RAHWAY — The Move Your Money project, a nationwide campaign, came to Rahway to encourage people to divest from the largest Wall Street banks and invest in local financial institutions and chided the city government for ‘sleeping with the enemy’ instead of leading progressive action.
“Little has changed to prevent another financial crisis or to end ‘Too Big To Fail,’ and with Congress unwilling to act, we have been encouraging individuals to take power into their own hands by voting with their dollars,” said Democrat James Devine, a candidate for mayor in Rahway who has participated in previous ‘Move Your Money’ demonstrations. “By no longer contributing to a financial system that led our country to chaos, we are giving people real, concrete actions they can take to create a more sane, stable and localized banking system.”
“Incredibly, City Hall has ignored the Move Your Money campaign and designated two of the culprits behind the global financial meltdown as depositories for municipal tax dollars,” said Devine. “Instead of leading progressive action, Rahway’s out of touch and uncaring politicians are sleeping with the enemy, so this town needs a change.”
“Our message has not only lead to millions moving their accounts from the ‘Too Big To Fail’ banks, but has inspired local and state governments to take a stand against Wall Street in defense of Main Street,” said Lisa McCormick, a Rahway business owner.
“The Federal Reserve fined Wells Fargo $85 million for predatory lending on July 20, 2011, and Bank of America settled a class action lawsuit for $410 million for cheating its own customers,” said McCormick. “Bank of America posted transactions largest to smallest, rather then in chronological order; having the effect of increasing the number of overdraft charges if the customer accidentally maxed out their account.”
Activists urging people to move their money out of the banks deemed ‘too big to fail’ into local community banks and credit unions are supported by the Occupy Wall Street movement, MoveOn.org, along with individuals, businesses and governments across America.
“Since the Move Your Money project began in 2010, nearly 10 million accounts have moved away from the nation’s largest Wall Street banks, but the folks in Rahway City Hall are still doing business with the ‘Too Big To Fail’ Wells Fargo and Bank of America,” said McCormick.
Connect with NJTODAY.NET
Join NJTODAY.NET's free Email List to receive occasional updates delivered right to your email address!