Hooray for California! Hooray for public banking!
North Dakota did its ground-breaking work by establishing a public bank 100 years ago. California, usually leading the pack in progressive pursuits, comes in second place with its public banking bill this week after having been tortured and bled and robbed for a century by the banksters and accompanying financial poltroons, poseurs and mountebanks. Washington state still has an opportunity to check in at number three for public banking but the Washington banksters are running about like Chicken Little, warning us that the financial sky will fall if public banks, controlled by the obviously wretched hoi polloi, are put into place. But let’s not repeat the past by becoming number three in another one hundred years. Do it now!
California finally has its public banking. This in the LA Times on October 2nd: “Public banks can be formed in California as Newsom signs new law”
“Today’s signing sends a strong message that California is putting people before Wall Street profits,” said Assemblyman David Chiu (D-San Francisco), who co-authored the bill (AB 857) with Assemblyman Miguel Santiago (D-Los Angeles).
“We finally have the option of reinvesting our public tax dollars in our communities instead of rewarding Wall Street’s bad behavior,” he said.
Banksters and their shills still don’t get it.
“We don’t think the government should be in the business of banking,” said Stuart Waldman, president of the Valley Industry & Commerce Assn., a business advocacy group in the San Fernando Valley that opposed the bill Newsom signed into law Wednesday. “When you look at government programs, be it the DMV or L.A.’s recycling program, the last thing we want is to hand over banks to public employees. It just doesn’t work.”
DMV? Recycling? Is that the best the bankster reps can do when faced with North Dakota’s 100 year history? Where has Mr. Waldman been? Dancing cheek to cheek with Chicken Little? That public bank in North Dakota never asked for a cent while all those “professionally” run commercial banks went belly up in 2008 requiring trillions of dollars in bailout monies. Howzat, Mr. Waldman?
“Public banks are intended to use public funds to let local jurisdictions provide capital at interest rates below those charged by commercial banks. The loans could be used for businesses, affordable housing, infrastructure, and municipal projects, among other things.”
Read more about public banking in Washington here.