Dissatisfaction with the establishment is nothing new. History books are filled with tipping points of outrage that drive common people to tear down even the most impervious power structures. Modernity is no different. One needs to look no further than Tunisia, Yemen, Egypt, and Syria to see that, as Bob Dylan sang, “revolution [is still] in the air.”
Occupy Wall Street has all the trimmings of a movement: mass demonstrations, angry participants refusing to accept the status quo, rapid expansion through copycat initiatives, and a polarized public reaction. That last piece is the interesting one. When talking about Wall Street, or big banks, or corporate influence on politics, one almost always invites a fight between left and right, libertarian and liberal, republican and democrat…not to mention the apathetic and the passionate. There’s always tension between those who have the most to lose versus those who have the most to gain.
Justified or not, anger is part of the problem. What would happen if the demonstrations were actually celebrations? What if the energy driving the desired change were optimism around a solution, as opposed to anger and cynicism about a problem? What if Occupy Wall Street would Celebrate Main Street?
In candid interviews with consumers, we have found that overt bank bashing is unlikely to sway most consumers away from banks. Instead people want to understand the tangible benefits of alternatives. So, it is not enough to say big banks are evil, you must demonstrate that something better is available.
There is reason to celebrate. For every too big to fail mega bank there are thousands of member-owned credit unions that have quietly made credit available to members who have needed it, promoted thrift, and found ways to charge fewer and lower fees in both good and bad economic times. For every firm that Occupy Wall Street has attacked for putting profits over people, credit unions have returned millions of their earnings to millions of their rightful owners.
Coincidentally, the third Thursday of every October has been celebrated since 1948 as International Credit Union Day. So, what can you do?- Occupy Main Street. Celebrate local businesses and buy local is a positive message that can appeal to everyone. Financial services is one of those rare industries in which local options can offer better economic value.
- Spread the word about aSmarterChoice.org and MoveYourMoneyProject.org, which show consumers how to take their financial business to Main Street banks and credit unions .
- Pay it forward. Volunteer to clean up your neighborhood, beautify your town’s Main Street, serve on a credit union’s board, or find ways for local businesses to collaborate and cooperate to be even more competitive.
We don’t blame people for being angry. But we also understand that, often, you catch more flies with honey. October 20 is International Credit Union Day, and on that day we urge Americans to occupy Main Street … with a smile.
Mark Meyer is CEO of the Filene Research Institute; Matt Davis is Director of Innovation.
Comments
7
LOVE IT!
Link to this comment
Mark Meyer’s blog on Celebrating Main Street is the smartest, most inspirational message I have seen in weeks.
Now is the time to promote the credit union difference. If we can get people to understand what’s better and different about us, they will celebrate it.
Link to this comment
This blog is perfect reading for International CU Week or any week. I agree that negativity, anger and angst will only more breed mis-trust and increase problems. Mark has given us much to think about.
Link to this comment
I completely agree. I have for some time thought people generally make better, more cooperative choices in positive times with positive messages rather than when surrounded by pressure, fear and negativity. Fair Trade Finance through financial cooperatives, which are Better than a Bank, is for me, what Credit Unions are.
Link to this comment
My sense is that both the outrage and celebration are necessary. On ICU Day I, along with about 20 local Occupy supporters, picketed a TBTF bank with pro-credit union signs and literature, greeting passer-by with a cheery “Happy Credit Union Day!”, which was often met with a smile and reciprocation. We’re doing a repeat event at another bank branch in town (which is next door to a credit union), and joining a credit union has become a basic expectation for anyone who supports the occupy movement in our community. We should absolutely bring the positivity, but that shouldn’t scare us off from a bit of confrontation with the big banks. In my experience, it was appreciated :)
Link to this comment
It is far better to sell by promoting the positive than to discourage by bashing the competition. Attitudes are contagious and in the end they work the same whether they were intentionally positive or negative.
Link to this comment
This is a great post!
We at Listerhill Credit Union in Alabama launched a microsite, iheartmycreditunion.org, on ICUD as our response to Occupy Wall STreet and Bank Transfer Day.
Like your blog, we chose to highlight the positive of credit unions as an alternative rather than what’s wrong with everything else. Which I think is important at the corporate level.
Link to this comment