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Tuesday, August 14th, 2018

What If Banks Were Publicly Owned? In LA, This May Soon Be A Reality.

Author:     David Dayen
Source:     Huffington Post
Publication Date:     08/10/2018 05:46 am ET
 Link: What If Banks Were Publicly Owned? In LA, This May Soon Be A Reality.
Stephan:   I have argued for publicly owned banks for years because when you look at the outcome data it is clear that having public banks is a positive proof of the Theorem of Wellbeing. Here's the story.

Pedestrian signals can be seen outside of a Citibank branch in New York, October 6, 2008. Citigroup said it is suing Wachovia and Wells Fargo and is seeking more than $60 billion in damages over Wells Fargo’s competing bid for Wachovia.
Credit: Reuters/Lucas Jackson

Trinity Tran is a powerful speaker. Addressing a rally in downtown Los Angeles for New York congressional nominee Alexandria Ocasio-Cortez, the 33-year-old activist and organizer thundered, “We are witnessing the emergence of a solution, from profit and greed to collective prosperity. We can empower our community from the ground up. It’s time to take our power back.”

Tran’s organization, Public Bank LA, is leading the revival of an idea that had largely been discarded until the financial crisis. In November, Los Angeles voters will have the opportunity to approve a public bank for the city. If the measure passes, it would become the first government-owned bank developed in the United States since 1919.

The term […]

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