Vashon banks on new credit union
Vashon Island has become a darling of the Occupy Wall Street movement after 16 percent of its residents moved their money to a new credit-union branch.
"In the years after World War II, most of our financial institutions were local. So they took in local savings and then used them to support local investment — in businesses, in homeownership," said David Korten, author of "When Corporations Rule the World," who lives on Bainbridge Island.
Over the years, control of the money shifted from the community to Wall Street, Korten said. "What the folks on Vashon are doing is beginning to reverse that ...
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I am a strong admirer of the community organizing efforts of Moyer and the Backbone campaign.