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

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  • Voters will decide in November whether to take city money out of the hands of big banks.
  • Related: From the Archives | Why Public Banks Outperform Private Banks.

David Dayen, HuffPost


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08/18/2018 | 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.

https://img.huffingtonpost.com/asset/57c490a11600000908bff395.jpeg?ops=100_100David Dayen is an investigative fellow with In These Times and contributes to the Intercept, the New Republic, and the Los Angeles Times. He is the author of Chain of Title: How Three Ordinary Americans Uncovered Wall Street's Great Foreclosure Fraud, winner of the Studs and Ida Terkel Prize.

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Related:

From the Archives | Why Public Banks Outperform Private Banks. Ellen Brown, Web of Debt / Truthdig

https://can2-prod.s3.amazonaws.com/letters/photos/000/043/508/original/open-uri20170927-15241-12yci3zGerman public banks (Sparkassen) are triply profitable: as revenue-generating assets for their government owners, as lucrative sources of taxes, and as a stable funding mechanism for small and medium-sized businesses (a funding mechanism sorely lacking in the US today).
 

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