Monday, July 16

Banks

We've always known that power corrupts and absolute power corrupts absolutely. Machiavelli, Hitler and George Bush II are good examples, for different reasons.

So why do we give the financial industry the same types of unregulated power we used to grant to kings and lords?

In a kingdom, peasants payed a fee to the king, not a tax, but rent to use the land for business. In banking, you pay banking fees for the right to keep your money in a safe institution.

It's easy to see how the first situation seems mob-like and unfair, if I'm contributing to a kingdom's success, why should I pay additional fees?

But with banks, conceiving of our money as property might help us see that it's the same thing.

A bank is allowed to use your money to lend out to other consumers or businesses. They make money on the deal but take a far-bigger percentage than you see in interest. Also, the aforementioned fees can be used to invest in things like stocks and bonds, money which is used to strengthen the kingdom. Strength gained on the back of your hard work, of which you share no benefit.

The deregulation of banks made this worse.

One thing that has always existed at banks is the greed and non-compassion associated with turning a customer's money into more money, while shutting them out of the benefits. The lack of humanity in dishing out lucrative housing loans to those who couldn't pay them resulted in a full blown crisis in 2008.

But the bankers continue receiving bonuses that make a doctor or lawyer's salary look dismal, not to mention a working mother of two who is by necessity, forced to bank at her local branch. When I worked in special education it would break my heart to see teachers paying for school supplies out of there own pockets.

Have you ever tried to get on a lease without a bank, or put gas in your tank at midnight when there is no attendant?

We need banks. We don't need to choose the ones who put us on with shiny blue storefronts and "low fees". We need to find a way to inject some compassion into our capitalism.

Or we're all done for. You. Me. The environment. All of it will suffer because we have given the power of billions of dollars to a handful of individuals. You think history would have taught us differently.


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