Helen of Marlowe's Blog

It’s Move Your Money Week! And so I did.

Posted in "North Carolina", Economy, Government, Government Politics, Local Government, NC, Politics, Winston-Salem by helenofmarlowe on November 11, 2011

This is Move Your Money Week. And so I did.

 I’ve been happy with Wachovia for more than 30 years. But Wachovia is no more, and Wells Fargo, nee Wachovia, is now charging fees that Wachovia never charged while, according to Reuters, Wells Fargo paid Chief Executive John Stumpf compensation worth $21.3 million for 2009. A year ago, Wachovia/Wells Fargo began charging me a $25 fee for my unsecured line of credit. I’ve had that unsecured $15k for thirty years, never paid for it, and never used it except occasionally due to carelessness – it’s my overdraft protection.

Maybe Mr. Stumpt is worth $21million a year, every year. It doesn’t really look like much when compared to the $43.7 billion in taxpayer bailout funds that went to Wells Fargo. And the $25 annual fee for an unsecured line of credit that I almost never use isn’t going to make a difference in my vacation plans.

But our country’s rising income inequality troubles me. Increasingly wealth is concentrated in the hands of the few, and not because they have worked harder, but because they have influenced the laws that rig the rules. We like to think of America as the land of opportunity, and that once was true. But for the last three decades, economic mobility has become harder in the US than in Denmark, Australia, Norway, Finland, Canada, Sweden, Germany or Spain.

Much is amiss in the rigged and under-regulated economy that has seen corporate taxes as a share of the nation’s tax revenues plunge from 28 percent in 1956 to only 11.8 percent in 1996 and to below 10 percent in the early 2000s.

The share of all property taxes paid by corporations dropped from 45 percent in 1957 to 16 percent in 1995 (more recent figures are hard to find, as most states have changed their accounting rules to not break out corporate from personal tax payments, in response to lobbying pressures from corporations).

After decades of campaign contributions from lenders, legislators have re-written the banking rules to favor the banks over the people. Much of this corporate-friendly legislation was even written by the Corporations, instead of by the legislators whose job it is.  (See  http://alecexposed.org/wiki/ALEC_Exposed  — ALEC Exposed.) So today I moved my checking, savings, money market and credit card to the State Employees Credit Union. And as soon as I’m sure all my charges have cleared, I’ll cut my Bank of American credit card and mail it – or maybe take it – to the bank that notoriously took bail-out funds, gave CEOs huge salaries, and paid no taxes.

It isn’t that hard to Move Your Money, and it will help the economy of your own community.

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