Tuesday, January 26, 2010

If Geithner advises it, do the opposite

Basically, the dude wants you to keep your money in the "too big to fail" banks of the sort our tax dollars bailed out in 2008. Problem is, he seems at a loss as to explain why. Yes, he needs to be canned. The odds of Obama actually doing so are about nil. So it goes. That all said, I have advocated moving your checking and savings accounts to credit unions or local/regional banks (if you haven't already) for a while and will continue to do so. Odds are you'll get better service, and your deposits will be considerably safer. I know my local bank imposes very minimal fees, and has a very cautious approach to lending. Not only would ditching the big banks feel good, but as I noted before, if a critical mass of depositors do so, it could change the financial landscape in this country - for the better.

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