Housing, battling racism and a municipal bank top agenda for L.A. council president

by Public Bank LA
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By Emily Alpert Reyes, LA Times. Los Angeles should explore whether to create a municipal bank that would finance affordable housing and throw its doors open to the cannabis industry, City Council President Herb Wesson said Tuesday.

Wesson tossed out the idea as part of a sweeping speech that set out his agenda for his final term. In addition to the bank, Wesson said L.A. must take new and innovative steps to battle racism, protect immigrants and build more affordable housing.

“When our grandchildren tell stories of us, what will they say? Will they say we were brave?” asked Wesson, who recently was reelected as council president. “When the history books remember us, will they say that we did everything within our power to improve the lives of the people we represent?”

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The Savings and Stability of Public Banking

by Public Bank LA
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By Ralph Nader, Common Dreams. As a society obsessed by money, we pay a gigantic price for not educating high school and college students about money and banking.

The ways of the giant global banks – both commercial and investment operations – are as mysterious as they are damaging to the people. Big banks use the Federal Reserve to maximize their influence and profits. The federal Freedom of Information Act provides an exemption for matters that are “contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of an agency responsible for the regulation or supervision of financial institutions.” This exemption allows financial institutions to wallow in secrecy. Financial institutions are so influential in Congress that Senator Durbin (D, IL) says “[The banks] frankly own this place.”

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If China Can Fund Infrastructure with Its Own Credit, So Can We

by Public Bank LA
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By Ellen Brown, Common Dreams. This week has been designated “National Infrastructure Week” by the US Chambers of Commerce, the American Society of Civil Engineers (ASCE), and over 150 affiliates. Their message: “It’s time to rebuild.”

What is Fox TV?
Ever since ASCE began issuing its “National Infrastructure Report Card” in 1998, the nation has gotten a dismal grade of D or D+. In the meantime, the estimated cost of fixing its infrastructure has gone up from $1.3 trillion to $4.6 trillion.

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