If the Libor scandal did end up hurting local governments to a large degree, you can just add that to the list. Local governments have been easy marks for the financial industry during the last decade, engaging in all kinds of interest rate-swap deals and other vehicles for financing operations. When they turn sour, the locals, not the banks, end up holding the bag.

What is the future of progressive politics? What is the world that we are trying to build? In some ways these are the wrong questions. There’s so much in terms of low-hanging fruit that needs to be accomplished. From mass unemployment, to climate change, to immigration reform, to slowing the power of the military-industrial complex, to shepherding and building on complicated financial and health care packages, there’s no lack of things that need to get accomplished.

But, as Gar Alperovitz’s America Beyond Capitalism notes, the means of politics by which left-liberal reform happens is breaking down, and it can only be rebuilt by changing the long-horizon vision of what justice will look like on the left.

JPMorgan Chase will spin off a “special investments group” to isolate the Chief Investment Office that created the Fail Whale trades. Basically they are taking the salvageable remains out of the CIO and ring-fencing it, while curtailing the speculative trading that led to the massive losses.

Here’s one of my most favorite statistics of the last few years. In the past 90 days, since “Bank Transfer Day” in November, 5.6 million people have moved their money out of banks. 610,000 cited Bank Transfer Day as the reason.

If you needed any more of a reason to move your money, consider that many firms, such as Bank of America, have turned the truly indigent into profit centers, by making money off of debit card fees for unemployment benefits.

This is what I did yesterday. I participated in Bank Transfer Day by opening an account at a local credit union. But I only put a trivial amount into the account, and will then wire my money over electronically from Bank of America after being assured that all charges have cleared on that account. I’ve been a BofA customer, through sheer inertia, since 1998. Business was pretty brisk at the credit union, and the bank manager said it’s been that way for the last month (we do know from statistics provided by the Credit Union National Association that credit unions have added 650,000 new members with $4.5 billion in deposits since September 29, when Bank of America announced their since-abandoned debit card fee). When I said I was transferring from BofA, the bank manager smiled knowingly.

Tens of thousands of Americans moved their money out of Big Banks into smaller banks or credit unions yesterday. The action was part of “National Bank Transfer Day.” The action mostly hinged upon individuals going into banks to close out their accounts with banks like Bank of America, Chase, Citibank, Wells Fargo, etc, but there [...]

On September 29, Bank of America announced its now-defunct debit card fee. Since that time, according to the Credit Union National Association, 650,000 Americans have moved their money to credit unions. That’s more in a little over a month than in all of 2010 combined. And that’s just credit unions, it doesn’t count community banks. And it doesn’t count what will happen tomorrow, on Bank Transfer Day… I’m sorry, I mean Chase Pride Day.

Meanwhile, the banks are preparing as well. I’ve obtained some email correspondence from a branch manager at a Chase bank in Manhattan. They’re apparently experimenting with some rebranding: “Our branch partners need our awareness & support – let’s help make sure Bank Transfer Day becomes Chase Pride Day!”

The New Bottom Line, which has been focused on anti-bank actions around foreclosures and Wall Street greed, has launched a “Move Our Money” campaign, which encourages local governments to divest their funds from big banks. In over 50 cities across the country, coalition members will press for legislation to move local government funds. November 5 is move your money day.