In Context TV: An Introduction to State Owned Banks

[Shallah Kali]

Run time: 07:43 https://www.youtube.com/watch?v=xiYaEIwbwbg   Posted on YouTube: February 25, 2011 By YouTube Member: InContextReport Views on YouTube: 786   Posted on DU: March 20, 2011 By DU Member: Shallah Kali Views on DU: 310

 

State public banks, an old American tradition, may provide an important tool to pull states out of the current economic slump. The concept is simple: The public bank uses state funds on deposit as bank reserves for making loans for infrastructure and other projects to Improve the state's economy and grow jobs.

Ben Franklin argued that colonial Pennsylvania's public bank was the key to the colony's 18th century prosperity. North Dakota, whose public bank has operated since 1919, boasts the lowest unemployment rate in the country and is the only state to have a balanced budget in each of the last three years.

For more information see:http://PublicBankingInstitute.org

This program is an edition of the series In Context produced by MDR Productions, Inc. In Context is a live, call-in show that originates at Pacifica affiliate WPKN 89.5 FM, Bridgeport, CT whose signal reaches most of Connecticut and parts of New York.

[Agent William]

1. Sounds nice, and I'm glad to see WA state considering it....

But I'll bet you anything that some GOP'er will make any 'state' run bank have private managment which will drive up the costs enormously. It would be a great idea and work just fine provided no republican gets a hold of it.

Also, I think everyone on this board has a feeling that if this idea proved to be fruitful, a GOP state house would privatize it Immediatley. Thus killing it.

Still, conseratives aside, sounds like a pretty good idea.

[Arctic Dave]

2. This is one of those things I wish would get a more serious review.

I can't believe that every state in the union hasn't created their own bank.

There is talk in Alaska about doing this to finance an all Alaska gas pipeline to export North Slope gas reserves.

Maybe one day will get beyond the old way of doing things through corporations at an more expensive rate. (ie banks, oil companies, healthcare)

[Arctic Dave]

3. K&R