From MICHAEL LAYBOURN
1. Use only local banks. Local banks and credit unions usually have lower overheads, lower default rates and lower fees on checking. Now we can add that these institutions also appear to be much less likely to engage in predatory lending and global securitization, and therefore are much less prone to the spectacular collapses we’ve seen. Finance, of course, is closely tied with two of the largest expenditures rural residents make – shelter and transportation. To put it another way, boycott those big banks that got bailed out with your tax money, but still don’t help small business with loans or help with refinancing mortgages. That’s the fun part.
2. Use only local credit cards. Savings Bank and Redwood Credit Union have cards, still Visa and Mastercards. Mendo-Lake does not. It would be nice for these local banks to administer their own local cards and generate more jobs, but they don’t. Maybe in the future.
3. Use local services as much as possible. Two-thirds o f the budget in every U.S. household involves some kind of service, whether health care, education, yard work, auto repair, or accounting. Most services are inherently local and can be competitively delivered by professionals working out of their homes. We need to identify these gaps, encourage existing service providers to expand into these areas and target entrepreneurship efforts on creating these kinds of professionals.
4. Have local fun.