04-25-2012, 10:14 PM
hydrotech Wrote:plese enlighten me on how credit unions and small town banks are tied to Morgan, warburg, lehmen and roth banks from jekyl island fame? I thought they were all good local ways to invest and use money keeping it out of the big banks hands. I would like to get some knowledge on using my money in a way that does not benefit them at all.
Small banks issue credit cards, but Visa, MC, etc. are really big bank creations, so that the small banks get just a fraction of the benefit of the cards. Even your debit card says Visa or MC on it, I'll bet, and is tied in. That's just the easiest to identify. Visa, at least theoretically, is an independent company. It has morphed over the past 50 years from the original BankAmericard into Visa. (There's that BOA again!).
I don't know how you can completely sever those relationships in todays overlapping banking world, unless you simply do everything with cash. I refinanced my home last year with a local Credit Union because I wanted out of the mega bank world, but I can't figure out a way to completely divest myself.
You seek escape from pain. We seek the achievement of happiness. You exist for the sake of avoiding punishment. We exist for the sake of earning rewards. Threats will not make us function; fear is not our incentive. It is not death that we wish to avoid, but life that we wish to live. - John Galt