Job #1: create a state-owned bank

[Democrats_win]

For the past 12 years I've watched our state legislature do absolutely nothing to help Coloradoans. Creating a state-owned bank will drastically improve the lives of Coloradoans and drastically improve the situation for our state government. This should be bill #1 when our legislature returns in January.

"35% to 40% of everything we buy goes to interest." Imagine if we could direct that to the needs of our own state rather than the pockets of Wall Street crooks like Goldman Sachs.
http://www.democraticunderground.com/101647450

Yes, there are other very important issues in Colorado--such as the gay marriage bill. Yet establishing a state bank will improve the lives of all Coloradoans for generations to come. Some of this money could go toward k-12 and college education.

Finally, DO something, rather than screwing with the liquor laws! Don't even think of introducing another liquor law! That's practically the only thing our worthless state legislature has done in the last 12 years. Voters will no longer accept the status quo of being screwed by our truly worthless state legislature and governor. Do it, or pack your bags, because the voters are very angry.

[MynameisBlarney]

1. Better yet

a state owned credit union?

[GitRDun]

2. North Dakota has been doing it for 92 years

Interesting....

http://www.yesmagazine.org/new-economy/a-choice-for-states-banks-not-budget-crises

[SDjack]

3. The ND State Bank does not operate as a convenient

retail bank. I looked into moving my saving/checking account to it, but it looks like a hassle. See: www.ilsr.org/rule/bank-of-north-dakota-2/
(Sorry -- I can't make the link hot. Maybe DU can design a simple function to produce one.)

The USPO should be converted into a bank for the 47%. I would be proud to give my interest charges to the US Treasury instead of the 1% who do nothing for us.

[GitRDun]

4. They cover the lack of retail banking in the article

I think the fact they act as mini feds in their states is what makes them work. They are putting up capital to community banks / credit unions and lending with proper underwriting, etc.

I really think that we as citizens would be in great shape with 3 changes to finance in general:

1). Get deposits / credit card borrowing out of the big banks into local institutions.
2). Use the state run banks to provide lending capital to those local institutions.
3). Establish a federal infrastructure bank to assist state and local governments.

If we can pull retail banking to the local level, backed by state banks, I think it accomplishes what we need without putting states in the position of competing with private industry. Small local banks are much more likely to aggressively compete than the large banks. Further, the state banks can easily "regulate" how lending gets done if they are to participate, e.g., underwriting standards, deceptive language, etc.

[SDjack]

5. I should have read the full article. The ND State Bank is very

important to the local economy. And, I think giving the USPO the mission to be the banker to the 47% would be powerful.