The Rationale for State-Owned Banks
Lorenzo A. Canizares, Reader Supported News • 10 July 2010
Michigan has an unemployment rate of 14 percent, and has been particularly hard hit by the economic downturn. Verg Bernero, Mayor of Lansing, the state’s capital, and a leading Democratic candidate for governor, proposes to relieve the state’s economic ills by opening a state-owned bank. He says the bank could protect consumers by making low-interest loans to those most in need, including students and small businesses; it could also help community banks by buying mortgages off their books and working with them to fund development projects.
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