As we all know, a while back, our government under the leadership of both the Bush and the Obama administrations, handed over billions in taxpayer dollars to JP Morgan Chase and Citibank in an effort to save our economy from an even wider disaster than it already faced. The reasoning behind it... the banks were too big to fail.
What I would like to discuss some remarks that Arianna Huffington made a few weeks ago. While admitting that yes, the bail out may have been the right course of action at the time, she also suggested that there should be something done so that it never happens again. I'd say many would agree on that much at least.
She went on to say that the best way to prevent a situation like this from happening again is for everyone who has money in the big banks to simply take them out and deposit that cash in smaller, local banking institutions. These banks are still FDIC insured and there would be no real risk involved in making the switch.
I have been considering this, but much like the abused housewife who isn't ready to leave the comforts of home over the occasional pimp slap, I'm not sure if I'm ready to leave big banking. Sure, there are the ridiculously high interest rates, the hidden fees, the late charges, but there are also the conveniences. Like being able to find at least five major label ATMs within spitting distance of home or any bar I should be stumbling out of. Also, what if I'm the only dipstick who listened to Ms. Huffington? Then, while my money languishes over at Bedrock Ltd., Big Banking keeps chugging along, and my little protest goes wasted. Not to mention that if Bedrock Ltd. gets too big, they will start treating me in the same cavalier manner that the big banks did. Or worse, they'll get gobbled up by big banking. This would be great for bank president J.L. Gotrocks, but I'll be right back where I started.
I'd love to make a break for it, but if Big Banking is going to catch me at the bus station and make me get back in the car...
(I'm envisioning the scene from What's Love Got To Do With It. Needless to say, the Big Bank is Ike Turner. "Stevie Mae, you betta get yo %#&@$! back in this car and stop wasting time, now.")
... then what is the point? Do any of you have any thoughts, one way or the other? I'm just curious.