This is from an oped in the Wash Post by Sen. Amy Klobuchar of Minnesota:
From the largest entities, with tens of thousands of employees, to the small-town banks and credit unions, our financial institutions pretty much stayed away from the highflying, way-too-risky deals of the past decade. They made meat-and-potatoes loans to consumers and businesses in their communities. They did well, both for themselves and for the people they serve.
I agree with her point that many local banks have been and remain worthy stewards of the money that the people in their communities have placed in their hands. Personally, I have accounts in a local credit union and in a regional bank. They are very small accounts, but I choose to support business community in this way.
Increasingly there is a movement toward supporting local communities and cultivating local resources as much as possible, from buying and eating local foods to supporting local specialty stores and so-called mom & pop shops over huge international firms.
I think this has its limits, as huge international companies can offer a comforting consistency and reliability, especially to strangers passing through. When I am driving any distance and I need a snack, a bathroom break or gas for my car, I am always happy to see a Mobile service station, where I know exactly what I will get. When I'm looking for a quick cup of coffee on the road, I know that I can get a good one at McDonalds.
But in terms of everyday life, in my own community, I think making the effort to support local farms, local non-profits as well as businesses, and local banks is a good idea.
It is really too bad if good banks are suffering because of this meltdown caused by some of the more high-flying money wizards on Wall Street and elsewhere, especially since the big boys can really afford to set things up to save themselves, where smaller insititutions may have more difficulty weathering 100 year storms.
So before you take to the streets in rage and disgust over what the "risk-takers" have done to destabilize and perhaps destroy our economy, keep in mind that you can contribute to national stability and security by supporting good local banks.