An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Monday, November 5, 2018
Jimmy Dore - Los Angles Votes On Public Bank This Tuesday
Prop B is a proposed amendment to the Los Angeles City Charter that will allow for a public city bank, rather than the city relying on criminal private banks (CPBs).
If Prop B passes, it will then go to the California state legislature. Why? I do not know, but the CPBs will pay state politicians to kill it.
California criminal private banks (CPBs) are members an organized crime cartel called the Western Bankers Association, which is a branch of the Wall Street cartel. The Western Bankers Association says that if Prop B passes, it will destroy the earth. They claim that there is “no money” to start a public bank (even though the CPBs are already holding $10 billion Los Angeles dollars).
Since California is a heavily Democrat state, the CPBs falsely claim that Trump is behind Prop B. (!)
The CPBs must stop this at all costs, as a public bank could set a bad example for the rest of the nation. Imagine the city of Los Angeles not having to pay $1.2 billion per year in fees and interest to the CPBs.
Los Angeles has more homeless people than any U.S. city. A public bank could change that. Therefore it must be checkmated.
Oh well. At least some people correctly see that criminal bankers are the USA’s number one problem.
What’s killing America is not “homophobia” or “toxic masculinity,” or “Nazis,” or “anti-Semites,” or any of the usual bullshit bogeymen.
What’s killing America is the banker parasite.
Local governments have been in bondage to Wall Street ever since the 1800s. Regulation is useless. To break free, we need publicly-owned banks.
Wall Street banks are now collecting more from Los Angeles just in fees than the city has available to fix its ailing roads. While public officials debate which services to slash, Wall Street banks collect more than $200 million a year from Los Angeles in fees for financial services—not counting principal or interest payments— draining the city of money that could be used to fund neighborhood services.
Bank theft has also changed the Los Angeles property tax structure. In 1977, commercial property owners paid 46% of property taxes and residential owners paid 53%. Now, commercial property owners pay only 30% of property taxes, while residential property owners pay 70%.
I saw an editorial in The Los Angeles Times in favor of a public bank, but for the most part the LA Times opposes it, since the Times (like most big city rags) is pro-neoliberal.
I was born and raised in Los Angeles.
ReplyDeleteProp B is a proposed amendment to the Los Angeles City Charter that will allow for a public city bank, rather than the city relying on criminal private banks (CPBs).
If Prop B passes, it will then go to the California state legislature. Why? I do not know, but the CPBs will pay state politicians to kill it.
California criminal private banks (CPBs) are members an organized crime cartel called the Western Bankers Association, which is a branch of the Wall Street cartel. The Western Bankers Association says that if Prop B passes, it will destroy the earth. They claim that there is “no money” to start a public bank (even though the CPBs are already holding $10 billion Los Angeles dollars).
Since California is a heavily Democrat state, the CPBs falsely claim that Trump is behind Prop B. (!)
The CPBs must stop this at all costs, as a public bank could set a bad example for the rest of the nation. Imagine the city of Los Angeles not having to pay $1.2 billion per year in fees and interest to the CPBs.
Los Angeles has more homeless people than any U.S. city. A public bank could change that. Therefore it must be checkmated.
Oh well. At least some people correctly see that criminal bankers are the USA’s number one problem.
What’s killing America is not “homophobia” or “toxic masculinity,” or “Nazis,” or “anti-Semites,” or any of the usual bullshit bogeymen.
ReplyDeleteWhat’s killing America is the banker parasite.
Local governments have been in bondage to Wall Street ever since the 1800s. Regulation is useless. To break free, we need publicly-owned banks.
Wall Street banks are now collecting more from Los Angeles just in fees than the city has available to fix its ailing roads. While public officials debate which services to slash, Wall Street banks collect more than $200 million a year from Los Angeles in fees for financial services—not counting principal or interest payments— draining the city of money that could be used to fund neighborhood services.
Bank theft has also changed the Los Angeles property tax structure. In 1977, commercial property owners paid 46% of property taxes and residential owners paid 53%. Now, commercial property owners pay only 30% of property taxes, while residential property owners pay 70%.
See…
http://d3n8a8pro7vhmx.cloudfront.net/seiu721/pages/1/attachments/original/1395715866/No_Small_Fees_A_Report_by_the_Fix_LA_Coalition.pdf?1395715866
I saw an editorial in The Los Angeles Times in favor of a public bank, but for the most part the LA Times opposes it, since the Times (like most big city rags) is pro-neoliberal.