David Dayen: A Bank Even a Socialist Could Love

Much better way to go. At least with Credit Unions too, members have a say. If government employees and trade union employees had been asked to vote on where their pension funds were going to be invested – they might have said NO to UNREGULATED derivatives and voted for something less risky and maybe won’t have loss the entire amount gambling on Wall Street.

Livinglies's Weblog

A Bank Even a Socialist Could Love

The fight for public banking is gaining ground in cities and states across the country.

BY David Dayen

“We have Tea Partiers and Occupiers in the same room liking public banking. What does that tell you?”

“Money is a utility that belongs to all of us,” says Walt McRee. McRee is a velvety-voiced former broadcaster now plotting an audacious challenge to the financial system. He’s leading a monthly conference call as chair of the Public Banking Institute (PBI), an educational and advocacy force formed seven years ago to break Wall Street’s stranglehold on state and municipal finance.

“This is one of the biggest eye-openers of my life,” says Rebecca Burke, a New Jersey activist on the call. “Once you see it, you can’t look back.”

This ragtag group—former teachers, small business owners, social workers— wants to charter state and local banks across…

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