Finance Friday: Big Bank Backlash
Friday, December 9th, 2011We now have a bigger problem than we did when the Great Recession started back in 2008… the ten largest banks in the country now control 64% of the country’s assets in 2011, up from 58% in 2006 and only 25% in 1990 (source: Federal Reserve Bank of Dallas). Talk about too big to fail… yikes!
Unfortunately for the rest of us who own a small business, we are not too big to fail, and are allowed to do so on a daily basis. Bigger is not better and oftentimes the backlash against big institutions and the government are played out in the news ad nausea. But nothing ever seems to change and the big continue to get even bigger, often times with the help of politicians in Washington (case in point, Solyndra). GoHuman.com is a small player in the internet world with a big message. We believe that change starts with one person who makes a decision not to go along with the status quo and actually do something. That “something” can be as simple as moving your bank accounts and loans from Big Brother Bank to a local credit union or community bank. Let’s not be participants in the next great bank bailout. Let’s also do our part so that it can be said that 64% of the assets in the country controlled by the big banks does not include our assets. Hopefully, the next chart that comes out will show this percentage has peaked, and is on its way back down. Then we will know that one person, deciding to make a change, can impact the world…….Go Human!
