Data from the Federal Reserve show that over the last decade and a half, the proportion of family income from wages has dropped from nearly 70 percent to just under 61 percent

Excerpt from The Recovery Threw the Middle-Class Dream Under a Benz,  By Nelson D. Schwartz, Sept. 12, 2018, NYTimes.com Data from the Federal Reserve show that over the last decade and a half, the proportion of family income from wages has dropped from nearly 70 percent to just under 61 percent. It’s an extraordinary shift, driven largely by the investment profits of the …

Public banking updates. Reports from LA, from the nation’s capitol on public banking: D.C. feasibility study soon to be released

Four new articles endorse a public bank for LA #YesOnB  posted by PUBLIC BANKING INST | 8gb September 13, 2018 Photo courtesy Public Bank LA Los Angeles’ ballot initiative for public banking continues to generate many excellent articles about public banking. Their cogent arguments apply to public banking in general, but as Phoenix Goodman writes in the LA Progressive, “Rarely does the constituency of a city …

How a Public Bank Could Relieve Seattle’s Housing Crisis

Paul Alexander on Medium 2018 Seattle housing activists pack City Hall in 2017. (source: seattlepi.com) Like hundreds of cities in America, Seattle is in the midst of an affordable housing crisis. During a one-year period in 2015–16, Seattle rents increased by 9.7 percent — four times the national average. In 2017, the cost of an average two-bedroom topped $2,000. The results have been predictable: nearly half …

Public banking must build and take power from finance

By Matt STANNARD on Occupy.com TUE, 7/17/2018 This is Part 10 in a 10-part series on public banking and economic justice. Read parts 1, 2, 3, 4, 5, 6, 7, 8 and 9 If Los Angeles voters choose to lift the city’s ban on government-run banking services this November, the battle for a public bank in that city won’t be over. It will just be getting started, and the barriers will be enormous. Los Angeles …

After Long Career Bailing Out Big Banks, Obama Treasury Secretary Tim Geithner Now Runs Predatory Firm That Exploits the Poor for Profit: “Your economy, rigged to redistribute wealth to the top.”

Monday, July 02, 2018 by Common Dreams by Jake Johnson, staff writer Former U.S. Treasury Secretary Timothy Geithner discusses his book Stress Test: Reflections on Financial Crises during the Politico Playbook Lunch at The Hamilton May 19, 2014 in Washington, D.C. (Photo: Chip Somodevilla/Getty Images) After a lengthy government career defined by his central role in bailing out predatory Wall Street banks as former President Barack Obama’s Treasury …

Public Banking coalitions growing on both coasts

June 21, 2018 Winsome Pendergrass, New York Communities for Change, at the June 5 rally in front of the New York Stock Exchange. Members of the California Public Banking Alliance. The launch of the #PublicBankNYC campaign earlier this month and the ongoing campaigns in California have generated several excellent articles. Aaron Fernando writes in The Progressive, “The rally on June 5 …

What’s a public bank? States or municipalities use reserves for a public mission and the needs of the public it represents, such as local investments and local businesses

https://youtu.be/xiYaEIwbwbg VIDEO: An Introduction to Public Banking, by In Context Report (7:23) A Public Bank is a chartered depository bank in which public funds are deposited. It is owned by a government unit — a state, county, city, or tribe — and mandated to serve a public mission that reflects the values and needs of the public that it represents. In existing and proposed US …

Public or private banks: which is more efficient? Public banks offer more support for a wider range of borrowers and stabilize the economy rather than de-stabilize it

From the Real News Network. Link to study: https://www.peri.umass.edu/publication/item/1036-does-greater-public-ownership-in-the-financial-system-promote-superior-performance Devika Dutt is a PhD candidate in Economics in the Department of Economics at the University of Massachusetts Amherst. She is also a research assistant at the Political Economy Research Institute. Her research explores alternative ways of organizing financial markets and financial market reform. GREGORY WILPERT: Welcome to The Real News Network. …

How can the community banks be preserved and nurtured?

How can the community banks be preserved and nurtured? For some ideas, we can look to a state where they are still thriving – North Dakota. In an article titled “How One State Escaped Wall Street’s Rule and Created a Banking System That’s 83% Locally Owned,” Stacy Mitchell writes that North Dakota’s banking sector bears little resemblance to that of …

The Long Game For Progressives: areas to start being proactive

By John Atcheson on Common Dreams 24 Aug 2017 “Progressive values include fairness, equity, a level-playing field, compassion, justice, reverence for our planet and environment, and a genuine pursuit of peace, not war – all things which play extremely well in the hearts of Americans, not to mention in political polling. One of the reasons Sanders is the most popular politician in America is …