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do you know what your bank does with your money once you deposit it you think it just sits there waiting for you to withdraw it not a chance no they take that money and try to make more money for themselves all right look I might be able to understand that but do you know the choices they're making with your money and do those choices aligned with your progressive values in our new documentary free parking we look at the building blocks of banking and find out what the banks do with your money once it's deposited this special report is made possible by our friends at aspiration a financial firm with a conscious allowing us to do well and do good find out how you can join the movement at aspiration calm slash tyt the other day I was thinking how can I have a get-rich-quick scheme you know how can I make a lot of money really fast and I thought the best way to make money is to open a bank [Music] okay I played a lot of Monopoly as a kid it wasn't invented during the Great Depression it was invented by a woman at the turn of the century so she makes this game what we know is monopoly as a protest tool against monopolists very much a critique of capitalism there are people that you can really think you know be they friends or families and then you watch them play Monopoly and a different person can come out of the woodwork my grandma he saw her as like a very tiny church-going lady and she would steal properties yeah Maxine I would not mess with her for five years at any cocktail party I was kind of the nutjob because people would say why are you writing a book about a board game and it sounds really silly but I do think that the story of Monopoly does tell us so much about US history and the state of American business maybe as much as even my boss treat reporting during the crisis Ted the goal of the game Monopoly is to become a monopolist just to say control everything on the board so if that means crushing your opponents in fact it most likely will so be it the American financial system is this enormous ly complicated intricate web of the thing was typically when I put my money in the bank there's something comforting for most of us because you put your money in and then the number goes up and that's like a good feeling however the way that banks usually work is that you deposit your money and then they will use that to then borrow or loan so if you're looking at a bank's balance sheet there's this constant like tug and pull of what's actually going on behind the scenes that most consumers aren't really so in baking there's this idea that when you deposit your money you get paid one interest rate for putting that deposit in but they also have a part of their business that is lending money and that's usually at a higher interest rates that difference between the interest rates are pegged you as a depositor and the interest rate that they are charging alone that is the spread playing monopoly is a good practice for a future banker it teaches you to keep the reality at a big long distance you're trained not to care it's a way of isolating you from the realities of the world you're impacting as if your impact didn't matter and I think that makes us insensitive to one another and is highly dangerous in terms of the society every single ethical norm of banking that might ever have been invented by a lover of banks has been systematically violated laundering money messing up the mortgage loan business manipulating international interest rate charging fees for services that were either excessive or simply outrageous by any normal standards I mean literally everything we ever asked banks to do they have the fouled by corrupt behavior nobody seems to care they just do it they get away with it then eventually they get caught doing it then they pay some fine why this charade twelve million dollars to the citibank is the equivalent of you're lying to somebody and being required to cough up a quarter [Music] [Music] we're sorry when you put money in a bank or when your city puts tax dollars in the bank they loan it out or invest it to the literally the most evil stuff imaginable we're talking about planet-destroying pipelines we're talking about weapons like domestic gun making and bomb making overseas the literal cages that are being used to separate undocumented families if you buy an ice cream in Los Angeles this is where your sales tax is currently going to help translucent evil bloodless dead-eyed bankers and you know snort cocaine and profit off of the demise of the world you know I'm gonna swallow the puke as I say this but maybe this is the best that we've ever had but let's talk about how it could be better if we were to start from scratch would we create the number of wealthy people that we have now and poor people well who do we make if we were making it all over again to get past the point where like well yeah but how are we gonna do that like forget that like we have to be able to think of another way when people don't do well here they're embarrassed because they're told that it's entirely their fault right this is the country where if you work hard you can get ahead what that means the converse is if you're not doing well it's because you're lazy and you're dumb you only have to look around to realize that that's not true yeah some of the hardest-working people are some of the poorest you may know you are smarter than your boss right about certain things but that doesn't mean that you make more money well that's how it is what are you gonna do that only benefits the most wealthy and powerful that resignation is really important to keep things the way that they are there's a different sort of approach to it mine is like every chance I get I will fight a little bit so if that means switching to your credit union you know like and I cannot give money to a big bank you give me that chance I'm gonna take the chance the real professional activists that get things done that I know don't live all or nothing lives you know they just work at it decide a few things that you care about figure out what you can do what you would be most effective at and then do it you know and that's that's it banks successfully stole my home I got fired from Bank of America only after I had a nervous breakdown I ended up actually attempted a suicide I lived in at home for 65 years and I lost it they're all corrupt on a certain lie to investors because if somebody like me don't get out you and do it ain't nobody going to do it [Music] we came this close not just to a financial crash we had that every single major bank was bankrupt by the normal definitions of the term by October November of 2008 we came that close to a general economic collapse that's when the milk doesn't get delivered to the store so you can feed it to your baby that's when there's no bread that's when the subway stop running banks that were too big to fail in 2008 they're bigger now every single one of them and there's no greater control over that bigness than there was then we have a banking system that proved that relying on it is the number one danger because look what it did and look how close it came [Music] I'd lost my home to a foreclosure a wrongful foreclosure I had over $300,000 of equity today I have nothing I lost everything it cost my marriage it really hurt my family my kids and I end up homeless I was actually homeless on the streets Wall Street the banks successfully stole my home here in California the Attorney General settled on the mortgage fraud for eighteen billion dollars people were jumping up and down the foreclosure crisis cost California over a trillion dollars so 18 billion dollars is that a really a punishment I've been challenging fraudulent and an erroneous billing from Bank of America well over 16,000 it was up to $25 but I've been paying it every month to keep the walls you know from my front door they use these bully tactics you know to try to frustrate me and have me leave it alone or go away and I'm not doing either whatever they can get out of these predatory loans things you don't understand or to trick you they'll do it of course they target people of color because they they want to gentrify this community I lived in at home for 65 years and I lost it and the most horrible part was I didn't realize how corrupt everything was my monthly payments went from seventy eighty dollars to more than hundred forty dollars almost doubled plus the penalties I couldn't keep up I couldn't keep up with the payments you feel like you probably like against like suffocating in you feel helpless they want you out then the reason they want you out because they want to do something with your property so they definitely don't care about you they definitely don't have an interest in you and until we do something about it change the bank they don't always win I couldn't handle the lies I couldn't handle what was happening with the with the clients it wasn't wasn't okay for me we oversold intentionally and without the customers consent debit cards debit cards were easy and we would approve you without your consent and in the mail you would get a credit card or notification for a personal line of credit that you didn't sign up for whether you checked it or not was kind of irrelevant for us we got the sale and Wells Fargo had the account cuz I'm a single mom I have two kids that I need to support I've pretty much had a nervous breakdown on the job sales pressure you know just open accounts even if they don't need it it's all about numbers numbers numbers this is this is exploit I felt I felt exploited I realized that it wasn't it wasn't me it was actually the banking industry that has this huge problem illegal things are not just happening at Wells Fargo Bank of America is also having that problem our employees were defrauding our customers and lying to their face nine out of ten tellers were relying on public assistance they could basically fight at any time they want you with and without a reason if there is like a deadly disease and everybody is gone out of town you know there's no excuse at all if you don't sell you're out and this fight inside me between my morals and seeing all of these fraud fraudulent things that result in me having a depression episode a very very extreme depression episode that I ended up actually attempting a suicide I realized that HR is getting paid by Wells Fargo so they will never ever be on my side on all my customers side that's when I started speaking publicly so I decided to become the first was still blower against was Fargo Bank Wells Fargo is not a lone wolf every single bank in the US and I know that's for a fact because we have a lot of bank workers from other banks telling us there is similar corruption [Music] this is the idea that you could go to the post office and cash a check and you could keep a small amount of money there what's wrong whenever you need it cash checks just do basic banking functions at the post office there are post offices in every community and they need an abbreviated purpose this was done before so this would be really helpful for the poorest communities people that are at the bottom of our economic ladder who are paying these predatory fees you know to cash their checks and to and to get loans once they get behind and really you know the whole system is designed to trip them up so that they never really get ahead and they're just paying and paying and paying yeah kill bail all right my name is Joshua Trotsky and I like activism for every dollar we spend on infrastructure 50 cents goes directly to a banker's pocket because of interest we need to reclaim our public money and use it for the public good and that's what a public bank would do we're the shareholders every I've never been a shareholder before I mean I don't know if you could tell by my jorts but I'm not a shareholder guy every member of the city of Los Angeles would be a shareholder so it would be in the bank's interest to better the community Los Angeles has somewhere in the neighborhood of 40 billion dollars that can be invested in the people's bank and that people is being could invest in infrastructure a universal healthcare low-interest loans for students not only are we gonna pay lower interest because we don't aren't dealing with the Wall Street middlemen who are taking an extracting profit out of our communities but that interest that's paid on those loans goes right back into the bank it's cycled back into our communities from Los Angeles all the way to New York City there are activists on the ground looking for a better alternative to Wall Street banking there is one public bank in the United States the Bank of North Dakota has been around since 1919 and it's in the reddest of red states it provides loans for small businesses for farms it provides low-interest student loans those are our dollars those dollars need to be reinvested in our own local communities for us to take back our power we need to divest from Wall Street for us to take back our power we need to educate each other and come together in solidarity and realize that these banks are working against us not with us enough is enough I think too many people are becoming aware the corruption from the big banks we have no other choice and the time is now I get passionate about it strike one it enriches the few at the expense of the money you strike two it falls apart constantly strike three the worst people in the world are running it so you're out dude you're out like it's time to get a new system this special report is made possible by our friends at aspiration a financial firm with a conscience allowing us to do well and do good find out how you can open an account that doesn't use your deposits to fund fossil fuel projects by going to aspiration calm slash tyt