Historic step forward: Gov. Gavin Newsom signs the Public Banking Act into California law

Source: https://www.publicbankinginstitute.org/2019/10/02/historic-step-forward-gov-gavin-newsom-signs-the-public-banking-act-into-california-law/?mc_cid=75c7a16ce4&mc_eid=88dcfdec72
Published: Oct 4, 2019
Author: Public Banking Institute
Post Date: 2019-10-04 09:40:51 by NeoconsNailed
Views: 1100

Victory in California! Gov. Gavin Newsom’s signature has made AB 857 — the grassroots-generated, people-powered Public Banking Act — the law in California. The California Public Banking Alliance has been tireless in educating legislators, drafting language, and generating massive statewide public support. The strong leadership of the bill’s co-authors, Assemblymembers Miguel Santiago and David Chiu, generated 19 co-sponsors and support from several committee chairs, clearly demonstrating the will of the people is behind banks that serve the public interest. Congratulations to everyone involved.

The time has come for public banks to offer a people-controlled alternative to the private, profit-driven Wall Street banks that have failed to serve the public. The Alliance posted on Facebook:

“WE JUST MADE HISTORY!!! Governor Gavin Newsom just signed #AB857 Public Banks into law, making it possible for California cities and counties to take control of our own future. AB 857 is a victory fueled 100% by people power … With no budget, no lobbyists, and no playbook, we made our case for public banking — and for the first law of its kind in the nation. … The future is here — and California is leading the way for the rest of the nation.”

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Poster Comment:

This is an extremely good deal. He must be feeling lousy enuff about the state of things to actually do something right.

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#1: ghostdogtxn    To: NeoconsNailed (#0)

ghostdogtxn posted on 2019-10-04 09:58:47   Reply   Private Reply

#2: Lod    To: NeoconsNailed (#0)

they made no history: nd did this in 1919

all states should do the same

en.wikipedia.org/wiki/Bank_of_North_Dakota

Lod posted on 2019-10-04 10:00:08   Reply   Private Reply

#3: NeoconsNailed    To: Lod (#2)

The famous case.

NeoconsNailed posted on 2019-10-04 10:03:21   Reply   Private Reply

#4: NeoconsNailed    To: ghostdogtxn (#1)

I know nothing of banking -- supposedly this angle give states more security.

NeoconsNailed posted on 2019-10-04 10:05:36   Reply   Private Reply

#5: Horse    To: ghostdogtxn, NeoconsNailed (#1)

They won't create currency. The FED does that. But they will create checking account money with all that interest on money created out of nothing going to taxpayers, not Bankers.

Horse posted on 2019-10-04 10:24:10   Reply   Private Reply

#6: Dakmar    To: Lod (#2)

Other entities may also open accounts at the Bank; however, BND offers fewer retail services than other institutions, and it has only one office. These limit its competitiveness in consumer banking.[5] The bank does have an account with the Federal Reserve Bank, but deposits are not insured by the Federal Deposit Insurance Corporation, instead being guaranteed by the general fund of the state of North Dakota itself and the taxpayers of the state.[5]

LOL, what works in North Dakota sounds like a disaster in debt-ridden California.

Dakmar posted on 2019-10-04 10:27:26   Reply   Private Reply

#7: Lod    To: Dakmar (#6)

Indeed. They made it through the '29 crash, the depression, and are still going strong. CA would be wise to study their underwriting and lending guidelines to avert the disaster you noted.

Lod posted on 2019-10-04 10:56:16   Reply   Private Reply

#8: sneakypete    To: NeoconsNailed (#0)

Let me see if I correctly understand the focus of this brain fart. They are celebrating banks that do NOT focus on profit?????

Gee,I wonder how many days it will be before Hunter Biden and the other spawn of political creatures need loans to start bidnezzes?

And this bank starts getting public money to continue operating in 10...9...8...

sneakypete posted on 2019-10-04 12:42:15   Reply   Private Reply

#9: sneakypete    To: ghostdogtxn (#1)

I don’t honestly know how these are supposed to work. If these banks are backed by the FDIC, they won’t be “public”.

It's a scam. A way for connected insiders to siphon money from the state and US treasuries,while they also make money from the guarantees made by the Federal Reserve.

Think "Bank robbers in charge of the banks",and you won't be far off the mark.

The political class will NEVER admit they were wrong,so they will keep passing bills to fund the banks to keep them from failing. Meanwhile,their prime supporters,their children,and companies they have interests in will continue to get loans regardless of their ability or even willingness to pay payments on the loans.

This has to be the biggest con job in history.

sneakypete posted on 2019-10-04 12:47:50   Reply   Private Reply

#10: Dakmar    To: sneakypete (#9)

Federal bailout in 10, 9...

Dakmar posted on 2019-10-04 12:49:42   Reply   Private Reply

#11: NeoconsNailed    To: sneakypete (#9)

How about the ND one?

NeoconsNailed posted on 2019-10-04 13:55:50   Reply   Private Reply

#12: ghostdogtxn    To: sneakypete (#9)

ghostdogtxn posted on 2019-10-04 17:30:33   Reply   Private Reply

#13: NeoconsNailed    To: ghostdogtxn (#12)

I'd think so of any version of it going on in Fornicalia.

NeoconsNailed posted on 2019-10-04 17:36:04   Reply   Private Reply

#14: BTP Holdings    To: Horse (#5)

But they will create checking account money with all that interest on money created out of nothing going to taxpayers, not Bankers.

Checking accounts are demand deposits. And if you write more checks than you have funds to cover them, it is called an overdraft. There are fees for returned checks and you cannot do this for long before it catches up to you. ;)

BTP Holdings posted on 2019-10-04 17:56:11   Reply   Private Reply

#15: Horse    To: BTP Holdings (#14)

Not an overdraft as this is how the banks create checking account money out of nothing while charging us interest.

Horse posted on 2019-10-04 18:19:03   Reply   Private Reply

#16: IRTorqued    To: Horse, BTP Holdings (#15)

hey go easy on BTP Holdings seeing how he had the menopause virus and all

IRTorqued posted on 2019-10-04 18:40:19   Reply   Private Reply

#17: BTP Holdings    To: Horse (#15)

Not an overdraft as this is how the banks create checking account money out of nothing while charging us interest.

Someone sent me two large checks a while ago. I used them to open an account at a nearby bank. I used their debit card to purchase several iTunes cards at Wal Mart.

The checks bounced and the account was overdrawn by nearly $2,000. That woman at the bank screamed at me, "You are going to pay all of this!"

A collection agency got hold of it. My Conservator wrote to them and told them to either write it off or submit their claim to the Probate Court.

They wrote it off but under state law can bring it back at any time in next 2 years. I doubt they will since they would have to pay the shysters to do it.

Oh, one more thing. That bank has changed names again. LOL

BTP Holdings posted on 2019-10-04 20:13:48   Reply   Private Reply

#18: NeoconsNailed    To: BTP Holdings (#17)

Congratulations -- sounds like you've got 'em, and gaud knows they need to be got!

NeoconsNailed posted on 2019-10-04 20:16:31   Reply   Private Reply

#19: BTP Holdings    To: NeoconsNailed (#18)

sounds like you've got 'em,

The commercial terminology is, the bank accepted the checks.

I had postal money order for almost $1,000 someone sent me. I took it to the bank and the manager called over to the court house and he refused to accept the money order.

I took that money order to the post office. They looked at it and then looked up the serial number to see if it was stolen. It was not. But this is small post office here and they do not do that amount of business in one day unless it were near the holidays. ;)

BTP Holdings posted on 2019-10-04 20:22:59   Reply   Private Reply

#20: NeoconsNailed    To: BTP Holdings (#19)

called over to the court house

Come again??

Took an MO to the PO today to pay my POB rent. Compounding my lateness, the PO's puter systems were being worked on and they couldn't process the deal. But the counter lady, normally a cold witch, cashed the MO and allowed me to bring her a check later.

I have a drawer, and at $356/year it's almost a clam a day now >:-8

NeoconsNailed posted on 2019-10-04 20:37:05   Reply   Private Reply

#21: BTP Holdings    To: NeoconsNailed (#20)

called over to the court house

Come again??

My Conservator made a photocopy of the postal money order. She did not want to touch it for some reason, maybe to keep her fingerprints off it.

When I went to the bank, the manager called over there and talked to her briefly. Then he refused to accept the money order. ;)

BTP Holdings posted on 2019-10-04 20:45:14   Reply   Private Reply

#22: Esso    To: IRTorqued, BTP Holdings, 4um (#16)

hey go easy on BTP Holdings seeing how he had the menopause virus and all

Not that I'm a pussy or anything like that, but that was pretty mean and uncalled for.

Esso posted on 2019-10-04 22:28:04   Reply   Private Reply

#23: Esso    To: BTP Holdings (#17)

A collection agency got hold of it.

I just got a call yesterday from a company willing to help me get out of my student loans.

I've never had any student loans, thank you.

Esso posted on 2019-10-04 22:33:18   Reply   Private Reply

#24: Esso    To: NeoconsNailed (#11)

How about the ND one?

That was then, this is now.

No good shall come of the common folks.

Esso posted on 2019-10-04 22:39:34   Reply   Private Reply

#25: NeoconsNailed    To: Esso (#24)

Of or for 'em?

NeoconsNailed posted on 2019-10-04 23:16:17   Reply   Private Reply

#26: BTP Holdings    To: Esso (#23)

I just got a call yesterday from a company willing to help me get out of my student loans.

I've never had any student loans, thank you.

Some guy called me a few years back and told me I was in the National Guard.

I said, "Nope."

He said next, "Then you worked for the National Guard."

I said, "Not at all. Where are you getting your information?"

When they get your name, they think they know everything about you. ;)

BTP Holdings posted on 2019-10-06 11:22:12   Reply   Private Reply

#27: BTP Holdings    To: NeoconsNailed (#20)

called over to the court house

Come again??

The bank manager called over to the court house and spoke briefly with my Conservator. Then he refused to accept the money order.

This coming week I will pick up a letter from my primary physician which says I am able to handle my own finances.

Then Legal Aid will send me a lawyer so I can get rid of the bitch. She has repeatedly screwed me over.

Then she took $10,000 of my cash and opened a CD because as she said, "I couldn't resist the interest rate."

She Is NOT my financial advisor and I believe she has exceeded her authority. ;)

Look up "breach of fiduciary duty" and see what the remedy is for that. ;)

BTP Holdings posted on 2019-10-06 11:37:01   Reply   Private Reply

#28: BTP Holdings    To: Esso, IRTorqued (#22)

hey go easy on BTP Holdings seeing how he had the menopause virus and all

Not that I'm a pussy or anything like that, but that was pretty mean and uncalled for.

It was bacterial meningitis. It wiped out a lot of my memory.

Why do you think I have him on BOZO? ;)

BTP Holdings posted on 2019-10-06 11:50:31   Reply   Private Reply