Public Banks Now

The California Senate has voted to enact AB 857, the Public Banking Act, which sets the standards and opens the door for municipal public banks throughout the state. – A second vote on the amended bill in the Assembly, which advanced it by a narrow margin last month, should follow tomorrow. If Governor Gavin Newsom signs the bill into law, California will be the first state since North Dakota in 1919 to enact a statewide public banking statute, and the first in history to define and regulate the formation of […]

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We Already Print Money Like Crazy

– We printed trillions of dollars In 2009 – 2014 and gave it to the banks, so they could lend cheap money to the rich. – Of course it wasn’t “we the people” that printed it, it was “we the banks” at the Federal Reserve who printed this new money. It probably helped buoy employment and didn’t much inflate the prices of regular goods, and it definitely didn’t increase wages. So what was it spent on? – This new money was lent to creditworthy borrowers at a time when no […]

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The Case for Nationalization

– Citigroup was nearly a public bank. – During the 2007-2008 Great Financial Crisis, the Bush and Obama Treasury Departments, the Federal Reserve, and the leaders of the largest banks and insurance companies in the nation conspired to find a way out of the mountain of worthless debt that was about to fall on the planet. The pages of the Washington Post and Wall Street Journal bore headlines foretelling the end of American capitalism. The people entrusted to manage risk across our entire economy, the people running our large banks, […]

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