Cenk interviews Phoenix Goodman and Trinity Tran, from DivestLA and co-founders of Public Bank LA, to discuss public banking.
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One thing they didn’t mention, or at least glossed over, is that when Localities raise bonds, like the $349M in bonds for the LAX Modernization Project, that Locality gets all of the money upfront, but it doesn’t spend it all right away, so it has to deposit it somewhere.
An awful lot of the Seed money that would be used to start the Bank of Los Angeles would be from outstanding bonds that are currently deposited in some Wall Street Bank.
This has so many applications – Banking in the public interest is definitely the way to go.
Imagine communities being able to create leverage
What about Credit Unions? They’re not for profit??? Why aren’t we supporting our local credit unions?
Credit Unions aren’t banks and can’t do what banks can.
For the average person using them for simple services, it’s a distinction without a difference. When you get into big, complex commercial accounts, that distinction makes a big difference.