wallstreetonparade.com / By Pam Martens and Russ Martens: January 17, 2017
The currency of Washington’s power politics is campaign money. Much of that campaign money flows from Wall Street’s biggest banks: its lobbyists, its Political Action Committees, its employees and their spouses. After flooding the presidential campaign with money, Wall Street is then rewarded by being allowed to make cabinet hiring decisions as part of the new President’s transition team, ensuring continuity government and an incurable malignancy on American democracy. To begin the process of draining the corrupt swamp in Washington, it means cutting off the money flow from Wall Street – not looking for a new savior who is deeply indebted to the same Wall Street banks.
Tens of millions of U.S. consumers have the power to pull the plug on the swamp by moving their deposits from big Wall Street banks to their local community banks or their credit union. This would not only deplete Wall Street’s coffers to corrupt in Washington, it would provide the cash to reinvigorate the cities and towns that Wall Street has blighted through its dirty swap deals and its evil genius subprime housing bust.
Community banks have the same level of FDIC insurance as the big banks, so you’re not taking on more risk when you move your money – providing you hold your funds in FDIC-insured accounts and stay within the insurance limit. FDIC-insurance is backed by the full faith and credit of the U.S. government. (You should ask for a statement in writing from your new bank that the type of account you have selected is insured. See video below for more details. Mutual funds, municipal bonds and annuities are not FDIC-insured, even when you buy them from a bank.)
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