The Growing Movement for State-owned Banks

[Joanne98]

For OpEdNews: Ellen Brown - Writer

"Hundreds of job-creating projects are still on hold because Michigan businesses and entrepreneurs cannot get bank financing. We can break the credit crunch and beat Wall Street at their own game by keeping our money right here in Michigan and investing it to retool our economy and create jobs."

--Lansing Mayor Virg Bernero in the Detroit News, May 9, 2010

Struggling with 14% unemployment, Michigan has been particularly hard hit by the nation's economic downturn. Virg Bernero, mayor of the state's capitol and a leading Democratic candidate for governor, proposes that the state relieve its economic ills by opening a state-owned bank. He says the bank could protect consumers by making low-interest loans to those most in need, including students and small businesses; and could help community banks by buying mortgages off their books and working with them to fund development projects.

Bernero joins a growing list of candidates proposing this sensible solution to their states' fiscal ills. Local economies have collapsed because of the Wall Street credit freeze. To reinvigorate local business, Main Street needs a heavy infusion of credit; and publicly-owned banks could fill that need.

A February posting tracked candidates in five states running on a state-bank platform and one state with a bill pending (Massachusetts). There are now three more bills on the rolls in Washington State, Illinois and Michigan and two more candidates on the list of proponents (joining Bernero is Gaelan Brown of Vermont). That brings the total to seven candidates in as many states (Florida, Oregon, Illinois, California, Washington State, Vermont, and Idaho), including three Democrats, two Greens, one Republican and one Independent.

http://www.opednews.com/articles/The-Growing-Movement-for-S-by-Ellen-Brown-100320-384.html

[louis-t]

1. We already have some state and community banks.

Are they saying MORE local banks would help?

[LiberalFighter]

2. There is only one state-owned bank in the US that I could find.

State or community banks does not mean they are owned by the state or community.

[louis-t]

3. Wow, silly me.

How could I possibly think that a "Community Bank" was a "community bank".:wow: