Seattle newspaper: Credit unions put members first

The Seattle Post-Intelligencer says there is one important lesson to be learned from the financial weirdness going on:

Despite the interrelated nature of the finance sector, credit unions are a safe and stable place to put our money. We ignore at our peril the lesson of the recent relative stability of credit unions…It is not just the fact that credit unions have better rates and didn’t indulge in precarious behavior. In credit unions [members], not investors, are sovereign.

Eric Bowman writes that the “financialization” of our economy – where money is made by moving funds around, not by producing anything of worth – is partly to blame for the housing, credit, and stock market mess. When banks strive for profit and not service, they make risky decisions.

Bowman argues that, by focusing on service, credit unions stay healthy for the long-haul.


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American 1 Federal Credit Union

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