Ellen Brown: The recent interest in state-owned banks has provoked challenges on grounds that they violate state constitutional prohibitions against lending the credit of the state. The argument is not valid.
Leonard Isenberg: Did it really have to be so difficult or was this just a hidden incentive to debit card users to let the money just sit on the debit card, where B of A could continue making the float interest?
Robert Reich: What better way for Obama to distinguish himself from Romney than to condemn Wall Street’s antics since the bailout, and call for real reform?
Ellen Brown: Publicly-owned banks were instrumental in funding Germany’s “economic miracle” after the devastation of World War II. Although the German public banks have been targeted in the last decade for takedown by their private competitors, the model remains a viable alternative to the private profiteering being protested on Wall Street today.
Joseph Palermo: If JPMorgan Chase and the rest of the money cartel cared one whit about people perceiving them as being slightly more tolerable corporate citizens, they would have long ago voluntarily offered a lifeline to underwater mortgage holders and to local governments.
Brent Budowsky: With Bank of America the latest bank to grind its heels on the necks of patriots who paid for its bailout, something powerful and profound is happening in America.
Robert Reich: Republicans and Wall Street executives who continue to yell about Dodd-Frank overkill are dead wrong. The fact no one seems to know Morgan’s exposure to European banks or derivatives – or that of most other giant Wall Street banks – shows Dodd-Frank didn’t go nearly far enough.
Brent Budowsky: Rick Perry’s impersonation of Ron Paul is caused by Perry’s panic while his campaign collapses, while terrified Republicans try to entice the freshman governor and unqualified Chris Christie to enter the race.
Ellen Brown: California, like North Dakota, is resource-rich. A state-owned bank will allow it to capitalize on its resources to full advantage, by providing the credit needed to realize its potential.
Ellen Brown: North Dakota is the only state to be in continuous budget surplus since the banking crisis of 2008.
Paul Kiel: Nevada’s action signals that the banks’ problems with home mortgages—the main cause of the financial crisis—continue to burden them and rattle investors.
Robert Reich: Wall Street has effectively neutered the Dodd-Frank law, which is the best argument I know for applying the nation’s antitrust laws to the biggest banks and limiting their size.
Shamus Cooke: Because both parties simply threw money at the banks and hedge funds instead of punishing them, a condition of “moral hazard” was created, meaning, that banks would assume another bailout would come their way if they destroyed the economy again — too big too fail, remember?