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'Stunning Rebuke to Predatory Wall Street Megabanks' as California Gov. Signs Law Allowing Creation of Public Banks

#21

Well, this is good news, but the record of Gov.Newsom’s veto of several bills, especially for increased environmental protections, recently is highly questionable…

While this “public bank” news (California only) is a step in the right direction, there is much more to do to end the threats posed by predatory bank/banker scams and “instruments” of theft that precipitated the “financial” collapse, or “economic downturn” - another BS term of 2007-2008 and subsequent bailout of the casino banks. Millions lost everything but banks made-out like bandits, thanks to the political power and subversion of mega-banks, a complicit Congress, and corrupt Clinton WH!

Passing an updated and improved Glass-Steagall Act meant to separate “investment banks” from “commercial” was instituted to protect the public; a critical reality made clear by the “economic downturn” used to portray banks/banker parasite crooks as innocent and blameless of their criminal actions and worthless derivatives and other “financial instruments”! They should still be in prison for their greed and contempt for the public!

The bottom-line is the predatory banks and their officers! must be re-regulated to protect the public, broken-up to remove the “too big to fail” rationale from ever bailing them-out at public expense again after gambling with the nation’s/public’s interest and security!

https://thehill.com/opinion/finance/406101-new-age-glass-steagall-would-make-banks-put-people-over-profits.

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#22

May this catch on and then CATCH FIRE! Now for a nationalized internet…

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#23

Wonderful step!

To the doubters–of course the powers that be are going to respond, and of course there are dangers. Of course the step is inadequate: that’s why we need others.

And so all that will have to be attended to. But this is what happens whenever something positive is done.

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#24

'fraid so.

#25

We should keep in mind that the Post Office would not likely be able to finance small business. Businesses don’t have payroll lying around in a safe. It is generated from banks so business accounts can write checks.
But the PO could be an asset for small loans to the people giving them a choice other than payday loan shark outfits that charge unaffordable rates.
Money orders, cashiers checks, etc.

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#26

any advice for starting a push for public banking in WA ?

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#27

i’d forgotten that the USPS used to provide banking services at one point.

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#28

you’re probably right that the banking industry will try to federally preempt public banking before it spread beyond CA / N.D.

that’s why it’s our responsibility as informed citizens to vocally and visibly oppose such efforts.

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#29

S-O-C-I-A-L-I-S-M! For The Masses.

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#30

We have had Public Banking legislation introduced each session for years in Oregon. It has gone nowhere. Maybe passage in CA will spur action here.

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#31

Truth.

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#32

I live in Oregon and I too remember the legislation for public banking here. Wrote my Representative about it. The legislation came up for several years but never got considered. Then it died. Time we put some pressure on again now that CA has joined ND!

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#33

Yes, an important step, indeed.
Now all California needs to do, is secede.

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#34

Guild, are you related to Hazmat?

#35

And Nationalized fossil fuel resources and development and manufacture with all profits going to research and development of renewable energy technology and subsidizing their use for the poor. Also a special fossil fuel use tax (with food stamp like coupons for low income people) that would also be used as above (along with tax breaks for those purchasing energy from renewable sources). This plan would help alleviate job losses as society and industry transitions to renewables, profits go toward solving our climate dilemma rather than making people rich from continuing with products that are killing us and it would provide a more coordinated effort at removing fossil fuel use from our energy inventory.

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#36

Calif should establish a state bank-----from what I understand the public bank in ND is a big success .

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#37

Should have happened decades ago –

but let’s hope public banks advance across all the states –

California leads the way – again!!

We will also quickly see that it is the public which creates economies –

and that it is banks and financial institutions and international financial institutions
which manipulate our economies for the benefit of Elites.

We need to overturn the Fed – the third attempt at a central bank – which enslaves
us with debt and reduction of the value of the dollar.

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#38

And with Tina Kotek in charge of the assembly as the pay to play leader what can one expect!

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#39

But with people like Debbie the loan shark wasserman schultz in the House and Chuck Wall Street Schumer Democratic leader of the Senate it won’t happen

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#40

eff you to Warren Buffet and all backers of the predatory banks.

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