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California Bill to Establish Nation's Second Public Bank Applauded as 'Historic Challenge to Wall Street Domination'

Originally published at http://www.commondreams.org/news/2020/07/10/california-bill-establish-nations-second-public-bank-applauded-historic-challenge


Great idea! The farther money travels to projects the less it cares about the local values.


Yes! Every state should have a public bank. And it’s about way more than race and class justice (noted in the article subheading) - financing large scale solutions to address the climate and ecological crises for example.

Have to stop having to run government funds through the big private banks to get the money out. We know how that works and turns out. Public banks offer that opportunity.


Great idea. Now watch the corporate democrats and republicans enact legislation to limit public banks. North Dakota is one thing but California is a huge economy. They can’t let this stand.


Sadly yes. We may be about to see a great example of how quickly laws can get passed when their is a bi-partisan consensus (to support the 1 percent).


In your face, Dimon and Blankfein. Here’s to seeing the other 48 states quickly follow suit.

New Jersey’s governor Phil Murphy–like his predecessor Jon Corzine–is an alumnus of Goldman-Sachs. It’ll be interesting to see how far off the Wall Street leash he’ll roam.


Can’t wait to hear what the 3rd Way DNC crowd and the “Senator From Master Card” have to say about this. And how they will try to kill it or at least ham-string it.

Still this is an excellent start (after ND) for the world’s 5th largest economy. Hopefully this will inspire more states to launch.


Why not limit private banks – begin with the Federal Reserve – ?

Seems to be a great idea for every state as they struggle with budgets which seem


North Dakota is an example proving the benefits of public banking, a common practice, linked to post offices in many countries. The current construct, invented by the 1% who control banking in general and more importantly the Federal Reserve, permits “22 exclusive investors in the Fed” access to an unlimited money supply. What have they done with that privilege? Falling victim for their insatiable greed, which can never be satisfied, they rob entire countries of their natural wealth, engage in massive fraud, collapse the world economy and then get rewarded by the politicians they fund, while congress ignores its conititutional mandate to "promote the general welfare. This mandate was delineated twice, so it should be taken seriously. Instead, a Princeton Study of 2000 pieces of legislation proves our Congress only writes legislation beneficial to the 1%. Calling this a democracy is laughable.


We’ve been having this discussion in New Mexico for several years. If California does it, I bet our lawmakers will look at it more seriously. It makes so much sense for addressing climate change, economic justice, and local development. Time to take public money out of the hands of wall street. It could change the world.


Cue the dark money from Wall St funding ads about the evils of socialism.
This is too big a cash cow to stop milking.


The banking “industry” and its parasite elite must be gutted by public action to end their reign of usury and corrupt bail-outs by captive duopoly politicians - make that Wall Street also.

It is the ability of big-money “free-speech” to control political parties, politicians, elections, and thus legislation to benefit their dominance over the 88% - if the corrupting influence of big-money in politics/elections was ended the power of those and other sectors and individuals to sabotage and subvert our elections would (hopefully) spell the end of widespread corruption (like bank bailouts, oil subsidies, big-pharma outrages) in our nation - hopefully.


Money is NOT speech.
Corporations are NOT people.
Capitalism is NOT democracy.

Spread the word.


Oh, Congress’s corporate masters are not going to be pleased with this baby. Look for some more of that bipartisan big money cooperation from Biden, Pelosi, McCarthy, Schumer and McConnell as they scurry to nip this financial revolution right in the bud.


I agree jellyroll! If our completely despicable congressional overlords allow it to happen. I bet they are having blazing stomach acid about this! Given that ND already has one, I’m hoping that they can’t stop California. Wishful thinking, I know.


Agreed, on all points, …one distinction in your comment.

“run government funds” should accurately read “run citizen’s funds”

It’s OUR money that is being profited upon by the Jamie Dimons of the world.


The good news here is that the precedent for public banking has already been set, so any legislative proposals by the duopoly’s Wall St enablers will have to really reek of corruption.

Not that that will stop them. But it’ll expose them more blatantly than usual.
Then with our torches and pitchforks we can burn their shit to the ground and start over.
That would be cool.


Public state bank --please, Yes!


I figured someone would steal my thunder on this one. Trump will, if nothing else, tie this up in court along with everything else. God, I hope we aren’t paying for any of these trump lawyers fees.

The dems, a few of them, are suggesting trump’s taxes get the fast track treatment. What’s different from the months and months it has already languished in the courts? The same potential criminality exists in both instances.

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I believe that CA has 7th, 8th? largest economy in the world.
If CA votes to do public banking would be a huge game changer. Huge.
I hope that this policy will come to fruition… and (sadly), cue the lobbyists and the 1%-ers to ratfck it…