The state-owned Bank of North Dakota (BND) is a model for Los Angeles and other cities, counties, and states . . . [It] is a major money-maker for North Dakota, returning about $30 million annually in dividends to the treasury – not bad for a state with a population that is less than one-fifth that of the City of Los Angeles. Every year since the 2008 banking crisis, the BND has reported a return on investment of 17-26%. Like the BND, a Bank of the City of Los Angeles would provide credit for city projects – to build bridges, restore lakes, and pay bills – and this credit would essentially be interest-free, since the city would own the bank and get the interest back. Eliminating interest has been shown to reduce the cost of public projects by 35% or more.
Barack Obama is seeking only skin-deep diversity when he chooses judicial nominees. 70% of judicial nominees come from the corporate sector and only 3.6 percent of the president’s nominees have a background in public interest organizations. Elizabeth Warren is concerned:
“Power is becoming more and more concentrated on one side,” she said. “Professional diversity is one way to insulate the courts from corporate capture.”