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IHuffingtonPostI blog Transform banks to CUs
MADISON, Wis. (1/29/09)--The time has come for the U.S. to nationalize large banks and model them after credit unions, according to a HuffingtonPost blog posted Tuesday. Middle-class taxpayers are not benefiting from ongoing financial industry bailout deals, Mike Garibaldi-Frick, founder of EvolveArts.com, wrote on the blog. By nationalizing banks and having them follow the credit union model, the government would be able to better “regulate bank lending practices so that interest rates on mortgages, credit cards and other loans will more closely match bank borrowing levels,” he added. “Banks are no longer the community-based institutions they were decades ago,” Garibaldi-Frick wrote. “Credit unions have taken over as the cooperative financial institutions that invest in their own members’ lives and businesses. Most credit unions offer a variety of services--including financial/bankruptcy counselors--to help members experiencing difficult financial circumstances to stay in their homes and remain solvent.” If enough people discover the benefits of credit unions, banks would be out of business--and banks fear credit unions for this reason, he added. “If you would like to take a stand against the greed of the banking industry and these current bailouts, consider putting your money in a credit union instead. Even The Wall Street Journal recognizes that credit unions are better places to borrow money and store your savings. Plus credit unions are largely untouched by the subprime debacle. It’s time to take control of your financial destiny, America,” Garibaldi-Frick concluded.
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