Trump's $1 Trillion Infrastructure Plan: Lincoln Had a Better Solution

In Donald Trump’s victory speech after the presidential election, he vowed to rebuild our highways, bridges, tunnels, airports, schools, and hospitals. It sounds great; but as usual, the devil is in the details. Read more

A Message from PBI Chair Walt McRee

Let’s stand together and move forward. Read more

Wall Street Heads Spin Over Trump Weighing Dimon For Treasury

Yesterday, CNBC announced that anonymous sources had told the cable business news outlet that Trump’s advisers were considering JPMorgan CEO Jamie Dimon for U.S. Treasury Secretary. The rumor nugget was quickly spread by other media outlets. The likelihood is that the rumor is coming from Jamie Dimon’s hyper-charged public relations machine rather than from Trump’s closest advisers. Read more

Trump Win Helped Wells Fargo Erase All Losses From Phony Accounts Scandal

After news of its phony accounts scandal broke in August, Wells Fargo’s stock got a long drag through the mud. But with expectations of a presidency that will be much friendlier to the financial industry, investors are finally beginning to show a little forgiveness. Read more

Germany's Financial Watchdog Warns Against Financial Deregulation

President-elect Trump said throughout his campaign he would oppose financial regulations and in May said he would repeal the 2010 Dodd-Frank Wall Street reform law, which was passed in the wake of the financial crisis and empowered federal regulatory agencies to restrict banks' ability to make risky investments. Felix Hufeld, Germany’s financial watchdog, warned that loosening or scrapping of existing laws would lead to a new financial crisis. Read more

Voters Regulate Payday Lending

In South Dakota, where payday loan interest rates average a whopping 652 percent and are among the highest in the nation, voters have struck back by approving a 36 percent rate cap. Read more

NY Times Has a Fatal Wall Street Bias

The New York Times is the one paper in America that should be viewed with particular skepticism when it comes to Wall Street. It was a cheerleader for years on its editorial page, promoting the repeal of the Glass-Steagall Act. The Times apology, coming after the deregulated Wall Street had crashed the U.S. financial system and left millions of innocent Americans without jobs and in foreclosure, was too little too late. Read more

The Economist Issues a Myopic Defense of the White-collar Criminal

An editorial called "Jail bait" is the latest in a line of salvoes against what The Economist imagines is a wave of politically driven regulatory actions against corporate executives. It's bad enough that the self-pitying jerks on Wall Street who read magazines like The Economist think that paying taxes or giving employees benefits or adhering to any labor or environmental standards are unconscionable burdens. Now we're supposed to be so grateful for their sociopathic pursuit of profits that we should excuse them from the criminal code, too? Read more

PBI Is on the Move in Santa Fe

The public banking movement received a lift the past couple weeks with allegations about Wells Fargo inflating its profits by creating millions of fake deposit and credit card accounts. Santa Fe City Councilor Renee Villarreal and co-sponsors Joseph Maestas and Carmichael Dominguez have introduced legislation that allows the city to move forward with planning a public bank. Read more

PBI Is on the Move in New Jersey

While most taxpayer funds right now are deposited in commercial banks, the mission of a taxpayer-owned bank would be to create a new financial institution that could hold those deposits without having to involve the commercial banks. Meet the PBI coordinator spearheading this effort for the state of New Jersey. Read more

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