I don’t know if other credit unions like mine (CEFCU, I’ve been member for 21 years now) pay dividends at the end of the year. This is something I’ve come to modestly expect, usually it’s a few bucks because I only maintain a minimal balance of $100 in my share; the bulk of my savings is in a money market that pays slightly more on a monthly basis. Well they blew my mind this week. CEFCU had an incredible year. So incredible they paid me over 100% interest. Makes me regret not keeping a few thousand bucks in the share account instead. Well, not really.
We credit union members should feel triply vindicated. Once again, the Too Big To Fail Banks “need” taxpayer help thanks to their greed and ruinous Ayn Rand-Jack Welch strategies. Banks weren’t alone, Sears’ leadership follows the same stupidity and they’re closing stores.
Anyway, I also praise our success due to the non-profit nature of credit unions. Once again also proving there are instances besides the Green Bay Packers in which Socialism does out maneuver raw Capitalism.