Timothy A. Canova, Betty Hutton Williams Prof. of International Economic Law, Chapman University School of Law and Dr. Rozanne Everson Junker, political scientist
2012 - We're Overdue for a Public Banking System With Timothy A. Canova Betty Hutton Williams Prof. of International Economic Law Chapman University School of Law
The federal government's response to the financial crisis has been a parade of bailout programs injecting public funds into the largest banks and financial institutions, with precious little assistance for everyone else. As in the Depression in the 1930's failure to achieve a strong and sustainable recovery should open the door to other alternatives such as parallel public banking institutions, both at the federal and state levels, to fill the unmet credit needs stemming from the massive failures in private banking. In banks owned by federal and state governments, there is far greater public accountability in the bank's oversight, and lending practices than in private banks. This so-called "public option" in banking has a rich tradition in American history which can serve as models today such as the 30's Reconstruction Finance Corp. at the Federal level & the Bank of North Dakota which has successfully operated since the 1930's and is the model for a number of attempts today at the state level such as California to duplicate its success ********************************* Plus "The Socialist Bank of North America" with Dr. Rozanne Everson Junker, political scientist
North Dakota has long had a state bank which unlike private banks has faithfully served the people and the state in good times and bad. We've talked about a public option for health care, but why not for banks? Thanks to Michael Moore for this case study.
produced by Ken Nash and Mimi Rosenberg
please email us if you plan to broadcast this program - knash@igc.org
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