Bank of America changed their mind about that $5 fee, and yes, we made that change happen through expressed outrage. Let’s be very careful here, not to confuse this minor achievement with victory. Please, throw the brakes on the celebratory revelry for a moment and consider a few things.
What’s Great About BoFA’s Decision to Abandon the $5 Fee
It’s a shining example of what we can do when we complain loudly enough, together. It should serve as a reminder that there’s great power in the people, united.
The Victory Begins and Ends There
Any business that makes a change, and then sees a negative reaction from their customer base, is going to reconsider the change. This is what’s called: business strategy. We didn’t bully them. We didn’t “back them down”. The paradigm our influence lives in here is still as consumers, and customers of Bank of America. We’re still living in their world. Still playing by their rules. Still operating within the construct of their wicked game.
Maybe I’m being unclear. This should help: Last night, after it was released that Bank of America would renege on their $5 fee, and everyone got busy patting themselves on the back, a Facebook friend posted that her daughter had so been looking forward to closing her Bank of America account. The post implied her daughter would no longer be doing so, because she no longer had a reason after the $5 fee backsies.
Before the $5 fee, her daughter planned to move her money. After the change, she planned to keep her account. Does that look like a big win to you? How many more people will not be moving their money, and getting out of the sick big-bank game, because of the change?
Why it’s Particularly Malevolent
In this RSA Animate Video, called “First as Tragedy, Then as Farce” (it’s embedded at the bottom of this post), philosopher Slavoj Žižek discusses many things, among them the phenomenon of so called compassionate capitalism (I’m paraphrasing). In the video, he discusses poverty and charity, but I feel comfortable applying his sentiments here.
He says, “Their remedies do not cure the disease. They merely prolong it. Indeed, their remedies are part of the disease … The worst slave owners were those who were kind to their slaves, and so prevented the horror of the system being realized by those who suffered from it, and understood by those who contemplated it.“
So too does this decision prolong necessary outcomes: like applying real pressure to the third largest company in the world[1] by participating in a mass exodus on November 5th, which is Bank Transfer Day; by doing actions that will force institutions like Bank of America to do businesses in a way that isn’t abusive.
[Read this if you're considering a move to a credit union, but aren't sure how to go about it: 5 Things to Know About Moving Your Money: Why, Where & How?]
The Illusion of Influence
I’ll leave you with another thought. The decision to abandon fees was a patronization that appears to be working. Even the most radical of my Facebook groups is popping their champagne cork and lighting their cigars, and I’m shocked, truly shocked, that more people aren’t saying what I’m saying here.
Bernie Sanders can stand on his lectern and congratulate us on our success, but we should not be moved.
He said, “…and I want to applaud the people on the #OcccupyWallStreet campaign who focused attention on the greed of Wall Street and the millions of Americans who have said enough is enough. You took on the largest financial institution in the United States of America…and you beat em’.”
My friends, we did no such thing. We should not be self-satisfied. We should not allow our wins to look like this. This is not a win. This is a single dry bone thrown to a hungry mob. We need to be smarter than this. They’re interested in giving us something that looks vaguely like success so we’ll become pacified. Don’t let it happen, Occupiers and Occupy Supporters. Don’t let this sway you, angry consumers.
Get your money OUT of BoFA. Get it OUT of Wells Fargo and HSBC and all the others. Sell your stock in WalMart and invest in something smarter.
This is not enough.
#moveyourmoney #occupyeverywhere
———————————————————-
Resources:
———————————————————-
Further Reading:
- 5 Things to Know About Moving Your Money: Why, Where & How?
- 11 simple ways to support the occupy movement without sleeping in a park
- recommended reading & viewing: occupy wall street
- Slavoj Žižek at OWS: “don’t fall in love with yourselves”
When a business is unsuccessful attaining higher profits one way it tries another ad. infin.
When airlines decrease profits on air fares do to competition, they just charge more for your luggage etc. Etc.
why dont we just close down all large retailers, the banks. wall street and basically close down the the whole country. .A t that point we can all work for China. a wonderful socialist/communist country.
come on guys.get real. Show your strenght in logical ways, without destroying A
America.
ows is misdirected-you should be occupying congress and the white house.
Anon, if you think that there isn’t a deep, corrupted, and covenant relationship between Washington and the 1%, then you are misguided. Every aspect of government has been hijacked by special interests and the Supreme Court has supported this by allowing unlimited and private funding to come from corps to campaign funding. So, yes, we need to be occupying everywhere, but no, the #OWS movement is not misguided. It’s spot on. I would recommend you stop watching corporate news and flip through the documentary section of your Netflix account. Start with The Corporation, then FoodInc, then Vanishing of the Bees, and then Business of Being Born. Enlightenment is a journey, it’s never too late to start yours.
maria-if u think socialism isnt corrupt then you are misguided.yes, true, government has been hijacked,but you don’t correct it by destoying your country. Use the ballot box, thats your strenght.
I suggest u stop listening to Van J
ones, Soros, and the communist party of America.
have faith in your country.-ANON
That’s a great list of docs, Maria. Thanks for posting those.
To target congress, instead of corporate America, or Wall St. is striking the same beast in a different part of his body. They play golf together.
Lauren, once again, I appreciate your insight. You are absolutely right, this is nothing like a win. This is an ‘empty bone thrown to a hungry mob.’ Geh, it’s absolutely disgusting.
If we even think finance is the tip of the iceberg, we haven’t been paying attention. How about Genetically Modified food and Monsanto? A recent poll showed that over 75% of Americans wanted their food labeled with GMO, and do you think we have it? Meanwhile the FDA is raiding small farmers for selling raw milk to their neighbors. You have got to be kidding me. Honeybees disappearing, biodiversity being infected by franken-food. It’s literally Pet’s Cemetery.
Then of course, because I live in ‘mommy land’ there is the 33% cesarean rate which Amnesty International and the World Health Organization has called a ‘human Right’s Crisis’ and maternal death for African American women is worse than the maternal death rate in Afghanistan. Meanwhile, Mississippi is passing ‘personhood’ amendments, underhandedly banning abortions, and de-funding Medicaid. Fantastic. http://www.holisticmomma.com/2011/11/01/fascism-in-america/
Which leads me to the environment and our over-population problem. Did you hear we reached 7 Billion? Awesome. When my partner was born back in 1977, the world population was 4.5 Billion. But, climate change isn’t happening, and we don’t need to worry about diminishing resources and clean energy. Those are liberal talking points.
See, we have an entire system to revamp, and it must be done peacefully. Which is scary when you look at our current legislation. (See, I haven’t even gotten into the PATRIOT ACT and other scary things the government can do. Watch Naomi Wolf’s End of America)
Alas, I’m ranting. Have a good night. And persevere.
right on!
Pingback: 11 simple ways to support the occupy movement without sleeping in a park « i am lauren leonardi | Four Blue Hills (A repository, of sorts)
I like your admonishment to see the momentary success as just that, Lauren. I don’t agree that actions taken in anger (as in “angry consumers”) advance a preferential outcome. I’m looking back to the Indian Independence movement, and the Civil Rights marches.
We have to see wrong as wrong, and injustice as it is, and react with generosity and joy and creativity, as well as with our presence. The profit-making machine is run by other humans, and they need to see better behavior than theirs being modeled. That’s how people and systems change for good and for all. They must be shown alternatives that can fulfill them more personally and spiritually.
The main achievements of the worldwide Civil Rights movement in improving basic law and structure took three decades to advance (1950-1980), and we still haven’t eradicated racism. Womens’ voting rights were achieved in many other countries before they were granted here. Any re-examination of longstanding injustices requires the time and sustained efforts of many thousands. It eventually comes down to raising children who will be equipped to know better and perceive more clearly than their parents did.
I’m so glad to be alive for this turn/return of the wheel!
Thanks for your comments, Mikey! Very thoughtful commentary. Thanks for reading.
Pingback: 11 simple ways to support the occupy movement without sleeping in a park « i am lauren leonardi
Awesome! Needs to be said, and you say it well.
It reminds me of my reaction to some of the real pro-environmental changes Walmart is making, and the major contribution McDonalds has made to animal rights by only using slaughterhouses that can pass Temple Grandin’s audits. I am truly, genuinely glad. But I still won’t give either company my money if I can help it, because my standards are higher yet.
Thanks (as always) for reading, Carol!