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| Wachovia is based in North Carolina &
publicly traded on the NYSE. Wachovia Corp covers the East Coast and
Wachovia Securities covers most of the country and has 32 international
offices. The profits Wachovia makes on the deposits and loans from
their New Hope branch are obviously not funneled back into the New
Hope community. They're heading down to North Carolina & stockholders
around the globe. How many of their executives or stockholders travel
to New Hope and spend those profits on our local businesses and services?
I started with Bucks County Bank some 20+ years ago and it's been
eaten up by First Union and now Wachovia. I'm presently in the process
of closing my accounts with this out-of-area bloat and putting my
modest funds at one of the remaining local banks. Staples has more than 1,500 superstores and operates in the United States, Canada, the United Kingdom, France, Italy, Spain, Belgium, Germany, the Netherlands and Portugal. They are publicly traded and headquartered in Mass. How much of the profits garnered from your office supply purchases do you think are spent eating at New Hope restaurants or purchasing locally produced art work? The Staple's, CVS's, Walmart's, Home Depot's of the world may offer lower prices on the surface for some products, but they squeeze out the small locally owned competitors who spend their profits in the local economies they do business in. This creates less of a tax base, fewer sales for the local businesses and (low & behold), when the competition is gone, the low prices start to climb. These behemoths could care less what shape they leave a local economy in (after muscling out local business competition). They make a few small local donations for the publicity and that's it. Their owners don't live here. Price is not the same as cost. Price is what the individual pays. Cost is what the community pays as a whole. In 1996 (and it's gotten worse since) - Forty seven of the top one hundred economies in the world were transnational corporations and seventy percent of global trade was controlled by just 500 corporations (Tony Clarke). Among publicly held companies there are two basic rules: profit and expansion, and growth is the standard by which the warped stock market judges a company. All other values are secondary: the welfare of the community, the happiness of the workers, the health of the planet and even general prosperity. Corporations are treated as persons with Constitutional rights, but when they break the law they are not treated or prosecuted as persons. The perks without the responsibility. Over the years, our public officials have sold out to corporate money and influence. The state corporate charters that allow corporations to exist have been watered down to the point that they are rubber stamps, with no public benefit needing to be shown to allow formation. Worse yet, the megacorps are vomiting themselves across the globe, with the help of WTO, NAFTA & GATT, which by the way our elected officials passed without ever reading the fine print (Repubs & Dems alike). At this point our Fed, State and local governments cannot pass an environmental law if it is more stringent than those decided upon by GATT. Our democracy has been sold out from under us. Ok, I'll stop before I get on a roll with this! Purchasing at locally owned stores that support our local economies helps "everyone" in the area. Geographically most of us generally do our shopping in Central Bucks and Hunterdon county areas. Profits from purchases in the locally owned stores in this area are likely to get spent in other local businesses in the area, rather than flee 100's or 1000's of miles away. To mention just a few of the locally owned businesses in our area that are exceptional: Banking: The First National Bank & Trust Company of Newtown - Since 1864. An independent, community bank with 12 locations in Central and Lower Bucks County with a New Hope Branch. Hardware: Finkles - Lambertville - Since 1920. Finkles rules! The best hardware store on the planet. Screw off Home Depot & Loews. Meat: Haring Bros, just north of Doylestown - Family run farm and butcher shop. Nice people and great meats. Bakery: Cross Roads Bake Shop - Doylestown - They bake their own bread daily. Their Olive Loaf alone is worth the additional stop on the grocery store run. Food markets: None Such Farm Market - Buckingham - the farm is across the street and the produce is exceptional. Clothing: Flemington Dept Store - Family owned for 40 years. Exceptional selection of quality work clothes, jeans, boots, underwear, socks etc etc etc. Good prices. When Rudolphs went out of business in Doylestown, I had to hunt for a new source for heavy socks & boots - this store had those too. Nice people, No frills! Take a hike Gap! Lumber-Building Supplies Etc: Pharmacies: Office Supplies: Locally owned office supply shops seem to have already been driven out of existence by Staples. If one starts up, they have my business. Until them, I'd rather purchase from small outfits elsewhere (via the Internet) than support this local killer. |