From the Progressive! Public Banking Is the Answer

Ruth Conniff • the Progressive • November 23, 2013

Co-ops, renewable energy, sustainable agriculture. . . all of these efforts to create a better society run counter to the values of Wall Street.

Wall Street speculators have badly distorted our economy and our communities by maximizing short-term profits at the expense of the public’s long-term interests.

And then, with their chokehold on Washington, they have managed to hold us up for trillions of dollars in bailout funds after gambling our money away.

Meanwhile, these same financial institutions use predatory lending practices to steal money from the poor. And when it comes time to financing public-works projects, we lose billions by paying their inflated interest rates.

Money and access to credit determine what kind of a society we live in, what our priorities are, and what our future looks like.

It’s time to take back this critical part of our infrastructure from the financial industry.

Read the complete article here.

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