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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums"Big Banks Attempt Secret Coup Against Cheap Loans"
Big Banks Attempt Secret Coup Against Cheap LoansWashington Blog
http://www.washingtonsblog.com/2013/04/big-banks-attempt-secret-coup-against-low-interest-loans.html
"SNIP..............................................
Across the country, states are considering proposals to move general revenue deposits out of the Wall Street banks that dominate the banking business today, and use them to capitalize a new local public structure with a mission to grow the local economy. A Main Street Partnership Bank would be modeled on the nearly 100-year-old public Bank of North Dakota (BND). This public policy innovationalso known as a Public Bank or State Bankcould contribute to the health of local community banks, state budgets and small business job growth in an era of rapid banking concentration, budget deficits and disinvestment on Main Street.
Partnership Banks can raise revenue for states without raising taxes, and increase loans to small businesses precisely when Wall Street banks have cut back on lending and raised public borrowing costs. A Partnership Bank would act as a bankers bank to in-state community banks and provide the state government with both banking services at fair terms and an annual multi-million dollar dividend.
If modeled on the successful Bank of North Dakota, Partnership Banks in other states would:
◾Create new jobs and spur economic growth. Partnership Banks are participation lenders, meaning they partnernever competewith local banks to drive lending through local banks to small businesses. If Washington State had a fully-operational Partnership Bank capitalized at $100 million during the Great Recession, it would have supported $2.6 billion in new lending and helped to create 8,212 new small business jobs. A proposed Oregon bank could help community banks expand lending by $1.3 billion and help small business create 5,391 new Oregon jobs in its first three to five years. All of this would be accom- plished at a profit, which Partnership Banks should share with the state.
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"Big Banks Attempt Secret Coup Against Cheap Loans" (Original Post)
applegrove
Apr 2013
OP
upaloopa
(11,417 posts)1. Bailey savings and loan vs Mr Potter
dixiegrrrrl
(60,010 posts)2. Sounds good......
long as the bad banksters can't get their grimy paws on it.