Four new articles endorse a public bank for LA #YesOnB

Los Angeles

Photo courtesy Public Bank LA

 

Los Angeles’ ballot initiative for public banking continues to generate many excellent articles about public banking. Their cogent arguments apply to public banking in general, but as Phoenix Goodman writes in the LA Progressive, “Rarely does the constituency of a city have such profound weight of power in their hands to alter the history of the world.” Read the articles below:

Cory Doctorow in Boing Boing:

“The City of Los Angeles sends the nation-wrecking finance industry more than $100MM/year in the form of fees and penalties for its banking business, supporting the institutions whose racist lending practices, financial engineering and mortgage fraud have wreaked untold harm on the city's residents.”

Glenn Daigon in Who. What. Why.:

“The vote on the measure could have implications far beyond the city or even California. If the proposal passes this November, it could jumpstart other efforts by cities and states around the nation that are currently considering setting up their own public banks.”

David Jette for Public Bank LA:

“Los Angeles has 44 departments and bureaus who manage $5,549,000,000 in annual revenue collected from tax, fee and fine payers, as much as the whole country of Iceland. At any given time, there is an average of $45 billion in public money sitting in various operational accounts, reserve funds or short- and medium-term investments. That money is currently held in accounts at commercial banks, where it earns next to zero interest. The city paid over $109 million in annual and transactional fees to these commercial banks last year. The banks then use these deposits to bolster their own lending activity, earning interest for their shareholders.”

Phoenix Goodman in LA Progressive:

“Rarely does the constituency of a city have such profound weight of power in their hands to alter the history of the world. On November 6th Charter Amendment B will give the people of Los Angeles that power. If you wanted a revolution, here you have it, now go get it.”

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