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A bill to form a blue-ribbon commission to study the feasibility of a state-owned bank for California has suddenly and unexpectedly cleared both houses of the California legislature and now awaits Governor Jerry Brown's signature. Californians need to contact the Governor and urge him to sign this, the first successful public banking initiative in nearly 100 years.
California is so bankrupt it can never get out of debt. This may be their only way out without the US taxpayers being put on the line to bail out the sanctuary state.
From listening to the video, state banks sound like a great idea. If they are so great, how come states haven't had these for the past 100 years? What's the catch?
From listening to the video, state banks sound like a great idea. If they are so great, how come states haven't had these for the past 100 years? What's the catch?
You're saying the Federal Reserve has something to do with it, right? I know the Fed was established 100 years ago. According to this video though, a state legislator can establish a bank without the Fed's approval. Great. With all of the benefits that a state bank would confer on a state, I can't see why every state doesn't establish one, pronto. What's the catch?
Interesting concept... its within State Rights to do something like this and therefore, I support it... However, I don't think the "state Fed" is realistic considering there is only a single currency in the US and California cannot legally "print" more currency... I hope the governor signs its and we will see where the TRUE loyalties of the Democrat party really is...
You're saying the Federal Reserve has something to do with it, right? I know the Fed was established 100 years ago. According to this video though, a state legislator can establish a bank without the Fed's approval. Great. With all of the benefits that a state bank would confer on a state, I can't see why every state doesn't establish one, pronto. What's the catch?
California Legislature Passes Bill to Study State-Owned Bank | Politics and Economics Right Side News (http://www.rightsidenews.com/2011091514510/us/politics-and-economics/california-legislature-passes-bill-to-study-state-owned-bank.html - broken link)
This is just an ok to study the issue. According to this article North Dakota already does this with success.
California Legislature Passes Bill to Study State-Owned Bank | Politics and Economics Right Side News (http://www.rightsidenews.com/2011091514510/us/politics-and-economics/california-legislature-passes-bill-to-study-state-owned-bank.html - broken link)
This is just an ok to study the issue. According to this article North Dakota already does this with success.
But N. Dakota politics is a far cry from California politics so the comparison may not be indicative of how well it would work in California.
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