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What A Puplic Bank Could Mean For California

What A Puplic Bank Could Mean For California
Above Photo: Flickr/ Images Money California is the eighth largest economy in the world, and it has a debt burden to match. It has outstanding general obligation bonds and revenue bonds of $158 billion, largely incurred for infrastructure. Of this tab, $70 billion is just for interest. Over $7 billion of California’s annual budget goes to pay interest on the state’s debt. As large as California’s liabilities are, they are exceeded by its ... Read more

Amid Divestment Protests, More Cities Explore Public Banks

Amid Divestment Protests, More Cities Explore Public Banks
Above Photo: Wells Fargo bank sign (Photo by Mike Mozart | Flickr CC 2.0) Supporters of the idea say public banks can enable more community-driven, character-based lending. This story was originally published on NextCity.org, which publishes daily news and analysis on cities. Philadelphia City Council Member Cindy Bass was already thinking about how to cut the city’s ties with Wells Fargo when bank CEO John Stumpf testified last September ... Read more