Michigan is one of a number of states where the idea of getting out from under the too-big-to-fails is gaining steam.
Lansing Mayor Virg Bernero, one of at least a dozen candidates pushing the idea of a publicly-owned bank in the 2010 mid-term elections, has captured the Democratic nomination for governor of Michigan.
The cash-strapped Bernero, who was largely unknown until only a few weeks ago, trailed State House Speaker Andy Dillon by double digits throughout most of the primary before peaking in the campaign’s final days.
“The people fought for the people’s agenda and they achieved victory,” a buoyant Bernero told his jubilant supporters at Detroit‘s Atheneum Suite Hotel. “The American dream is worth fighting for and the Michigan we grew up in, the Michigan that was at the top, is the Michigan we’re ready to fight for today,” he declared.
Read more at Uncovered Politics.
The state bank idea is a good one, whether you are a Republican or a Democrat. Take a look at the only existing one in the nation (North Dakota). It’s worked for them since 1919, and their state economy isn’t held hostage by massive interest payments to Wall Street banks who don’t reinvest in their state. Currently, our 7 largest public institutions in Michigan are paying out over $1BILLION a year in INTEREST only to Wall Street, and they have red-lined our state.
Seriously, take a look at this issue before you buy the Michigan GOP line that it’s a government take-over (it’s not).
http://www.banknd.nd.gov/