Restoring Economic Sovereignty: In the Last Month, Three States Join the Movement for State-Owned Ba

[Donnachaidh]

http://www.truth-out.org/restoring-economic-sovereignty67820

"It is time to declare economic sovereignty from the multinational banks that are responsible for much of our current economic crisis. Every year, we ship over a billion dollars in Oregon taxpayer dollars to out-of-state and multinational banks in the form of deposits, only to see that money invested elsewhere. It's time to put our money to work for Oregonians."

-Bill Bradbury, former Oregon senate president and secretary of state, quoted in The Nation

Responding to an unfilled need for credit for local government, local businesses and consumers, three states - Oregon, Washington and Maryland - in the last month have introduced bills for state-owned banks, joining Illinois, Virginia, Massachusetts and Hawaii to bring the total number of states with state-owned banks bills to seven.

While Wall Street is reporting record profits, local banks are floundering, credit for small businesses and consumers remains tight and local governments are teetering on the edge of bankruptcy. There is even talk of allowing state governments to file for bankruptcy, something current legislation forbids. The federal government and the Federal Reserve have managed to find trillions of dollars to prop up the Wall Street banks that precipitated the credit crisis, but they have not extended this largesse to the taxpayers and local governments that have been forced to pick up the tab.

More at the link --

[peacebird]

1. k&r.... we bailed on banks in favor of *local* credit unions.

"The federal government and the Federal Reserve have managed to find trillions of dollars to prop up the Wall Street banks that precipitated the credit crisis, but they have not extended this largesse to the taxpayers and local governments that have been forced to pick up the tab."

[Jackpine Radical]

2. Ditto. Years & years ago.