A public bank for LA: instead of sending hundreds of millions to predatory finance, Angelenos' taxes can fund community development


The most obvious thing in the world is for the USPS to become a community bank,

We actually had a similar system for about 50 years.


What they said, plus public banks have a track record in other countries - I am sure the corruption record is better than private banks.


It didn’t work in the UK

TLDR version: Girobank was privatized and bought by Alliance and Leicester 30 years ago, which then demutualized 20 years ago and was taken over by Santander 10 years ago.


I think many people have been taught (one way or another) to be willfully ignorant about just what it is that a government is supposed to do.


While Dr. Bob from WKRP in Cincinnati would no doubt say “Sounds like communism”, I’m all for it.


It managed to push the rest of the consumer banking sector a little in the direction of being less maximally obnoxious for its users before being murdered and eaten, so it wasn’t a total loss.


Sure, but since the current banks are already dumpster fires of greed, it’s still a better option.


It does illustrate one of the weaknesses of the model of nationalised or municipal banking. If it’s successful, it can be looted and asset-stripped by your local branch of the corporate party if they come to power.


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