State government stores money at Bank of America, buys goods with U.S. Bank cards, and distributes welfare aid through JP Morgan Chase ATMs.
Supporters of cutting such ties to big banks say the first step is creating the state’s own bank.
The idea of a state bank – a favorite of the Occupy movement that sees it as an alternative to Wall Street – has strong support among the Democrats who control the state House. Speaker Frank Chopp called it a top priority last week in a speech opening this year’s session of the Legislature.
“I think people see this as a form of empowerment, that we’re going to try to do something in our state to regain control over the safety of our finances,” said David Spring, a community-college instructor from North Bend who has spoken at Occupy rallies…
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15 Comments!
Yeah, I’ll be the first to jump on that band wagon.
Give the state more power over my money. Sure, great idea.
*snark off*
Yes, let’s let the tax man have access to our accounts. Great idea.
Direct deposit, Direct taxation.
Off topic: why am I not surprised that Google’s front page logo today conveniently leaves off “but by the content of their character” in the quotes from King?
“… to regain control over the safety of our finances,…”
OK, then, do what they did in the Good Old Days (Before Banks): put your money in a can in the back yard.
Seems like a state bank would be a good idea. There are a lot of regional banks across the country.
But if the Democrats are strongly supporting it, there’s gotta be an ulterior motive, so I’m agin’ it.
A little detective work (in the absence of a link) shows that this is going on in Washington state, where Chopp has been Speaker since 2002.
^ No linkies for Lympians ;)
“Welcome to the Soviet People’s Bank! You can deposit any time you like, but you can never withdraw!”
I’m heading over to the DMV/Bank to make a deposit, I’ll be back in a week.
LMAO @ the thought of what an “Occupied Bank” transaction would be like!!!!!!!!!!!!
How can you start a bank with negative net assets?
What are they gonna loan in order to earn loan interest to pay interest on deposits?
This is likely a scrip-printing exercise.
It would seem to be better to move State finances to State-chartered commercial banks.
5:1 a State bank will be Sharia compliant.
Oh, might wanna brush up on the old Bank of the United States debate, too.
I seem to recall there was a scandal about twenty years ago or so when the US House of Representatives ran its own bank. Seems our esteemed reps could just stroll down there and kite checks for whatever amount they wanted and get the cash. This also eventually linked up with the House Post office scandal which aided materially in ending 54 years of Jackass party control of Congress in the 1994 elections.
I’ve got a LONG memory.
Fannie Mae (while pretending otherwise) is basically a government mortgage company.
Will the new government bank be anything like that?
(If so, I want to be a director in it and start printing up my bonus checks.)
Din’t larn nuthin’ in skool…
OMG (9)
Thanks! I had forgotten about that swamp.
DougM: “5:1 a State bank will be Sharia compliant.”
That’ll be tricky. Shaira law forbids paying (or collecting) interest. Naturally, human nature being what it is, they’ve figured out a lot of creative ways to get around the letter, if not the spirit, of the law.
Yeah, typically the dodge is that the lendee is SO GRATEFUL that the lender lent him some moolah that he INDEPENDENTLY decides to pay back more than was borrowed. Just as a gesture of thanks, y’unnerstand.
Wonder what happens when he’s not “grateful” and decides to not pay more?
Me too.
mojo: Then they send Big Louie (Mohammed al-Nasty) to collect.