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


#21

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.


#22

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


#23

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.


#24

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.


#25

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


#26

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.


#27

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


#28

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.


#29

This topic was automatically closed after 5 days. New replies are no longer allowed.