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MAKE AMERICA HONEST AGAIN
Supporters of Senator Bernie Sanders demand that President-elect Donald Trump fulfill a campaign pledge promising to enact a 21st Century Glass-Steagall Act to reform Wall Street.
Reader View: How A Chartered Public Bank Works For Santa Fe
Recently, discussions about a public bank in Santa Fe have increased. This note addresses skepticism expressed about the utility of a chartered public bank. Chartered banks have a marvelous, some say almost magical, way of creating money in the economy by advancing bank credit (lending). Serious students of banking have understood the process for decades. […]
Ready Or Not
In response to David Shulman’s recent letter suggesting that the city of Santa Fe is not ready to run a public bank (“Not ready,” Dec. 16), let me say that the city would not be running the bank. At this time, there is much about the management, oversight, etc. of the proposed public banking model […]
Building The Economy
I am writing to urge the Santa Fe city councilors to support the public bank resolution. As I illustrate in my book, Breaking Big Money’s Grip on America, the practices of Wall Street and the global banks have been very detrimental to most Americans, the 2008 Great Recession being the most glaring, recent example. A […]
Eight Years After an Epic Banking Crash, America’s Biggest Threat Is Still Its Banks
In 1934 the U.S. had 14,146 commercial banks holding insured deposits. By 1985, that number had barely budged, standing at 14,417. Then came the Bill Clinton administration in the 1990s and its reckless and unprecedented banking deregulation which allowed the giant Wall Street banks to swallow up, or drive out of business, thousands of banks across America. According to the Federal Deposit Insurance Corporation (FDIC), as of December 22 of this year, there are only 5,927 FDIC insured banks left in the U.S., a stunning decline of 59 percent from 1985.
New Tool That Adds But Does Not Subtract From Taxpayers
Like local and state governments across the nation, both Bucks and Montgomery counties have limited tools to balance their annual budgets: cut services, lay off employees, raise taxes, take on more debt or ask for employee givebacks. This year, the Montgomery County Commissioners raised taxes. It was the same in next door Philadelphia, where a […]
My View: Take Another, Closer Look At The Benefits Of A Public Bank
A public bank task force resolution will come before the City Council in January (“What’s the fuss about a public bank in Santa Fe?” Dec. 11). The feasibility study completed by Building Solutions was a good economic development study, but failed to address crucial public bank questions that the volunteer task force can answer. That […]
In American Towns, Private Profits From Public Works
Desperate towns have turned to private equity firms to manage their waterworks. The deals bring much-needed upgrades, but can carry hefty price tags.
Affordable Credit
The New Mexican recently published a generally excellent and informative report by Bruce Krasnow on the steps being taken by the city and residents to establish a public bank for Santa Fe (“What’s the fuss about a public bank in Santa Fe?” Dec. 11). As a founder of the Public Banking Institute and chair of […]
Public Banks Can Help Cities Honor Their Commitment to Give Sanctuary to Immigrants
But like Santa Fe, many sanctuary cities have strong movements for public banks, although not all have taken the steps Santa Fe’s city council has. Oakland’s city council adopted a resolutionto study public banking several weeks ago (and reaffirmed their status as a sanctuary city at the same meeting). Philadelphia’s did the same earlier this year. Public banking movements exist in San Francisco, Los Angeles, Portland (Ore.), Denver, Washington D.C., New York City, and Seattle, as well as in states like New Jersey and Vermont, which contain sanctuary cities. If implemented in those cities and states, public banks could provide a financial foundation for municipalities charting their own courses in the face of an aggressive national executive.
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Episode: Everyone deserves a public bank
“I had the good fortune to work on this initiative before Bernie kidnapped all my time. This is one of those no-brainer initiatives that only the 1% could oppose. It has the potential to save the state millions of dollars by vastly reducing the cost of its bonds to improve infrastructure funding. in a public bank, our state funds can be used to build our local economy and our local infrastructure.”
– Paul Gibson
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