CityBeat published an article yesterday on my idea for a Public Bank of Ohio titled Banking on a Big Change. People are interested in this outside-the-box idea and what it would mean for Ohio’s economy.
“(We’re) just starting to do research on the viability of an entity (Bank of Ohio) like that,” Palmer says. “Obviously, it’s something new, creative and interesting but I want to talk to my board about it more later this week.” – Robert Palmer, CEO of the Ohio Community Bankers Association
There are several good conservative and liberal reasons to support a Public Bank of Ohio (PBO) several of which I have outlined previously. From my perspective one of the best is that the PBO will enable Ohio to invest in itself and in the process, build a more vibrant and responsible banking system.
Along those lines, perhaps some of you have noticed a common thread running through both the Tea Party and Occupy Wall Street movements. You will find people in each camp decrying crony capitalism, bank bailouts, lax regulators too cozy with industry and of course, a Federal Reserve system that has done an incredibly good job of inflating asset bubbles and debasing the purchasing power of the dollar. Perhaps you saw this piece about the 13% rise in the cost of a Thanksgiving dinner this year?
Now imagine if OWS and the Tea Party could set aside their differences and focus on the opportunity to make real structural change in America?
I will continue to advocate for the Public Bank of Ohio with industry and political leaders and will update you periodically on the progress.