As President Obama took office last year,
many of us watched with dismay and disgust as Washington handed
out billions of dollars - with no strings attached - to
bailout the banks and financial institutions - the very individuals
who were in the driver's seat when the economy tanked.
But "too-big-to-fail" means "we must bail,"
or so were told.
Despite carting taxpayer dollars into Wall Street coffers, homeowners continued to foreclose on their homes and cash-strapped businesses were rapidly being forced to close their doors. All the while, the bailed-out banks have continued to pay out millions in executive bonuses, raise credit card rates for consumers, and have failed to free up credit for small businesses. To top it all off, Congress has failed to pass financial reforms in the 16 months since the economic crash to prevent another crisis like this one from happening again.
Well, it's time to take action and put our money where our mouth is! This New Year's, Arianna Huffington challenged us to Move Our Money into community banks and credit unions that did not receive money from the bailouts and are more likely to invest in local communities. Read more about it here.