Consuming Thoughts: X

X is for “Exchange” Your Money for Action. George Bailey: …this rabble you’re talking about… they do most of the working and paying and living and dying in this community. We do. 99.9% of businesses operating in the world are small to medium-sized businesses. In the US, small and medium-sized businesses employ over 60 million people. Currently, many of these businesses and their people are suffering. Cut off from sources of credit, capital and equity they are slowly, inexorably going broke.

Traditionally, small, community banks and lenders were there to serve small businesses and individuals. However, according to the Move Your Money post in the Huffington Post:

…America’s Main Street community banks — the vast majority of which avoided the banquet of greed and corruption that created the toxic economic swamp we are still fighting to get ourselves out of — are struggling. Many of them have closed down (or been taken over by the FDIC) over the last 12 months. The government policy of protecting the Too Big and Politically Connected to Fail is badly hurting the small banks, which are having a much harder time competing in the financial marketplace. As a result, a system which was already dangerously concentrated at the top has only become more so.

So, what can we do? Three things:

1. Continue to buy local. Small and medium-sized businesses are overwhelmingly local and regional businesses. Healthy cities and communities are sustained on a resilient web of local commerce and consumption.
2. Start saving and investing locally. Put your money in local, community-focused institutions. The folks at the Huffington Post have started the Move Your Money campaign and website where you can get information about how and where you can make a difference just by opening a bank account. Community banks, savings and loans and credit unions have a much bigger interest and stake in maintaining and growing a healthy community.
3. Check out this video. George Bailey or Mr. Potter? The choice is ours.

Tags: buy local, George Bailey, Its a Wonderful Life, Move Your Money, small and medium-sized business, The Huffington Post, too big to fail