I was doing some research this morning for the webinar Mark Sadowski and I are hosting on Thursday (shameless plug) and I ran across this:

As the Great Depression set in the Reconstruction Finance Corporation under President Hoover sought to stimulate the economy with soft loans targeted to banks, railways and large companies. Filene favoured asking for $100 million in reconstruction credits to be pumped into credit unions. Bergengren strongly opposed this position, and his view prevailed this time.

“To him, it meant destroying the vital principle of the whole movement by converting a community enterprise into an agency of the government. To teach people how to help themselves was more important by far in times of depression than at any other time.

Wow. Makes sense. Credit unions survived the depression. We actually thrived after the depression years – why? Because our values were in tact.

Now more than ever we need to follow the example of our forefathers and stay OUT of the government welfare line that is called the TARP.

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