Why is the administration overlooking credit unions?

[eridani]

http://www.truthout.org/051309T?n

As hundreds of our hard-earned billions are being poured into corrupt, greed-driven, lethally inefficient banks, the administration, Congress and corporate media have studiously avoided the one sector of the banking industry that actually works - the credit unions.

Throughout the United States there are hundreds of these people-powered banks that have succeeded and prospered while all around them the traditional banking has collapsed into ruin, taking our general economy with them.

Why?

Because unlike those private banks, the America's 10,000 not-for-profit credit unions are controlled by the people who deposit their money there. Loans are made only to members. The deposits are federally insured, and investments are monitored by the depositors and, allegedly, by federal regulators.

For the most part, their decisions are made democratically. Their boards of directors are elected. Increasingly those decisions have been oriented funneling resources into new green industries whose future is bright, and that actually serve that public rather than raping it.

[regnaD kciN]

1. Maybe because they don't need help?

By and large, credit unions did a good job of avoiding the risky loans that are killing the major banks. If they aren't on the brink of insolvency, they certainly don't need a bailout.

[eridani]

4. What they meant was why not consider them part of a solution? n/t

[FraDon]

2. Dump the Banksters • Support Co-op Banks !

"It's a tragic fact that co-ops thrive when people are desperate," said a co-op elder years ago (1980), during a keynote speech at a national gathering of co-op managers. • Well neighbors, people ARE desperate, and getting more so. It's long past time to dump the Bankster/Morgan/Goldman cabal, and support the middle way: not-for-profit banks.

[Joanne98]

3. The honest and ethical have to be destroyed. Only thieves can play.

[JohnWxy]

5. I'm a big believer in credit unions. I wish Obama administration would at least encourage people to

go to a credit union if their bank won't give them a loan.

[AnneD]

6. Count me among the happy CU members.....

I started out in the small traditional banks but they got taken over and my S&L got taken over by FDIC.

Comparing Mega Bank to a CU is like comparing night and day. I'll never go back-NEVER. When I go into the CU, I am treated like an owner (which I am). Most of the tellers know me and my daughter (she is a member too) by name. I have never lost a minutes sleep over my CU's solvency. They are up front about their books and you can talk to the CEO anytime.

What more can you ask for.

[Moondog]

7. Another happy CU member here

Great deal on credit card, great deals on loans of all kinds, and the interest rates on savings are better than anywhere else I could find.