyst note, Bofa/ML’s Ethan S. Harris drops a bit of a bombshell prediction:
We expect a moderate slowdown in the beginning of next year, as two small policy shocks—another debt downgrade and fiscal tightening—hit the economy. The “not-so-super” Deficit Commission is very unlikely to come up with a credible deficit-reduction plan. The committee is more divided than the overall Congress. Since the fall-back plan is sharp cuts in discretionary spending, the whole point of the Committee is to put taxes and entitlements on the table. However, all the Republican members have signed the Norquist “no taxes” pledge and with taxes off the table it is hard to imagine the liberal Democrats on the Committee agreeing to significant entitlement cuts. The credit rating agencies have strongly suggested that further rating cuts are likely if Congress does not come up with a credible long-run plan. Hence, we expect at least one credit downgrade in late November or early December when the super Committee crashes.
This is quite a stunning prediction, mainly because nobody is talking about this. And though the experts were 100% wrong in thinking that a downgrade would increase borrowing costs, it did cause a major market jolt when it happened, leading to a major blow to confidence in August and September.
Another round of that would certainly not be helpful.
Hense Harris’ note is titled “Enjoy It While It Lasts.” We have a nice little upswing in economic data, but next year could be rough again, when these confidence shocks hit.
As for the immediate term, Harris sees 2.7% GDP for Q3 (the advance estimate for which will be released this coming Thursday) and 2.3% GDP for Q4.
Over the past two weeks, I have been closing down and moving money out of my Bank of America accounts. I have done my personal and business (I own a consulting business) banking there for over ten years but have decided to vote with my wallet and express my displeasure with the system by removing my money from their clutches. One by one, I have zeroed out the balances on various accounts by transferring and consolidating via their website. After each transfer I then called to close the accounts over the phone without issue. Yesterday was different. I visited a branch to make a business deposit and when I arrived, there were signs on the ATMs indicating that the system was down and that customers should come into the branch. Before I got to the business customers’ line, I was stopped by a banking associate and asked the purpose of my visit. I told him I was there to make a deposit and he waved me to a desk. When I sat down the banker first asked for my account number.
I don’t know it, so I handed him my ATM card. That’s when he explained that all of their computers were down, and although they would accept the deposit, without the account number they would have to give me a generic receipt. Say what huh? When I told him that my newly opened accounts at a local (small, community) credit union would like the deposit he insisted that their computers were down too. Fifteen minutes after leaving BoA I found that to not be true and the money was happily deposited into a new account at the CU without issue. Later in the afternoon I hit up a different branch of BoA and found their computers working just fine. I went in, asked to speak with a banker and was seated in an office. When the young associate came in and asked the purpose of my visit, I handed her my ATM card and requested that she tell me the balance. When she did, I then asked for a cashiers check in that amount. That’s when things got wonky.
She froze, stumbled over her words and asked why I needed that amount (It was not a small sum). This gave me an opportunity to explain that althouth I personally would not be affected by their new fees I know plenty of friends and family that would feel the pain. In solidarity with them, I wished to close the account and move on. She unwittingly suggested that if I just use my debit card once a month then there would be no fee. That was good for a belly laugh from me, then I again requested the balance to be issued to me in the form of a cashier’s check. She then told me that there would be a $10 fee for this service. Another laugh. I guess it didn’t sink in when I told her that I was fee adverse. There was an easy work-around anyway – I requested the cash. That finished my time with this associate banker as the amount I was requesting was “well past” her daily limit for withdrawals. I asked if there would be an issue with securing the cash and she said “I honestly don’t know if we have that here” and walked out to get the branch manager. The manager was pleasant enough and very direct. After introducing herself she flat out asked “What can we do to change your mind?” “We don’t want to see you go” she emphasized. This opened a door for me to further explain my decision to leave the bank and why I was doing it. Amazingly, it did not fall on deaf ears. She indicated that understood where I was coming from and actually showed genuine surprise at some of the facts I provided her about the less than consumer friendly policies and mechanations of her employer. She did make some feeble counter-arguments and repeatedly asked me if I would change my mind (with a hint of desperation!).