California governor Gavin Newsom signed the bill into law on October 2, allowing city and county governments to set up publicly owned banks to accept tax and other revenue and fund infrastructure and other programs with lower costs than those offered by commercial banks.
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In 1945, the first transfer of the Bank’s profits to the general fund was made—$1,725! The next time this occurred was in 1949 and 1951, a veterans’ fund received $1.5 million. Learn more in The Bank of North Dakota, From Surviving to Thriving – The First 100 Years hardcover book. Now available at bnd.nd.gov/store and Amazon.com. #BankND #TheBNDStory #100Years #OldTownRoad
North Dakota’s bank is 100 years old, and this Vox story tells its story and how that is influencing California.
The latest list shows 625 wanting to be trained, with another 46 thinking about it.
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Here is our national map, without the three would-be trainers in Hawaii.
And here is a map gallery of the regions:
Each Sunday Tony Wikrent posts a list of links at Real Economics and Ian Welsh. Some are political, many lead to news about runaway inequality. This post borrows a few that seem to fit together very well.
The New York Times reported that inequality is getting worse, which for poor people means more sickness and an earlier death.
Peter Turchin, at Evonomics, discusses what it is that sometimes (like in the post World War II era) decreases inequality. Namely policy changes when disenchantment with inequality reaches a boiling point.
Bloomberg takes a look at the growing disenchantment with capitalism in the US and UK, with charts.
Chris Hedges demolishes the Business Roundtable’s efforts to rebrand their rapacious capitalism, which has led to the worst inequality since the 1920s, as benevolent leadership.
Pam and Russ Martens note that Bernie Sanders said the top three US billionaires (Gates, Bezos, Buffett) have more wealth than 160 million Americans, but he was using 2017 numbers. The inequality today is much worse.
Sponsored by We The People Westchester, led by Joe Mayhew.
The Business Roundtable was formed in 1972 with the goal of undermining New Deal-forged worker rights and corporate regulation by the federal government. The Roundtable worked to weaken antitrust regulations, undermine labor protections and stopped Ralph Nader’s attempt to create a consumer protection agency in 1977. This was a group of hundreds of the country’s top companies working to escape federal regulations, decrease taxes, and promote the better business environment. And free trade.
But last week they issued a letter that said (from the NY Times): “Breaking with decades of long-held corporate orthodoxy, the Business Roundtable issued a statement on “the purpose of a corporation,” arguing that companies should no longer advance only the interests of shareholders. Instead, the group said, they must also invest in their employees, protect the environment and deal fairly and ethically with their suppliers.”
The statement sounds like a major breakthrough, a return to the time before Runaway Inequality took off, when labor unions and workers were protected by US law and companies committed to their home towns because that’s where they lived, before free trade and internationalization led them to follow the easy dollars of cheap material and labor overseas. But is it?
- Barry Rithoff appeared on an MSNBC discussion that looked at what commitment the BR makes in their statement, and what needs to be done to make it real. (h/t Tony Wikrent’s Week End Wrap)
- NY Times columnist Farhad Manjoo says that runaway inequality has tipped the scales so far that business leaders, like the Roundtable, are running scared. He doesn’t trust them.
- Patagonia, Ben and Jerrys and others suggested that the BR companies should reform as benefit companies, making clear that increasing share value is not their only goal (affirming they are not just talking about change).
- Unless you have a Wall Street Journal subscription you’ll just get a snippet of what they think, but the headline says it all:
Move Over, Shareholders: Top CEOs Say Companies Have Obligations to Society
If only that turns out to be true.
Les Leopold turned his recent testimony about corporate tax subsidies in New Jersey into an op-ed in the Newark Star Ledger. You can read it here.
We’re up to 719 people interested in becoming trainers to Reverse Runaway Inequality. Check out the events calendar to see if there’s a training coming up in your area.
Here’s the problem with the belief that helping Wall Street always helps the economy: it isn’t true. In recent decades, Wall Street has grown bigger and financial sector profits have gone from 10% to 25% of total corporate profits, but everyone else in America has lived through a generation of stagnant wages and sluggish economic growth. Even today, big banks are making record profits and handing out huge bonuses as average wages barely budge.
The truth is that Washington has it backwards. For a long time now, Wall Street’s success hasn’t helped the broader economy — it’s come at the expense of the rest of the economy. Wall Street is looting the economy and Washington is helping them do it.Elizabeth Warren, “My Plan to Rein in Wall Street”
Child care is expensive because good child care employs a high ratio of caregivers to children. That’s good for children but a problem for working people earning on the low end (and even the middle) of the wage scale. The Economic Policy Institute took a look at child care costs and found that infant care in New York cost more than $14,000, and in 33 states and Washington DC, the cost of child care was higher than the cost to attend the state’s colleges.
This Vox article lets the Democratic candidates for president explain their program proposals for child care.