Scott, this is one of the best explanations of public banking that I’ve seen.
While a state-owned public bank and a credit union function somewhat similarly, there is a significant difference. All the paycheques of state employees get deposited in the state bank. This gives the state bank enormous lending capacity. These deposits otherwise go to commercial banks and are the basis for the sky high executive pay in banking.
Economist Thomas Piketty points to executive pay, especially in banking, as the major cause of economic inequality. All attempts to rein in that outrageous level pay, for example beginning with Clinton in 1993, have failed completely. A public bank in every state would go a long way to solving that problem of outsized executive pay in the banking industry.
Thank you Jan! I agree, making this change could go a long way to disrupting the status quo... precisely why we aren't even supposed to know such options exist!
Scott, this is one of the best explanations of public banking that I’ve seen.
While a state-owned public bank and a credit union function somewhat similarly, there is a significant difference. All the paycheques of state employees get deposited in the state bank. This gives the state bank enormous lending capacity. These deposits otherwise go to commercial banks and are the basis for the sky high executive pay in banking.
Economist Thomas Piketty points to executive pay, especially in banking, as the major cause of economic inequality. All attempts to rein in that outrageous level pay, for example beginning with Clinton in 1993, have failed completely. A public bank in every state would go a long way to solving that problem of outsized executive pay in the banking industry.
Thank you Jan! I agree, making this change could go a long way to disrupting the status quo... precisely why we aren't even supposed to know such options exist!
There you are! I got banned from TikTok. Not sure how to recover. Still sorting it out.
Curtis! Banned? That's terrible! What happened?
I don’t know. They won’t tell me.
This is encouraging thank you!
Thank you Lisa!