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Massachusetts Liberal

Observations on politics, the media and life in Massachusetts and beyond from the left side of the road.

Tuesday, October 25, 2011

What's wrong with this picture?

Maybe it's not just Wall Street that needs to be occupied.

With the economy still struggling, homeowners struggling and unemployment high, now comes the tale of bankers with too much money on their hands. And they aren't just the big out-of-town behemoths either.
Hyde Park Savings Bank, a community lender in the Boston suburbs, lowered its C.D. rates this spring to encourage less-profitable customers to move on. As a result, Hyde Park shed about 1,000 of its 35,000 C.D. holders, preferring customers who also had a checking or savings account
In the words of a Colorado bank executive:
“If you had more money than you knew what to do with, would you want more?”
Excuse me, but I know what you can do with it. Lend to people looking to launch businesses and buy homes are jump start the economy.

Americans have been urged to move their assets away from behemoths like Bank of America and Citibank which squandered billions, took a taxpayer bailout and added debit card fees to nickel and dime the public that saved their skins.

But when the little guys behave like the big guys -- paying virtually next to nothing to keep your money, then whining about having too much, there is something fundamentally wrong with the entire system.

The bankers naturally complain about the big, bad federal government that is preventing them from making a living.
“It’s very hard for us to take deposits and make any meaningful spread,” said William D. Parent, Hyde Park’s chief executive.
We're supposed to feel sorry for them?

Here's an idea. Take a chance on the communities you claim to serve. Invest in local businesses and hard-working people squeezed by the big banks. And stop whining.

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Anonymous Anonymous said...

Paul Newman did it for salad dressing, why doesn't some liberal icon step up to the plate (Soros?) and create The Goliath Bank. It can keep fees low, pay some interest, and show the big boys how it's done. If it pays its upper management a small salary it can pay higher interest or put out micro-loans for distressed neighborhoods. Or some of you liberals can get together and create The Common Man Credit Union.

October 25, 2011 9:02 AM  
Anonymous Anonymous said...

The little guys are much more susceptible to a sudden outflow of deposits from them than the behemoths. If they don't behave appropriately towards the communities they serve, it wouldn't take much to punish them. Let your deposits, or not, do the talking. Boycott, anyone?

October 25, 2011 9:54 AM  

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