Regular readers know I'm a big supporter of the Buy Local movement. Not only because small inns are inextricably linked to the small businesses in their community. And not only because it's just good business to support your neighbors.
No, it's also because buying local is the best way to support jobs in your community.
So when I've supported the initiatives to move money from the fat cat banks into smaller community or regional banks or credit unions, some folks have assumed that my reasons were the same. That it's all part of Buy Local.
And, to a certain extent, it is. For all the same reasons. Keeping local money as close to home as possible encourages your community to thrive.
But it's also because I believe the big banks have become hornets nests of manipulation and, for the most part, are not fulfilling their duties to the communities in which they work.
Sure, they'll cough up a few thousand here and there to sponsor local events. Cheap advertising is not exactly the same thing as supporting small businesses. That support is shown in small business lending which is woefully inadequate in most big banks.
But when they start really trying to force small businesses to either default or pay higher rates on credit lines that are the only lifelines many of them have?
Well, folks, it's time to move your money.
