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 …

Why are banks still operating in tax havens?

By Antoine d’Abbundo and Mathieu Castagnet in La Croix European regulations oblige banks to publish their profits and taxes on a country-by-country basis. Using these data, the NGO Oxfam yesterday revealed that the twenty biggest European banks remain active in these corporate tax havens and gain a quarter of their profits here. “La Croix” spoke to two experts. Manon Aubry, Senior …