Maine Lawmaker Proposes Creating State Bank

Barbara Cariddi • Maine Lawmaker Proposes Creating State Bank • April 22, 2011

Two Democratic lawmakers teamed up with local business owners this morning to unveil a proposal to create a Maine state bank, although the plan is not being welcomed by the state’s mainstream banking community. Barbara Cariddi has more.

The legislation was announced along with a report outlining the problems Maine small businesses are facing with credit issues, says state representative Diane Russsell (right) of Portland. “What if we took our tax payer dollars out of Wall Street and invested right here on Main Street?” she said.

The bill she’s sponsoring, LD 1452, will, she says, allow the state to move nearly half a billion dollars in assets held by out-of-state banks, into a Maine state bank, establishing a partnership with community banks to expand small business lending.

“Small business owners repeatedly talk about how they don’t have access to affordable credit,” she said. “Let’s leverage our taxpayer money through partnership loans to knock some percentage points off a loan so we can get more money circulating into the local economy, spur economic growth, entrepreneurialism and job growth.”

The bill’s co-sponsor, fellow Democrat Bobbi Beavers of South Berwick, says the new state bank would not be a traditional retail bank where you or I could open an account, but more of a kind of mini-central bank–a federal reserve writ small.

Read the article here.
Read the bill here.

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Rachel Maddow Exposes Michigan Republicans Secret War On Democracy

The Rachel Maddow • • April 19, 2011

Verg Bernero, former gubernatorial candidate in Michigan who ran on the platform of a state-owned bank, is interviewed by Rachel Maddow (at 13:00 min into the video) on the “profitization” of local governments.

Watch the video here.
Web address:

Rachel Maddow Exposes Michigan Republicans Secret War On Democracy
Sarah Jones • • March 9, 2011

Snyder is pushing a bill through that will give ultimate governmental power literally to corporations, thereby using shock doctrine tactics to create a dystopian government. Synder’s bill not only goes after collective bargaining rights, but does in fact seem to represent the Republicans’ final solution to killing democracy by enabling the replacement of elected officials, dissolving entire city’s government and handing them over to corporations. Snyder calls his “budget bill” a “shared sacrifice,” but it gifts corporations with 1.8 billion in tax breaks while hitting citizens with harder taxes, including seniors and other vulnerables, and cutting essential services to an already suffering region.

Read the entire article here.

Corporate Coup d’état Coming Soon to a City Near You
Rania Khalek • • April 20, 2011

In her book The Shock Doctrine, Naomi Klein demonstrates how wealthy elites often use times of crisis and chaos to impose unpopular policies that restructure economies and political systems to further advance their interests. She calls these orchestrated raids on the public sphere in the wake of catastrophic events, combined with the treatment of disasters as exciting market opportunities, “disaster capitalism.”

Disaster capitalism is on display around the country, as legislators use the debt crisis afflicting their states as an opportunity to hollow out the public sector. In Michigan it’s being packaged as “emergency financial management” by Republican Gov. Rick Snyder, who is looking to exploit an economic crisis that has left his state with a severe budget deficit. In March, Snyder signed a law granting state-appointed emergency financial managers (EFM) the ability to fire local elected officials, break teachers’ and public workers’ contracts, seize and sell assets, and eliminate services, entire cities or school districts, all without any public input. He claims these dictatorial restructuring powers will keep Michigan communities out of bankruptcy.

Read the entire article here.

Maddow: Mich. Gov. Snyder using new ‘Emergency Financial Managers’ law to assist corporate land grab from the poor
Roxanne Cooper • • April 20, 2011

Benton Harbor, MI is 10,235 population town. 85.5% of the residents are African-American. The per capita income is among the lowest in the state: $10,235.

Michigan Governor Rick Snyder recently castrated the city government of the struggling town, using his controversial “Emergency Financial Managers” law. The law, as Raw Story previously reported, allows Snyder to “take over municipalities that don’t pass a financial stress test.”

On Tuesday night, MSNBC’s Rachel Maddow made the case that Snyder, Whirlpool (global headquarters in Benton Harbor), Harbor Shores (a developer) and assorted political cronies are using the newly enacted law to grab prime beachfront property deeded to the city’s residents in 1917 in order to develop it into a Jack Nicklaus-designed golf course and luxury “signature” homes.

Read the entire article here.

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California Assembly Bill 750 Introduced to Study the Feasibility of a CA State-owned Bank

California Assembly Bill 750 Introduced to Study the Feasibility of a CA State-owned Bank • February 17, 2011

Sponsor: Assemblyman Ben Hueso
Bill: AB 750
Entitled: Bergeson-Peace Infrastructure and Economic Development Bank Act.
Text: AB750 Text

Excerpt: This bill would establish the investment trust blue ribbon task force to consider the viability of establishing the California Investment Trust, which would be a state bank receiving deposits of all state funds. The trust would support economic development, provide financing for housing development, public works and educational infrastructure, provide stability to the financial sector, provide state government banking services, lend capital to specified financial institutions, and provide for excess earnings of the trust to be used for state General Fund purposes. The bill would establish the membership of the task force, which would include designated Members of the Legislature and designees of the Governor, Controller, and Treasurer, and would require the expenses of the task force to be paid by the Senate and Assembly. The bill would require the task force to report to the Legislature by December 1, 2012, on its finding and recommendations relating to the viability of establishing the California Investment Trust, as specified.

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US States creating their own banks-On the Edge with Max Keiser

Ellen Brown on The Edge with Max Keiser Show • April 9, 2011

In this edition of On the Edge, Max Keiser interviews Ellen Brown; author of “Web of Debt.”

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On MSNBC: Taking the Power Back from Wall Street

The Dylan Ratigan Show • • April 13, 2011

On The Dylan Ratigan Show, the topic of discussion is the state-owned Bank of North Dakota! Ben Goldhirsh of Good Magazine and blogger Umair Haque explain why it might be good for Americans to take their hard-earned money elsewhere.

Watch the video here.

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Arizona Republicans Move To Create A State-Run Bank

Chad Campbell • • February 14, 2011

Brace yourself — right-wing extremists in Arizona have swung so far right, they’ve crossed into the Leftern nether regions.

Evidence is shown by Arizona state Rep. John Fillmore, R-Apache Junction, who just introduced a bill calling for the establishment of a state-run bank in Arizona. A state commission would operate the bank, which would be called The Bank of Arizona.

It’s hard to believe that HB 2221 actually exists. Arizona Republicans – whose platform stands on limited government, privatization and “don’t nobody mess with my privately-owned business not even taxes” – want to create a state-run bank.

During the election last year, Fillmore, who now wants a state-run bank, described himself as “an ardent small government conservative.”


Read entire article here.
Read the text of Bill HB 2221 here.

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