Economic Action
In this post we’ll highlight current targeted economic efforts. Former actions will be documented below — many will have ongoing components so do what you can, when you can.
Today: don’t buy SpaceX stock (SPCX) and shift indexed investments from Nasdaq to S&P 500 if you are able.
How to do it:
Our current boycott is the SpaceX IPO. Early signs are that SPCX is valued on best-case outcomes for future developments, which is unrealistic, but the thing that led us to call for an all-out boycott on the stock is that rules were changed for index funds. Index funds are supposed to be broadly safe investments used for accounts like 401k retirement funds. Each index fund has rules designed to avoid excessive volatility. S&P 500, for example, doesn’t list a stock until it’s been on the market a year, and the company has shown a profit in at least four quarters including the most recent one. It’s a strict rule designed to keep funds safe, but once a company of sufficient size crosses the threshold, investment becomes mandatory. Index funds HAVE to buy the stocks listed. S&P 500 declined to change its rules for the SPCX IPO, but other indexes did, with the largest being Nasdaq which reduced its waiting period from 3 months to 15 days.
We believe that SPCX is likely to experience significant volatility, but we’re more bothered by the manipulation of the stock market. The functional effect is to shift the investment Wall Street had in Musk’s fantasies onto the most vulnerable investors: people with retirement accounts. If you are able to direct your funds to a different index, we encourage you to select S&P 500, both because it is considered one of the most stable, but mostly because they didn’t capitulate.
Past:
We’re big fans of pro-active, rather than re-active economic pressure. We can’t boycott Amazon out of existence, because Prime is only one aspect of Bezos’ empire, but we can make sure local alternatives survive. Walmart won’t notice if you don’t buy tomatoes, but a local farm stand will! See this article for more about “ranked choice buying.“
Here are some companies to avoid when you can, and a list of past targets we’ve featured.
If there is no current action:
- Target is still in the crosshairs! (No, the boycott isn’t over.)
- Walmart, always, whenever you can
- Amazon, same as Walmart: if you can, when you can
- Home Depot for collaborating with ICE
- Starbucks for union busting.
- Many of the past actions below have ongoing components:
Join Black Voters Matter in shifting your spending from big corporate powers (especially Target, Amazon and Home Depot) to businesses that invest in our communities.
Sign a pledge card and put your money where your values are. This isn’t a boycott, it’s a conscious re-factoring of your economic power. Support your community.
