Move Your Money movement this Saturday, Nov. 5

Customers are dumping their banks in droves ahead of the nationwide “Move Your Money” and “Bank Transfer Day” movements this Saturday.

Given the recent spotlight on attempts — and ultimate failures — by some of the nation’s biggest banks to tack on new debit card fees, thousands of disgruntled consumers have already either left or pledged to leave their current bank for a community bank or credit union, which are known for having fewer and/or lower bank account fees.

At least 650,000 consumers have already joined credit unions since Sept. 29, the day Bank of America announced plans to impose its controversial $5 debit card fee, according to a nationwide survey of credit unions by the Credit Union National Association. That amounts to $4.5 billion in new savings accounts, CUNA said.

And while Bank of America and other banks have since backpedaled on imposing the fees, consumers are making it clear they are still fed up. More than four in every five credit unions said new customers cited days like “Bank Transfer Day” and new fees imposed by their banks as reasons for opening accounts.

“We must flee all those banks now!!! They will be adding hidden fees shortly! Drop the credit cards and go to credit unions to avoid this pitfall,” one CNNMoney reader wrote.

Meanwhile, the Independent Community Bankers of America said a poll of its 5,000 members conducted on Oct. 17 found that nearly 60% of community banks are gaining customers who are sick and tired of the big financial institutions. The association’s community bank locator has seen more than 5,000 inquiries in the last few weeks — an increase of nearly 500%.

By the end of this weekend, accounts at these credit unions and community banks could grow by tens of thousands more.

“Move Your Money Day” and “Bank Transfer Day” are backed by consumer groups like MoveOn.org and the Progressive Change Campaign Committee (PCCC), which are urging customers to switch banks by this Saturday — and turning to social media outlets like Facebook to do their convincing.

“Bank Transfer Day,” was started by a Facebook user who had heard about Bank of America’s $5 fee and posted an event on Facebook. So far, 75,061 Facebook users have said they will be attending, while 16,007 will “maybe” attend.

The PCCC said it has already received pledges from about 52,500 people to take their money out of major financial institutions by Saturday as part of the Move Your Money “banxodus,” with just under 22,000 consumers planning to remove their money from Bank of America specifically. About 6,900 customers told the PCCC they have already moved their money.

“They take your deposits and use them to buy politicians to de-regulate, give them immunity, interest-free loans and bailouts. Then they turn around and charge you fees to make them even richer,” said one “Move Your Money” flyer posted on a Facebook page dedicated to the initiative (which has 43,679 “likes”). “Take your money to a credit union or a community bank that will use your money in your community and not to pervert the rule of law and fill their own pockets.”

Occupy Wall Street has formed a separate united front, called “Dump Your Bank Day,” which will take place on Tuesday, Nov. 8.

Even though Bank of America and other banks canceled plans to introduce the new debit card fee — thanks to the mass uproar — the momentum is still going strong. Plus, experts in the banking industry predict more fees — and higher existing fees — will be popping up soon.

“The big banks will not be charging me a dime in additional fees. I moved my accounts to a great credit union last week,” a CNNMoney reader wrote. “Next week I get to tell Wells Fargo, to put it nicely, to take a hike.”

‘Birther Queen’ Orly Taitz Running For U.S. Senate

Orly Taitz is running for U.S. Senate. Taitz, who made a name for herself questioning the veracity of President Obama’s birth certificate, will run as a GOP candidate in an effort to unseat Senator Dianne Feinstein (D-Calif.).

Taitz, sometimes referred to as the “Birther Queen,” told The Daily Caller, “I’m very confident that I’ll be able to get the Republican nomination and I will be able to win the general election.” She continued, “I’m best known of the candidates who have announced that they are running.” The Caller reports that Taitz’s campaign “is, perhaps surprisingly, almost entirely focused on economic issues.”

The Sacramento Bee reported in September that Taitz, a dentist and attorney in Irvine, CA, was “absolutely” considering a run against Feinstein. “I think I do have a chance specifically because I do speak Spanish and I speak Hebrew,” Taitz told the Bee.

This is not Taitz’s first attempt to run for public office. In 2010, she attempted to run as the Republican nominee for California Secretary of State. Taitz was defeated for the nomination by former NFL player Damon Dunn.

Taitz has made it something of a mission to prove that Obama is not eligible to be President. She has unsuccessfully attempted to prove in court that Obama’s presidency is not legitmate. The description on her own website reads, “World’s Leading Obama Eligibility Challenge Web Site.”

She also perceives herself as a victim of the mainstream media because, in her words, “I dare to be the only person who brought to court not only the issue of lack of the original birth certificate for Obama (not that piece of garbage he posted on the Internet without the name of the doctor and the name of the hospital), but also the issue of his use of multiple social security numbers, none of which was issued in HI.” Taitz elaborates, “I know that sooner or later the truth will be out and my legal efforts will be vindicated and probably will be part of history books.”

Senate GOP Blocks Obama Infrastructure Plan

Republicans in the Senate Thursday dealt President Barack Obama the third in a string of defeats on his stimulus-style jobs agenda, blocking a $60 billion measure for building and repairing infrastructure like roads and rail lines.

Supporters of the failed measure said it would have created tens of thousands of construction jobs and lifted the still-struggling economy. But Republicans unanimously opposed it for its tax surcharge on the wealthy and spending totals they said were too high.

The 51-49 vote fell well short of the 60 votes required under Senate procedures to start work on the bill. Every Republican opposed the president, as did Democrat Ben Nelson of Nebraska and former Democrat Joe Lieberman, I-Conn., who still aligns with the party.

Obama ripped Republicans in an unusually tough statement issued by the White House.

“The American people deserve to know why their Republican representatives in Washington refuse to put some of the workers hit hardest by the economic downturn back on the job rebuilding America,” Obama said. “It’s time for Republicans in Congress to put country ahead of party and listen to the people they were elected to serve. It’s time for them to do their job and focus on Americans’ jobs.”

Size Of U.S. Economy Finally Surpasses Pre-Recession Level

The U.S. economy is finally rising above its pre-recession level, but the growth may still not be fast enough to spur a robust recovery.

After 18 months of recession, followed by a sluggish recovery, the value of the U.S. economy has surpassed its pre-recession level, Bloomberg report.

Last quarter the economy grew at a pace of 2.5 percent, allowing GDP to grow to $13.35 trillion, just exceeding the pre-recession high of $13.33 during the last quarter of 2007, according to Commerce Department data in the Bloomberg report.

It took 45 months for the U.S. economy to pass that benchmark — three times longer than the average time it took for 10 previous recessions, according to Bloomberg. Stubbornly high unemployment, inconsistent growth and volatile market activity may be partly to blame for the longer-than-usual wait time for the economy to get back to pre-bust levels. Making matters worse, the housing market entered a double-dip earlier this year and though the latest numbers on the housing market indicate an uptick in prices, the future remains bleak.

For some, news of the U.S. economy’s steady growth, has dispelled worries following the second quarter’s poor GDP growth of 1.3 percent. Since nine of the past 11 recessions have been preceded by a GDP growth of 1 percent or less, many feared that rather than expansion, the third quarter would see the U.S. economy back in the dumps.

Equity markets have seen a boost in recent days indicating that investors may be getting more confident in the economy’s prospects. The Dow Jones Industrial jumped 339.51 points Thursday, to close above 12,000 points for the first time since August, buoyed in part by the latest European deal to mitigate its debt crisis.

Still, cautious optimism may remain the best to approach to the economy’s future. According to the New York Times, renowned economist Nouriel Roubini, whose pessimism has earned him the nickname “Dr. Doom,” estimates last quarter’s growth will eventually be revised down closer to the dreaded 1 percent.

The third quarter’s growth was largely driven by consumer spending, according to Reuters. But serious doubts remain as to whether consumers will continue to spend at that level. With incomes declining and 14 million Americans out of work, consumers derived their spending power last quarter by saving less, the New York Times reports. Indeed, the September personal savings rate was at its lowest since December 2007, as consumer confidence hit an all-time non-recession low.

DNA Evidence Frees Convicted Rapist After 30 Years In Jail

A man convicted of raping a woman in 1981 but cleared last month by DNA tests was freed from a Louisiana prison Friday after nearly 30 years behind bars.

Henry James was released from the Louisiana State Penitentiary at Angola a day after state District Judge Henry G. Sullivan vacated his conviction. Jefferson Parish prosecutors had joined James’ lawyers from The Innocence Project New Orleans in asking Sullivan to throw out the case and order James’ immediate release.

The Innocence Project says James served the longest prison sentence of any Louisiana inmate cleared by DNA tests.

Paul Killebrew, one of James’ attorneys, said his client is “overjoyed.”

“He’s really excited to be able to see and spend time with his family, and he’s grateful to the district attorney’s office that once the DNA results came in, they acted decisively and correctly,” Killebrew said in a statement.

Jefferson Parish District Attorney Paul Connick didn’t immediately return a call Friday seeking comment.

James, now 50, was sentenced to life in prison without parole after he was convicted in 1982 of raping an acquaintance who lived near him in Westwego.

James’ lawyers say he had interacted with the woman several times and was with her husband a day before the attack. The woman initially told police she didn’t know her attacker, but she later picked James out of a lineup, according to his attorneys.

James, who testified at his trial and presented three witnesses to back up his alibi, always has maintained he was innocent of raping the woman, according to his lawyers.

When The Innocence Project sought to perform DNA tests on the rape kit in the case, the Jefferson Parish crime laboratory initially couldn’t find the evidence. But a lab worker found a slide from James’ case in May 2010 while looking for evidence in a different case, The Innocence Project says.

Last month, a final report on the results of court-ordered DNA tests excluded James as the perpetrator.

James is scheduled to appear at a news conference in New Orleans on Friday afternoon.

Jene O’Keefe Trigg, managing director of The Innocence Project New Orleans, said James’ first request was to eat jumbo shrimp.

“I think it’s definitely on the menu for dinner tonight,” she said.

 

Karl Rove: Rick Perry Damages Himself By Associating With ‘Nutty’ Birther Views

Republican strategist Karl Rove weighed in on Rick Perry’s recent flirtation with birtherism Monday, warning the Texas governor and GOP presidential candidate that he could only “damage” himself by associating with such “nutty” views.

Madonna’s Brother Lives On The Streets Of Michigan

Madonna’s elder brother has been left living on the streets of Michigan after losing his job at the family’s vineyard. The Material Girl’s sibling Anthony Ciccone claims he been homeless for over a year and has been living under a bridge in Traverse City since losing his job at his father’s winery in Suttons Bay, Michigan.

The 55 year old spoke to the Michigan Messenger while receiving a free meal at one of the city’s churches, and alleged his relatives – including his millionaire sister – have turned their back on him.

He says, “My family turned their back on me, basically, when I was having a hard time. You think I haven’t answered this kind of question a bazillion times – why my sister is a multibazillionarie, and I’m homeless on the street?

“Never say never. This could happen to anybody. I don’t have any income, I’ve got to go collect bottles and cans, do odd jobs.”

He also reveals the true extent of his misery living as a vagrant – he has suffered frostbite from the cold Michigan weather.

He adds, “Where do you go at 8 o’clock on a Sunday morning and you have no money in your pocket? You get nerve damage (from the cold). That’s the milder stage, in the severe stage you have tissue damage, that is when you lose parts of your body.

“I got frostbite on my feet last winter. A friend of mine lost all 10 toes. Several have died of hypothermia.”

SHOOTING BEAUTY

Lindsey McCrum’s new book, “Chicks With Guns” (Find @ Amazon) attempts to explore countless reasons why women may choose to carry weapons. Hunters, collectors and army members alike are displayed proudly carrying their firearms, setting a beautiful, if sometimes eerie, scene

McCrum herself, she says “I have no personal involvement with firearms. The only thing I shoot are cameras.”

 

Alexandra and Truett, Houston, TX. Ithaca 20-gauge side-by-side. “Guns, like everything in my childhood home, were considered treasures and works of art.”

Jessica, Bozeman, MT. Abercrombie & Fitch 20-gauge side-by-side. “I’ll never forget the first time my father put a .22 in my hands.”

Senate GOP Blocks Bid To Help Teachers, First Responders

Despite a campaign-style push this week by President Barack Obama, the Senate on Thursday scuttled pared-back jobs legislation aimed at helping state and local governments avoid layoffs of teachers and firefighters.

Obama’s three-day bus tour through North Carolina and Virginia – states crucial to his re-election race next year – didn’t change any minds among Senate Republicans, who filibustered Obama’s latest jobs measure to death just as they killed his broader $447 billion jobs plan last week.

The 50-50 vote came in relation to a motion to simply take up the bill. Some Democrats who voted with the president, like Sen. Joe Manchin of West Virginia and Jon Tester of Montana, however, said they couldn’t support the underlying Obama plan unless it’s changed.

Thursday’s $35 billion measure combined $30 billion for state and local governments to hire teachers and other school workers with $5 billion to help pay the salaries of police officers, firefighters and other first responders. The White House says the measure would “support” almost 400,000 education jobs for one year. Republicans call that a temporary “sugar high” for the economy.

Despite the negative vote, Obama and his Democratic allies are acting like they’ve found a winning issue in repeatedly pressing popular ideas such as infrastructure spending and boosting hiring of police officers and firefighters. The sluggish economy and lower tax revenues have caused many teachers’ jobs to be cut over the past several years.

“In the coming school year, many school districts will have to make another round of difficult decisions that will cost jobs and put the education of the nation’s children at risk,” a White House policy statement said.
After the failure of the jobs measure last week, Democrats vowed to try to resurrect it on a piece by piece basis, even though the strategy doesn’t seem to have any better chance of success. But Democrats are trying to win a political advantage through repeated votes.
Thursday’s $35 billion measure combined $30 billion for state and local governments to hire teachers and other school workers with $5 billion to help pay the salaries of police officers, firefighters and other first responders. The White House says the measure would “support” almost 400,000 education jobs for one year. Republicans call that a temporary “sugar high” for the economy.