Why isn't Obama turning to the Credit Unions?

[babsbunny]

http://www.freepress.org/departments/display/20/2009/3445

Why isn't Obama turning to the Credit Unions?
by Bob Fitrakis & Harvey Wasserman
May 12, 2009

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.

[rpannier]

1. Credit Unions are members only

They would have to alter their policies to allow more people in.

Anyone can have a bank account.

I have both back in the states.
My bank is better than my credit union.
But, my bank is located in a small town and caters to farmers and retirees and has only one branch.

[LWolf]

7. My credit union has 12 branches in my state.

I have to be a member. That involves living in one of the 6 counties that the branches are located in, and keeping $5 in a savings account, which is one membership share.

I can live just about anywhere in my state without changing my bank account. If I moved out of state, I would find another local credit union.

[madrchsod]

2. there`s also plenty of smaller banks that are doing well

my bank is rated 5 stars and does everything possible to help people in trouble with their mortgages.

credit unions are a very good alternative to banking....i was a member of two credit unions and were far better than the banks i have used. actually the government should stay the hell away from credit unions!

[w4rma]

3. If the big banks would just be allowed to fail then credit unions would have gained market share. nt

[bbinacan]

4. Have not some

credit unions also gone under?

[Demeter]

5. Obama Is Captive of Wall Street: Summers, Geithner, Bernanke, Paulson

He's a lawyer, not an economist, and coming from Chicago, he was exposed to the Friedman Con game mascarading as economics.

When this artificial dead cat bounce dies come September, we can only hope that the scales fall from his naive eyes and he pink-slips them all and gets some real talent on board.

[Jim Sagle]

9. But his kids are really cute, aren't they?

;)

[ThomWV]

6. I don't know about your Credit Union but mine doesn't do houses or land

They do personal loans and a lot of car loans but that's about it. I still love them to death.

[ProudToBeBlueInRhody]

8. I love my credit union

The only time I ever had a problem with my account, I called a local number, got a real person on the first ring, and the problem was fixed in five minutes without them trying to get me to sign up for something else or charging some ridiculous fee.