US Mayors Fed Up With Paying Wall Street Interest and Fees

US Mayors Fed Up With Paying Wall Street Interest and Fees

Posted: 11 Aug 2015 05:52 AM PDT

They Will Consider Establishment of Public Banks 

By John Lawrence 

At their meeting on June 19-22, the US Conference of Mayors considered the possibility of establishing public banks as an alternative to Wall Street. Instead of spending a fortune in Wall Street fees and interest, a public bank would keep the money right in each Mayor's jurisdiction. Finally, Mayors are wising up. The Mayors Resolution on Strengthening Municipal Finances addresses the millions of dollars in fees that Wall Street banks charge cities and challenges mayors to negotiate with bankers to reduce these fees or to consider the possibility of a public bank. Public banking is distinguished from private banking in that its mandate begins with the public's interest. Privately-owned banks, by contrast, have shareholders who generally seek short-term profits as their highest priority. Public banks are able to reduce taxes within their jurisdictions, because their profits are returned to the general fund of the public entity. The costs of public projects undertaken by governmental bodies are also greatly reduced, because public banks do not need to charge interest to themselves. Eliminating interest has been shown to reduce the cost of such projects, on average, by 50%.   [Read more...]

   

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San Diego Free Press The Chargers Stadium Proposal is a Joke, Right? Ferguson Report: Black Lives, Still Trying to Matter A Driving Force: Electric Vehicles are on the Verge of Disrupting Energy Markets US Mayors Fed Up With Paying Wall Street Interest and Fees The Chargers Stadium Proposal is a Joke, Right? Posted: 11 Aug 2015 11:04 AM PDT By Doug Porter (I’ve published two versions of the Starting Line for Tuesday. One on the stadium deal and one on the events taking place in Ferguson.) Yesterday reporters were summoned to a vacant lot overlooking Mission Valley to hear the latest news about efforts to build a new football stadium for the San Diego Chargers. Mayor Kevin L. Faulconer, County Supervisor Ron Roberts and City Attorney Jan Goldsmith solemnly announced a “real path to success,” complete with artist renderings, an environmental report and financing plan.   [Read more...]     Ferguson Report: Black Lives, Still Trying to Matter Posted: 11 Aug 2015 11:04 AM PDT By Doug Porter (I’ve published two versions of the Starting Line today. One on the stadium deal and one on events taking place in Ferguson.) It’s hard for me even to write about what’s going on in Ferguson, Missouri on the first anniversary of Michael Brown’s death. On the one hand there’s been the rise of a new civil rights movement taking aim at the institutional underpinnings of racism in this country. Sometimes the media even acknowledges that everyday racism amounts to more than police brutality and Confederate flags. And sometimes they don’t.   [Read more...]     A Driving Force: Electric Vehicles are on the Verge of Disrupting Energy Markets Posted: 11 Aug 2015 05:58 AM PDT By Emily Schwartz Greco /OtherWords Back in 1898, New York City hosted a global environmental summit. Flummoxed, the assembled experts disbanded early without agreeing on workable solutions. What daunting crisis brought about this precursor of today’s big UN climate conferences? Fast-growing cities were propelling travel via horse-drawn buggies and wagons to unprecedented and unsustainable levels. Staggering quantities of equine manure and urine made urban life hazardous and stinky, Clemson University assistant professor Eric Morris explains in his colorful essay From Horse Power to Horsepower.   [Read more...]     US Mayors Fed Up With Paying Wall Street Interest and Fees Posted: 11 Aug 2015 05:52 AM PDT They Will Consider Establishment of Public Banks By John Lawrence At their meeting on June 19-22, the US Conference of Mayors considered the possibility of establishing public banks as an alternative to Wall Street. Instead of spending a fortune in Wall Street fees and interest, a public bank would keep the money right in each Mayor's jurisdiction. Finally, Mayors are wising up. The Mayors Resolution on Strengthening Municipal Finances addresses the millions of dollars in fees that Wall Street banks charge cities and challenges mayors to negotiate with bankers to reduce these fees or to consider the possibility of a public bank. Public banking is distinguished from private banking in that its mandate begins with the public's interest. Privately-owned banks, by contrast, have shareholders who generally seek short-term profits as their highest priority. Public banks are able to reduce taxes within their jurisdictions, because their profits are returned to the general fund of the public entity. The costs of public projects undertaken by governmental bodies are also greatly reduced, because public banks do not need to charge interest to themselves. Eliminating interest has been shown to reduce the cost of such projects, on average, by 50%.   [Read more...]

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