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Published on Wednesday, June 1, 2011 by YES! Magazine
http://www.yesmagazine.org/blogs/david-korten/but-what-about-my-401-k
Credit cards, mortgages, insurance, retirement: How to fulfill our basic financial needs without Wall Street.
by David Korten
The first reaction of most people to the call to shut down Wall Street is one of jubilant enthusiasm. The second reaction is, “But what about my 401(k) retirement account?” The same question might be raised about our credit cards, mortgages, and medical, homeowners, and auto insurance.
Money may be nothing but a number, but survival in a modern society is impossible without basic financial services. There are, however, better ways to deal with our very real financial needs than those presently offered by Wall Street. Here are some examples.
Credit Cards. Credit cards have two distinct functions: a convenient means of clearing transactions and an open line of credit. The first is a straightforward and beneficial service if properly regulated and transparent. The second is an enticement to debt slavery and predatory lending.