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Re: “Will Oakland Become First U.S. City To Ditch Wall Street And Establish A Public Bank?

" .....the state threatening to take money away, and the feds threatening to take money away, and various expenses the city has that it cant afford, and to know that a public bank could solve those problems."

This says it all.

Being the custodian of the assets of others is not the same as gaining a new source of revenue. The inability to distinguish and respect the differences between the two elementary concepts (assets, revenue) has led to many financial disasters/

No doubt, the temptation to plunder a new pot of someone else's money would be irresistible. The pathetic track record of fiscal management of Oakland speaks for itself.

Oakland needs to learn how to manage its own money before it earns the right to manage other people's money. But, abusing the power over other people's money is so much easier. Anyone remember the last banking crisis and how it happened?

Posted by Michael Good on 03/24/2017 at 6:40 AM

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