After the Occupation: We Hate Mega-Banks But Still Use Them

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Chuck Burton / AP

Anger against mega-banks brewed for most of last year, coming to a head with the Occupy Wall Street protests and fueled by banks’ unpopular (and short-lived) efforts to charge people for using their debit cards. People claimed they’d vote with their feet and switch to a smaller bank or a credit union, prompted by movements like the Facebook-driven Bank Transfer Day. But then a funny thing happened: Most people didn’t wind up switching banks after all.


Does this mean we’ve embraced the “too big to fail” banks? Far from it; a pair of new studies show widespread dissatisfaction among customers of giant banks.

Overall, 11% of bank customers say they plan to switch banks, according to Javelin Strategy & Research, but this number is higher — in some cases, much higher — for the nation’s largest banks. Javelin says an “astounding” 25% of Citibank customers and 21% of Bank of America customers in a recent study say they’re likely or very likely to change banks within the next year. For Wells Fargo and Chase, those figures are 14% and 12%, respectively.

Only 69% of people say they’re satisfied with service at big banks, a lower percentage than for regional banks, community banks or credit unions (which have the highest satisfaction rating at 92%).

(MORE: Banks’ Overdraft Policies Are Getting More Confusing)

As fraught as our banking relationships are in the U.S., though, Europeans seem even less satisfied with their financial institutions. In a survey of global banking customers, consulting firm Ernst & Young found that consumer confidence in banks in Spain and Italy dropped by more than 70%. Worldwide, its research showed similar sentiments to Javelin’s study, with 12% of customers planning on leaving their banks. Half of these departing customers plan to leave because of fees and other costs.

So, if we hate our banks so much, why are they still our banks? For some people, it’s probably just inertia: It takes time and effort to choose and switch to a new financial home base. And there’s the devil-you-know dynamic: Some cynical customers may figure that another bank could be just as bad, or worse.

Then there’s another, even more frustrating, reason: Consumer Reports recently looked at what it takes to move to a different financial institution and found that it’s not only very difficult, but deliberately so, especially if you use a lot of automatic deposit and payment services. Consumers Union found that even basic details such as whether or not a customer can close an account via phone often aren’t readily available, and that customers often get conflicting answers. A customer also runs the risk of incurring insufficient funds fees or monthly maintenance fees while they’re drawing down the balance of their old account.

(MORE: They’re Baaack: Americans Paid $31.6 Billion in Overdraft Fees in 2011 — and the CFPB Ain’t Happy)

Ernst & Young also found that a growing number of people are now banking at more than one institution. The number of customers with only one bank fell 10 percentage points, while those with three or more banks climbed by 11 percentage points. In the U.S., the number of people with three or more banks has doubled since last year.

This is the opposite of what banks want. The more we bank with them, the more money they make. Chase executives even said that some 70% of customers with less than $100,000 in business with the bank would become unprofitable after rules regulating fees kicked in.

Now banks are trying actively to get customers to use multiple products or services, sometimes by offering to waive monthly fees for checking account customers who also have credit cards, loans or investments with them. But this might prove to be a challenge for them, as more of us seem to prefer shopping around for banking products on an a la carte basis.

MORE: The Credit Card Companies With the Most Consumer Complaints

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Firozali A.Mulla
Firozali A.Mulla

 

Before

we embark to change any we have to change our thinking The Bank of England

Governor says that the culture in the UK banking industry "must

change". Speaking at a press conference, the Bank's Governor Sir Mervyn

King said that the UK is a victim of a "vicious circle" of reduced

bank lending, and that the culture in banks must change. He said that

implementing Vickers reforms is the most important change needed to improve the

UK banking industry, but insisted that banks do not need a "Leveson

style" inquiry. When asked about the recent controversy over the Libor

inter bank-lending rate, which has seen Barclays receive a ?290m fine for

rigging the rate, Sir Mervyn King said that manipulating Libor was

"deceitful" and that it needed reform. But he added that financial

regulation cannot stop bad behaviour in the City. The Bank of England also said

that the UK's financial outlook has worsened due to the Eurozone crisis, as the

economic problems in the EU are "deep-seated". Sir David Walker is

one of the city grandees who has been approached to look into what went wrong

at Barclays. He also revealed that former government minister and Standard

Chartered boss Lord Davies has been touted to be part of the bank inquiry.

Barclays has not yet consented to such an inquiry. Furthermore, the boss of

Barclays has said that he won't resign despite the rate rigging scandal. Royal

Bank of Scotland could face a hefty fine from the same interest rate rigging

scandal that has hammered Barclays this week and left its boss Bob Diamond

fighting for his job. Taxpayer-backed RBS is set to be fined about 150 million

pounds ($233 million) for participating in market manipulation offences similar

to those engaged in by Barclays, the Times newspaper said. RBS said it, like

many others, is continuing to co-operate with regulators on the on-going

investigation. Any resolution of its case is months away, a person familiar

with the matter said. Britain's banking woes deepened on Friday as the

Financial said it had settled with four banks - Barclays, RBS, HSBC and Lloyds

- after finding evidence they mis-sold products to protect small businesses

against a rise in interest rates. Compensation could run into the hundreds of

millions of pounds, lawyers have said, although Lloyds said the cost for it

would not be material. The FSA said from 2001 to date, banks sold around 28,000

interest rate protection products to customers, although it did not say how

much it would cost the banks The words a father speaks to his children in the

privacy of the home are not overheard at the time, but, as in whispering

galleries, they will be clearly heard at the end and by posterity. -Jean Paul

Richter, writer (1763-1825) The Bank of England began a two-day monetary

policy meeting on Wednesday that was widely expected to result in more stimuli

to boost Britain's recession-hit economy. Britain's BoE is set to keep its key

interest rate at a record-low 0.50 percent -- where it has stood for more than

three years -- and agree to pump out another £50 billion ($78 billion, 62

billion euros) in fresh cash, analysts said. The central bank's Monetary Policy

Committee has so far pumped the economy with £325 billion under its

Quantitative Easing (QE) stimulus policy since March 2009, when it also slashed

its key rate to its all-time low level. "The odds strongly favour the Bank

of England returning to Quantitative Easing at the conclusion of the Monetary

Policy Committee's July meeting on Thursday after halting the programme in May

and June," said Howard Archer, chief UK economist at the IHS Global Insight

consultancy. "Latest economic data and survey evidence have been weaker

and disappointing overall, increasing the risk that the economy suffered

further contraction in the second quarter." I always say who is

listening when there is s down hill task and no brakes. Britain's

financial regulator warned Barclays four months before it was hit by a record

fine for rigging interest rates that the bank's culture was too aggressive and

must change, a person familiar with the matter said.

The disclosure that the regulator believed Barclays had "pushed the

boundaries" in some areas came two days after its U.S. chief executive,

Bob Diamond, was forced to resign because the bank was found to have

manipulated the interest rate that underpins global transactions worth

trillions of dollars. A contrite Diamond, 60, appeared on Tuesday before a

committee of British lawmakers who raised concerns about the relationship

between Barclays, the country's third-biggest bank with a reputation for

aggressive business dealings, and the country's financial regulatory

authorities. Barclays under Diamond had become known as a hard-charging bank

that paid big salaries and bonuses, something that has attracted growing

political, public and press criticism in Britain as the country bumps along in

a double-dip recession that has seen the ranks of the unemployed swelling.

Boastful emails promising gifts of champagne between Barclays traders involved

in the rate rigging scandal prompted calls for big banks to be broken up, with

their retail units split from the riskier investment banking arms, whose

activities the media has said amount to no more than "casino

banking". Andrew Bailey, head of banking supervision at Britain's

Financial Services Authority (FSA), attended a meeting of the entire Barclays

board in February and told the bank to change its ways, the source told Reuters

on Thursday. I think it is particularly salient

when we consider the northern/central European economies (including the

largest, Germany). In northern/central Europe, trade unions are extremely

influential in the labour markets, in terms of setting both wages and working

hours. Apart from trade union members, trade union agreements often determine

wages and working hours for non-union workers as well. The trade unions have

been the most effective in the world in reducing working hours. In so doing,

they help to overcome a market failure in which workers work longer than they

wish to do, because they fear that working less will leave them more vulnerable

than colleagues to job cuts. Despite the steady declines in working hours and

in employment in manufacturing, northern/central Europe produces far more than

it did 40 years ago, and rather more than is needed to meet domestic demand (in

contrast to the Anglo-Saxon economies, which do the opposite). The result is

the large and destabilising current account surpluses we see within the EU

today. Here, however, there is an inter-temporal problem. The point of high

output is to save, to pay for consumption in retirement. However, tomorrow’s

potential consumption will depend on tomorrow’s output. Unless what is saved

today is productively invested in capital that will increase tomorrow’s output,

it is essentially lost. In developing economies, it is relatively easy to find

private investment that will increase future output. The more advanced an

economy becomes; however, the more difficult it is to find investment that will

increase future output. This is especially true in services, where productivity

gains of the sort seen in manufacturing are often simply impossible. Public

investment can help make up the shortfall, but it too has limits. At some

point, the gains from, say, upgrading transport infrastructure, will be smaller

than the costs. Northern/central Europe is far ahead of the Anglo-Saxon

economies in this respect, because infrastructure and public services tend to

be much more developed. The more I read and read about Keynes, the more I agree

with him. However, it is clear from many of the comments on this article that

faith-based neoliberal economics is alive and well. I started off as an

economic liberal myself, convinced that unfettered free markets were, at least

on average, the best way to organise economic activity. I began to have doubts

when, as a student, I realised that I could earn more through part-time,

socially useless speculation in financial markets than people working full-time

to provide essential social services. (Speculation does of course help to make

markets liquid, and to manage risk, but it is simply implausible to claim that

the rewards of speculation are at all commensurate with social worth.) That

realisation shattered my faith in the infallibility of markets, and led me to

appreciate the role of policy makers in designing institutions that align market

outcomes with social objectives. Economies and markets should always be a means

to societal ends, and never ends in themselves. What we have today is huge

population and small bread getting smaller as the real value of the cash is

eroding. What we bought in 90 is not there and you cannot step in the same

running water twice. The water has gone. We have leader who cannot write their

own speeches and depend on other there by goofing the economy, immigration,

manpower, economy and employment. The first course these men ought to take is

to see what is on and state rightly not legally but emotionally. Then they will

win. We are men living our heart throbbing for pat on the back .The Bank of

England began a two-day monetary policy meeting on Wednesday that was widely

expected to result in more stimuli to boost Britain's recession-hit economy.

Britain's BoE is set to keep its key interest rate at a record-low 0.50 percent

-- where it has stood for more than three years -- and agree to pump out

another £50 billion ($78 billion, 62 billion euros) in fresh cash, analysts

said. The central bank's Monetary Policy Committee has so far pumped the

economy with £325 billion under its Quantitative Easing (QE) stimulus policy

since March 2009, when it also slashed its key rate to its all-time low level.

"The odds strongly favour the Bank of England returning to Quantitative

Easing at the conclusion of the Monetary Policy Committee's July meeting on

Thursday after halting the programme in May and June," said Howard Archer,

chief UK economist at the IHS Global Insight consultancy. "Latest economic

data and survey evidence have been weaker and disappointing overall, increasing

the risk that the economy suffered further contraction in the second

quarter." I always say who is listening when there is s down hill task and

no brakes. Britain's financial regulator warned Barclays four months before it

was hit by a record fine for rigging interest rates that the bank's culture was

too aggressive and must change, a person familiar with the matter said. The

disclosure that the regulator believed Barclays had "pushed the

boundaries" in some areas came two days after its U.S. chief executive,

Bob Diamond, was forced to resign because the bank was found to have

manipulated the interest rate that underpins global transactions worth

trillions of dollars. A contrite Diamond, 60, appeared on Tuesday before a

committee of British lawmakers who raised concerns about the relationship

between Barclays, the country's third-biggest bank with a reputation for

aggressive business dealings, and the country's financial regulatory

authorities. Barclays under Diamond had become known as a hard-charging bank

that paid big salaries and bonuses, something that has attracted growing

political, public and press criticism in Britain as the country bumps along in

a double-dip recession that has seen the ranks of the unemployed swelling.

Boastful emails promising gifts of champagne between Barclays traders involved

in the rate rigging scandal prompted calls for big banks to be broken up, with

their retail units split from the riskier investment banking arms, whose

activities the media has said amount to no more than "casino

banking". Andrew Bailey, head of banking supervision at Britain's

Financial Services Authority (FSA), attended a meeting of the entire Barclays

board in February and told the bank to change its ways, the source told Reuters

on Thursday. While they resign they must have taken some security for

themselves to leave us looking at one another expecting another Robin Hood. We

are crazy at times. We know the logic is not legal. The man of 75 marrying a

girl of 25 is legal but not logic We’re supposed to be a

nation of cockeyed optimists. But many feel like haunted wanderers in a dark

forest, knowing that the slightest turn of the foot could fell us. Just

ask Alan L, a 32-year-old from Queens, New York. The path ahead should have

been bright for Alan. After several years as a music industry publicist, he

took the ubiquitous advice of the mid-noughts and went to back to school for a

bachelor’s degree. Yearning to do something more meaningful, Alan imagined

teaching or perhaps working for a non-profit, a job that would put his double

major in history and political science to good use. Today he wakes up in the middle

of the night, gripped by fear. He checks his email compulsively, and suffers

from the strange sensation that he is invisible, that his body is floating in

space. Alan has a job. But not in a school or a non-profit. In fact, he can’t

even score work as a publicist, or even a position at a local bookshop or music

store. Since getting his degree in 2011, Alan has bounced from one temporary

assignment to the next; always aware the next quarterly budget could send him

packing. The spectre of $40,000 in student debt is his constant companion. When

Alan decided to go the college route, his parents and friends cheered. Little

did they know that a train wreck was coming? During his second week as a

full-time college student, the economy crashed. Still, Alan worked hard. He

made the Dean’s List. He won awards. “I wasn’t some goofball, flaky student,”

he says. Now he has a constant sense of failure. The temporary office jobs he

lands offer no real path to full-time employment. Tied to budget decisions,

they frequently vanish with little or no warning. “You begin to hear rumours

that your job is going to be cut,” Alan says. “People get passive-aggressive.

It’s stressful.” During what would be his lunch break, Alan runs a mini-command

centre on his laptop, scanning job sites and sending out hundreds of resumes.

He’ll have three or four browsers open at one time, constantly hitting the

refresh button on jobs listings to see if any new posts come up. Trying to look

for a job while trying to keep a job is a frantic enterprise. Alan has started

to experience the weird uncanniness of the New Insecurity. He feels like

someone on the outside of society, looking in: “I’m not unemployed, so I’m not

part of the TV narrative. I’m off the grid. The advice I hear sounds like it

was meant for someone else. ‘Live cheaply! Go door-to-door to find a job.’ But

I’m already in minimal, survival mode. And as for going door-to-door in

mid-town Manhattan? The security guards won’t even let me in. My parents keep

saying, ‘You shouldn’t be on your laptop all day.’ But job searches are mostly

done online now—that’s the reality.” I thank you Firozali A.Mulla DBA

Firozali A.Mulla
Firozali A.Mulla

European leaders took steps to calm fears about

the EU debt crisis at the financial summit in Brussels. They agreed to use the

continent's bailout fund to send money directly to struggling banks. After

tough all-night bargaining, European leaders appeared to salvage what had

seemed to be a summit teetering towards failure. Their agreement not only

funnels money directly to troubled banks, but it signals a tighter political

union across Europe in the longer term. The bailout announcement comes after

Spain requested a hundred billion euros to rescue its banks. European and Asian

markets breathed a huge sigh of relief that Europe's leaders are still working

together to resolve the deep debt crisis. But Jackson Wong, vice president of

Tanrich Securities in Hong Kong, cautioned that the euro crisis was far from

solved. "Don't expect a magical formula that can solve the problem right

out from the EU summit," he said. Meanwhile, in the United States, the

Commerce Department reported that consumer spending showed no gain in May. Economic

experts say the weaker spending and a recent rise in unemployment are just the

latest signs the U.S. economy is faltering, and could be heading toward a

double-dip recession. I thank you Firozali A.Mulla DBA

Firozali A.Mulla
Firozali A.Mulla

When I was young my mom used to tell me, "Son

clip your nail with the clipper and not the blade as you may cut the corners

far and this will become septic and you may need a bandage daily." I heard

her and this is what I do. I see what I can but with cash and buy or I cut my

craving for the purchase irrespective of my emotion. I know if I look in the

cupboard I may have one it but this emotion of buying, the politicians have put

buying into our heads. Buy our product so we can build our economy. Never

thinking WHAT I WANT TO BUILD. They are ones who spoil us and we are the ones

then complaining that they sell. All lies there is nothing like a hypocrite

oath and if there is it is well hidden in the legal books. I have no idea why

the leaders do not come out and tell us WE ARE IN A MESS HELP US. We are

prepared to throw in few ideas but alas they remain stuck in the comments and

never replied. MESSAGE The agency has signalled its bearish point of view very

clearly in recent weeks. It cut France's credit rating to BBB+ from A- last

month, partly on concerns that the government may need to prop up ailing French

banks; the assets of France's five largest banks equal an astounding 282% of

the country's GDP, Egan said. In comparison, the Big Three rating agencies have

been far less aggressive on the country's sovereign debt rating; Samp;P

downgraded France to AA+ from AAA in January, while Moody's and Fitch still

have it at AAA -- seven notches higher than that of Egan-Jones. Egan-Jones has

also cut Germany's rating one notch to A+, saying that the country will be

stuck with massive uncollectible receivables as a result of its sizable

exposure to the southern Eurozone nations. Germany can get back perhaps only

about 50% of the loan money it is owed, the agency said. Moreover, Germany's

debt-to-GDP ratio was 87% as of 2011, while France's was 99.9%. These figures

are much higher when unfunded liabilities such as social security, pensions and

healthcare are included. These unfunded liabilities will stifle growth for many

years, Egan says. As EU growth slows and unemployment rises, budget pressures

in France and Germany will rise. I thank you Firozali A.Mulla DBA

 

Firozali A.Mulla
Firozali A.Mulla

The

EU summit has not resolved the long-term aspects of the Eurozone crisis, and

investors need to be concerned about contagion and the ultimate health of core

countries Germany and France, Egan-Jones rating agency said. The small but

aggressive agency, which has issued sharper ratings downgrades in Europe than

its competitors, said the two countries remain heavily exposed to the debt of

other fragile EU members. While attention has been focused on the current

woes of Spain and Italy, the agency believes that France and Germany face

serious and deep troubles of their  own. "From

a credit quality stance, France and Germany are hurt by what's coming out of

the summit," said Sean Egan, the agency's managing

director. "From our perspective, their credit quality is being used

to support the weaker countries," he said. "With the passing of each

quarter, the debt-to-GDP ratio has risen -- and we don't see any change in

sight for that trend." He and the agency's ratings co-head Bill

Hassiepen took pains to underscore their belief that investors should watch the

two countries closely. "France is the next stop on the train of

worry," Egan said. "The country's credit quality is likely to be on

most investors' radar over the next couple of months." Hassiepen said

he had detected "the recipe of a major malfunction"

ahead. "From an investor's standpoint, there will be a massive amount

of pain," he said. CLEAR MESSAGE The agency has signalled

its bearish point of view very clearly in recent weeks. It cut France's

credit rating to BBB+ from A- last month, partly on concerns that the

government may need to prop up ailing French banks; the assets of France's five

largest banks equal an astounding 282% of the country's GDP, Egan said. In

comparison, the Big Three rating agencies have been far less aggressive on the

country's sovereign debt rating; Samp;P downgraded France to AA+ from AAA in

January, while Moody's and Fitch still have it at AAA -- seven notches higher

than that of Egan-Jones. Egan-Jones has also cut Germany's rating one

notch to A+, saying that the country will be stuck with massive uncollectible

receivables as a result of its sizable exposure to the southern Eurozone

nations. Germany can get back perhaps only about 50% of the loan money it

is owed, the agency said. Moreover, Germany's debt-to-GDP ratio was 87% as

of 2011, while France's was 99.9%. These figures are much higher when unfunded

liabilities such as social security, pensions and healthcare are

included. These unfunded liabilities will stifle growth for many years,

Egan says. As EU growth slows and unemployment rises, budget pressures in France and Germany will

rise. 

Firozali A.Mulla
Firozali A.Mulla

Those who plan now plan for 2020. That is

mathematics at the best.  Yesterday, the Commerce Minister unveiled the

Long-Term Export-Import Policy for 2022-27, to coincide with the 14th Five-Year

Plan (2022-27). As was indicated in the Annual Report for 2020-21, several

organisations, Directorate General of Foreign Trade, Directorate General of

Supplies amp; Disposals, Directorate General of Anti-Dumping and Allied

Duties, Directorate General of Commercial Intelligence and Statistics,

Development Commissioner for SEZs and the Boards (of coffee, rubber, tea, tobacco, spices) and

Export Development Authorities (marine, agriculture) have now been wound

up. This follows the recommendations of the high-powered panel, which

submitted its report in 2017. Because of coalition, some amendments and repeal

of relevant legislation are still stuck in Parliament. DGCIS was unable to

reconcile its export/import data with the Reserve Banks and the data task has

been outsourced to CMIE. With GST implemented in 2018 and complete registration

of exporters, export incentives are only via the advance licensing

route. DGAD has moved to the Finance Ministry and SEZs have been declared

illegal by the Supreme Court under

Article 14 of the Constitution. Therefore, the Department of Commerce only has

a trade policy division now, divided separately into multilateral agreements,

regional agreements, sub regional agreements and bilateral

agreements. Negotiations on the Doha Development Agenda were

completed in 2019 and agreements will come into effect in 2029. SAFTA is stuck, because Pakistan has not yet been able to resolve the

most-favoured nation issue. Meanwhile, Comprehensive Economic Cooperation

Agreements have separately been signed with ASEAN, Japan, South Korea and

China. The agreement with South Korea will have to be revisited once

Korean re-unification happens. Separate sub-regional economic integration

agreements have been signed with Sri Lanka and Maldives, and Bhutan, Nepal,

Myanmar and Bangladesh. Following the agreement with China, trade figures

are being reported in three currencies - US dollar, Indian rupee and Chinese

yuan. Merchandise exports were $1.2 trillion in 2021-22 and are projected to

grow by 20% during the long-term export policy period. I thank you

Firozali A.Mulla DBA

Firozali A.Mulla
Firozali A.Mulla

All

of us we need a pat on the back. No back up, no pats we are in the olden age.

We are emotional more then ever. And who is not? Since our conversation, I’ have thought a

lot about this topic. So often when we talk about confidence, especially as

life coaches, it’s in the context of achieving big things. Having the confidence

to make our goals come to fruition. The confidence to give the big speech.  The confidence to start a new job. The

confidence to make big, sweeping changes. But every day there are situations

where our confidence level comes into play, and while taken separately they may

seem inconsequential, they are building upon one another to create our quality

of life. Perhaps nothing shows the pointed contrast to a confident phase of

life quite like the acclaimed series Girls on HBO. I consumed the entire season

in a marathon weekend recently, and while its creator Lena Dunham is gifted, I

came away relieved the floundering 20s is in my rear-view mirror. Back then I

may have thought of confidence along the lines of bravado and ‘I deserve’ as

opposed to ‘I bring value’ or ‘I’m resilient and open’ or ‘I have no fear of

speaking up and being wrong.’ Think about how great an impact this can have

daily. Examples abound. Last week I was doing a one-hour coaching consultation

on the phone. The potential client informed me that she’s talking to several

coaches, not just me. I told her that’s a good idea and I meant it. I didn’t

change my behaviour or style in any way because there was competition.

Experience tells me we’re either a good fit or we’re not. There’s either coach-client

chemistry or there’s not. She hires me or she doesn’t. When I started coaching

a decade ago, I confess to not having near the confidence around it that I do

now. How often does a beginner come out of the gate with that kind of

confidence? Now, ever present, I can coach cold, on the fly, by instinct. But

that doesn’t mean I’m the right coach for everyone. We can all apply that

somewhere in our lives. That area where we can do things by rote because we

have them down. In fact, we’re so confident we can break from rote and adjust

where needed. Rote can make us confident, but deviating from rote takes it to

another level. The singer who plays with the lyrics of the classic a bit.  The author who reads the last chapter of her

novel at a reading. It’s mastery gone a little wild. There was another moment

recently where I thought about the role confidence plays in the everyday. I was

having a phone conversation with a friend who prides himself on being a good

listener. To him that means listening silently when I speak, so silently I

periodically wonder if we’ve been disconnected. If I ask if he’s still there, I

typically get a quizzical, “Yes, I’m listening” in response. But when I’m done

speaking, I frequently feel like he listened, but didn’t hear me. Instead of feeding me back as I’m

talking, it’s like he’s letting me talk and waiting for his turn to speak. He

often gives his opinion on the topic without in any way acknowledging what he

just heard from me. While I applaud his ability to be still and let me speak freely,

he could take his skill to another realm by confidently repeating back what he

thinks I said before proceeding with his take. Confidence, again. I come across

an awful lot of accomplished people who want to express themselves through art

of some kind and lack the confidence to do so. A few years ago when I was

teaching an adult end creative writing class at the local high school, I would

give my students a prompt and tell them to write on that given subject for five

minutes. Always there were one or two individuals whose pen didn’t move. They

were frozen. Confident in career, but not in creative expression. Look, I can

write about a blade of grass. It will either be good writing or not. I don’t

expect it to be literary. It’s about building a muscle. Maybe it leads to

something coherent, maybe not. This is where I wanted the students to go. That

place where confidence grows because they’re writing more. A lot more. Each

word, sentence, paragraph isn’t overly important when you’re writing regularly.

Each idea doesn’t have to be a jewel or etched into stone like a commandment.

This applies to countless areas of our lives. The confidence of being able to

run one mile and stretch it to two and then three. Learning a language where we

go from conjugating verbs to expressing thoughts, confidently communicating

with the natives. I can confidently get on a dance floor. I can’t confidently

get on a softball field. It takes confidence to state both of those facts.

Confidence is not some buzzword. If you don’t have it, recognize that it’s

worth cultivating. Read. Learn. Meditate. Find a church. Leave a church. Work

hard. See a therapist. Whatever it takes. Confidence allows us to be present

and vibrant and it ripples into everything. It just does. Europe's

financial markets turned abruptly negative on Friday, prompted for once by

disappointing data from the United States - rather than the eurozone - but underlining the fragility

of a currency union caught in the grip of a debt crisis and an alarming global

economicslowdown. The latest bout of gloom,

darkened by a worse-than-expected jobs report from Washington, seems to have

doused any residual glimmers of optimism that greeted last week's agreement by

European Union leaders to use the region's bailout funds to prop up weak banks

while beginning longer-term work toward a more fully integrated banking system

for the eurozone. But since then there have been too many negative

indicators, including the release of record-high unemployment data for the

eurozone this past week and acknowledgment by three big central banks that

additional measures were needed to stimulate moribund economies. And

Friday, the head of the International Monetary Fund said the fund would cut its

forecast for global economic growth when it releases its quarterly assessment

later this month. European stocks, which had already been listless, fell

immediately when the US jobs figures were released Friday in Washington. Three

major indexes - the Euro Stoxx index of eurozone blue chips, the CAC in France

and the DAX in Germany - all ended the day down around 2 percent. Once

again, a familiar, disturbing pattern seems to be unfolding in which any

positive sentiment generated by European leaders evaporates as doubts grow

about the details of what they intend to do and how soon they will be able to

do it. Pressure is now on eurozone finance ministers, who plan to meet

Monday in Brussels, to drill into the details of Spain's request for a bank

bailout of up to 100 billion euros, or $123 billion. The terms still need to be

itemized in a formal agreement. A much smaller bailout for Cyprus' banks is

also likely to be discussed. And while the agenda will also include the

next steps to the deal that was hashed out in principle at last week's EU

summit meeting, with much fine print left unresolved, analysts already fear

that Monday's gathering will be a letdown. "We have been through this

so many times," said Kenneth Wattret, chief eurozone economist at BNP

Paribas in London. "As soon as there is an improvement in market

conditions, there is a tendency towards complacency at the policymaking

level." Significantly, Spanish bond yields, which had fallen during

the enthusiasm over the EU summit meeting, have been rising steadily this past

week. On Friday, they ticked back above 6.9 percent - a measure of the Spanish

government's borrowing costs that is close to levels considered unsustainably

high. Even the economic stimulus measures that the European Central Bank,

the Bank of England and China's central bank announced Thursday seem to have

done little to calm markets. In the case of the ECB's decision to cut its

benchmark interest rate by a quarter-percentage point to an all-time low of

0.75 percent, Wattret said, investors seemed disappointed that the bank does

not seem willing to consider more drastic "unconventional measures."

I thank you Firozali A.Mulla DBA

Firozali A.Mulla
Firozali A.Mulla

 Now, ever

present, I can coach cold, on the fly, by instinct. But that doesn’t mean I’m

the right coach for everyone. We can all apply that somewhere in our lives.

That area where we can do things by rote because we have them down. In fact,

we’re so confident we can break from rote and adjust where needed. Rote can

make us confident, but deviating from rote takes it to another level. The

singer who plays with the lyrics of the classic a bit.  The author who reads the last chapter of her

novel at a reading. It’s mastery gone a little wild. There was another moment

recently where I thought about the role confidence plays in the everyday. I was

having a phone conversation with a friend who prides himself on being a good

listener. To him that means listening silently when I speak, so silently I

periodically wonder if we’ve been disconnected. If I ask if he’s still there, I

typically get a quizzical, “Yes, I’m listening” in response. But when I’m done

speaking, I frequently feel like he listened, but didn’t hear me. Instead of feeding me back as I’m

talking, it’s like he’s letting me talk and waiting for his turn to speak. He

often gives his opinion on the topic without in any way acknowledging what he

just heard from me. While I applaud his ability to be still and let me speak

freely, he could take his skill to another realm by confidently repeating back

what he thinks I said before proceeding with his take. Confidence, again. I

come across an awful lot of accomplished people who want to express themselves

through art of some kind and lack the confidence to do so. A few years ago when

I was teaching an adult end creative writing class at the local high school, I

would give my students a prompt and tell them to write on that given subject

for five minutes. Always there were one or two individuals whose pen didn’t

move. They were frozen. Confident in career, but not in creative expression.

Look, I can write about a blade of grass. It will either be good writing or not.

I don’t expect it to be literary. It’s about building a muscle. Maybe it leads

to something coherent, maybe not. This is where I wanted the students to go.

That place where confidence grows because they’re writing more. A lot more.

Each word, sentence, paragraph isn’t overly important when you’re writing

regularly. Each idea doesn’t have to be a jewel or etched into stone like a

commandment. This applies to countless areas of our lives. The confidence of

being able to run one mile and stretch it to two and then three. Learning a

language where we go from conjugating verbs to expressing thoughts, confidently

communicating with the natives. I can confidently get on a dance floor. I can’t

confidently get on a softball field. It takes confidence to state both of those

facts. Confidence is not some buzzword. If you don’t have it, recognize that

it’s worth cultivating. Read. Learn. Meditate. Find a church. Leave a church.

Work hard. See a therapist. Whatever it takes. Confidence allows us to be

present and vibrant and it ripples into everything. It just does. Europe's

financial markets turned abruptly negative on Friday, prompted for once by

disappointing data from the United States - rather than the eurozone - but underlining the fragility

of a currency union caught in the grip of a debt crisis and an alarming global

economicslowdown. The latest bout of gloom,

darkened by a worse-than-expected jobs report from Washington, seems to have

doused any residual glimmers of optimism that greeted last week's agreement by

European Union leaders to use the region's bailout funds to prop up weak banks

while beginning longer-term work toward a more fully integrated banking system

for the eurozone. But since then there have been too many negative

indicators, including the release of record-high unemployment data for the eurozone

this past week and acknowledgment by three big central banks that additional

measures were needed to stimulate moribund economies. And Friday, the head

of the International Monetary Fund said the fund would cut its forecast for

global economic growth when it releases its quarterly assessment later this

month. European stocks, which had already been listless, fell immediately

when the US jobs figures were released Friday in Washington. Three major

indexes - the Euro Stoxx index of eurozone blue chips, the CAC in France and

the DAX in Germany - all ended the day down around 2 percent. Once again,

a familiar, disturbing pattern seems to be unfolding in which any positive

sentiment generated by European leaders evaporates as doubts grow about the details

of what they intend to do and how soon they will be able to do

it. Pressure is now on eurozone finance ministers, who plan to meet Monday

in Brussels, to drill into the details of Spain's request for a bank bailout of

up to 100 billion euros, or $123 billion. The terms still need to be itemized

in a formal agreement. A much smaller bailout for Cyprus' banks is also likely

to be discussed. And while the agenda will also include the next steps to

the deal that was hashed out in principle at last week's EU summit meeting,

with much fine print left unresolved, analysts already fear that Monday's

gathering will be a letdown. "We have been through this so many

times," said Kenneth Wattret, chief eurozone economist at BNP Paribas in

London. "As soon as there is an improvement in market conditions, there is

a tendency towards complacency at the policymaking

level." Significantly, Spanish bond yields, which had fallen during

the enthusiasm over the EU summit meeting, have been rising steadily this past

week. On Friday, they ticked back above 6.9 percent - a measure of the Spanish

government's borrowing costs that is close to levels considered unsustainably

high. Even the economic stimulus measures that the European Central Bank,

the Bank of England and China's central bank announced Thursday seem to have

done little to calm markets. In the case of the ECB's decision to cut its

benchmark interest rate by a quarter-percentage point to an all-time low of

0.75 percent, Wattret said, investors seemed disappointed that the bank does

not seem willing to consider more drastic "unconventional measures."

I thank you Firozali A.Mulla DBA

 

 

 

 

 

 

Kristen Christian
Kristen Christian

When the Bank Transfer Day event had 60K RSVPs amp; credit unions received nearly 1M new members in that month... I'd say your assessment is inaccurate, at best.

Roberto
Roberto

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Amitavo Mitra
Amitavo Mitra

big banks have lots of atm's not only in the same city but across the country. and for those folks who live in cities  or big towns and travel, who wants to pay atm fees to get some money out? its not always feasible to anticipate the need for cash nor everyone wants to carry a 20 dollar bill around. we stick with big banks because of the convenience. 

they also have many branches...i can walk into any branch and talk to a person than having to deal with an automated voice service.

also, if i move...i know the bank has local representation.

thats why i stick with them

nomarxistfarms
nomarxistfarms

Since the 1980s, "our" government has been profligate with the interests of the tax-payer in relation to the public utilities called banks. Direct government and tax-payer support for the banks includes:

1) The FDIC

2) Access to the Fed "discount window" through which banks (and only banks) are allowed to borrow money from the tax-payer at a 0% interest rate.

3) "Fractional reserve" banking laws that literally allow banks to create money out of thin air by lending out money they never had to begin with!

4) Bailouts!!

5) Implicit guarantees of immunity from prosecution (even though 2008 was 70x bigger than the Samp;L crisis, the Samp;L crisis resulted in 1000s of prosecutions for fraud, whereas 2008 resulted in ZERO!!!)

No other industry has this kind of government and tax-payer support for their activities... and what do we get in return? Well the politicians get GIANT campaign contributions and somebody to write the laws for them which they introduce. The tax-payer and the rest of the government get nothing but grief... the banks have engaged in HUGE amounts of criminal wrongdoing (mostly fraud) for YEARS and yet they get away with these crimes without fear of prosecution!

nomarxistfarms
nomarxistfarms

What's really galling is that banks hold themselves up to be the masters of capitalism, when nothing is further from the truth. Banks are utterly dependent on the tax-payer for their very existence... and I'm not just talking about the bailouts! Even before the bailouts, banks exist because of the many perks and subsidies they get from the tax-payers. They are not free-enterprise businesses... they are, by nature, tax-payer subsidized, sponsored, and backstopped quasi-"businesses." Amongst the many tax-payer provided perks that banks rely on: the FDIC, access to the Fed discount window (0% interest loans from the tax-payer), "fractional reserve" rules which allow banks to loan out money they don't have, special accounting rules that allow banks to avoid telling the truth about the toxic assets on their balance sheets, ... the list goes on and on!  ... and yet, they are held up by some as paragons of free-enterprise virtue! The reality is they are "glorified" utilities that are allowed to engage in damaging and unlimited speculation with opaque financial instruments... to hell with the tax-payers that are put at risk! In my opinion they should be de-glorified... they should be treated and regulated like any other publicly sponsored utility... like any water district, or public utility company. We need to bring back Glass-Steagall on the other laws that were put in place back in the 1930s to regulate the public banking utilities.

Nonaffiliated
Nonaffiliated

I read as far as "FDIC" before I realized you didn't know what you're talking about.  There is no taxpayer money in the FDIC.  All funds come from member banks and institutions.  Another example...  fractional reserve banking refers to the fraction of assetts that are *not* loaned out.  At 10% reserve, a bank can loan out 90% of the deposits that have been made.  They are not "loaning out money they don't have". 

leew261
leew261

I switched from BoA to a credit union several years ago and have been very happy with my decision.  The only thing that I missed was having free access to ATMs throughout the country, but since most transactions are now done by credit card that is far less of an issue than it used to be.

CricketJ19
CricketJ19

You should check your credit union's policy - many belong to a shared ATM network, that gives you free access across the US - 1,000s of ATMS

nomarxistfarms
nomarxistfarms

After the savings and loan (Samp;L) meltdown during the late 80s and early 90s  the regulators and law-enforcement were able to clean up the mess pretty well. 1000s of Samp;L were put into receivership (nationalized), the management and boards fired (and in many cases indicted for felonies), the depositors were paid off (through the FDIC), new leadership was brought in, and the Samp;Ls were recapitalized. During this process, one regulator agency alone (the Office of Thrift Supervision or OTS) made over 30,000 criminal referrals for wrongdoing (mostly accounting control fraud). Over 1000 top executives (CEOs and CFOs) were successfully prosecuted and imprisoned for their crimes. After the 1999-2008 housing bubble, in which a multitude of banks engaged in THE EXACT SAME CRIMES as the Samp;Ls did in the late 80s (except on a scale 70 times larger!), the OTS made exactly ZERO criminal referrals!!! Exactly ZERO top CEOs and CFOs went to prison, let alone lost their jobs, let alone lost their bonuses. NONE of the big insolvent banks were put into receivership as was successfully done with the Samp;Ls. Instead, the tax-payer was asked to bail the big banks out. The same criminals are running the same institutions, and they're continuing to draw bonuses! Nobody was punished. We set ourselves up for this to happen again!

Nonaffiliated
Nonaffiliated

Why do you think the administration is not pursuing criminal charges? 

nomarxistfarms
nomarxistfarms

The big banks have truly become a giant tax-payer subsidized and sponsored organized crime cartel, and they've suborned the bulk of government, academia, and the press to further their worldwide criminal enterprises. And it's just not in the US. Europe and Asia are suffering under this unholy crony-"capitalistic" alliance of corrupt banks and corrupt governments. Honest players, in both the banking world and governments have been driven from the field.

nomarxistfarms
nomarxistfarms

The reason I hate the big banks has little to do with customer service and everything to do with the fact that the big banks engage in widespread criminal behavior that is immensely damaging to our economy and populace . Accounting control fraud, foreclosure fraud, interest rate manipulation, bribery and blackmail, are amongst a few of the crimes they engage in on a daily basis. They've become a very dangerous organized crime cartel. In addition, they've effectively captured our government. Regulators no longer regulate. Congress no longer performs oversight. The executive branch no longer seems interested in enforcing the laws. The laws themselves have been compromised by unscrupulous legislatures beholden to an army of bank lobbyists. Even the judiciary has fallen under the influence of the big banks. Corruption is the name of the game. Even our university economics departments have been compromised by department heads and lecturers who are not required to disclose their "outside consulting agreements."

Sri
Sri

I switched to my local credit union.

Saphira .~`~.
Saphira .~`~.

It all comes down to just how fed up you are. I joined Occupy Wall Street as well as Bank Transfer Day, and did more than just talk. I switched to a credit union before Bank Transfer Day. It really wasn't hard- my new credit union had a convenient "switch kit" available for download on their site. Just fill out the 3 forms, look up your account numbers, and send 2 papers to your old bank, and the last paper to the new credit union. I was settled in after a week.

Also, Occupy Wall Street is actually still going strong. The news media got bored trying to figure us out, now they're ignoring us. We're still protesting Wall Street, the mega-banks, and Citizens United, and we're planning our 1-year anniversary this summer.

Stephen
Stephen

My ńeighboŕ's mŏther-iń-ląw Maḱes $8O houŕly on the laptoṗ. She has bėėn out of w0rḱ for 7 months but last Ṁonth her ińcome wąs $8734 just worḱińg on thė laṖt0Ṗ for a ƒew hours. Gŏ to this web siṫe and ŕead morė.. CashLazy.com

kms123
kms123

I don't use any of the big banks.  It works fine for me.

colorado2012
colorado2012

It's easy to boycott the big banks.  My bank is a local entity, owned by its employees, and has a high rating because it's very conservative in its investments (as well as being FDIC insured, of course).  My credit card is through a local credit union that give good rates on auto loans, as well.

Darrel K.Ratliff
Darrel K.Ratliff

My main bank is a small chain  not tied to  the over sized ones  and as other banks buy out small ones i switch to another small one don't want to be bossed around by NYC  or some other big conglomerate..  the only ties i have to big bank is credit card and that is simply to keep a steady account to keep my credit rating  stable  Im Not about to go to a big bank for savings dont like all the fees they find  that they must take for holding on to my cash.