In the News

SMALL INVESTORS FLEE STOCK MARKET

Renewed economic uncertainty is testing Americans’ generation-long love affair with the stock market. Investors withdrew a staggering $33.12 billion from domestic stock market mutual funds in the first seven months of this year, according to the Investment Company Institute, the mutual fund industry trade group. Now many are choosing investments they deem safer, like bonds. Small investors are “losing their appetite for risk,” a Credit Suisse analyst, Doug Cliggott, said. New York Times, 0821/10

social entrepreneurship the next big thing

Saying that "an important part of the capitalist system is having a powerful social sector to address social issues," the man who started the private equity industry 40 years ago is working on ways to connect the capital markets to the social sector, including a social impact bond -- a financial instrument to fund social activity directly and to derive a return from social impact. The Independent, 06/26/10

bank failures double

With 72 closures so far this year, the pace of bank failures is more than double that of 2009, already a brisk year for shutdowns. By this time last year, regulators had closed 33 U.S. banks. The pace has accelerated as losses mount on loans made for commercial property and development. Huffington Post, 05/14/10 

GEORGIA ON MY MIND

Georgia leads the nation in bank failures, accounting for 37 of the 206 banks seized by the Federal Deposit Insurance Corporation since the beginning of 2008. These bank failures are a symptom of deeper problems: arguably, no other state has suffered as badly from banks gone wild. New York Times, 04/11/10

Things have never been worse for the banking system

FDIC has released its Quarterly Banking Profile for year-end 2009, and bad loans (loans that are 90 days or more past due) account for 5.37% of all loans and leases, an all-time record; net charge-offs (NCOs) – losses taken on bad loans – totaled $53.0 billion, or 2.89% (annualized), in the fourth quarter which is also the highest rate ever recorded in the QBP’s 26 year history. The Daily Caller, 03/09/10.

COMMONWEALTH GROUP ON the AIRwaves

Executive Director Michael Sauvante discusses public banking on the Progressive Radio Network's "Of Consuming Interest" show with Jim Turner. 02/26/10. >> Listen   >> Right click and select "Save link" to download.

Michael Sauvante continued this topic with another interview on the Progressive Radio Network's "Community Currency" show hosted by Carol Brouillet 03/04/10. >> Listen >> Right click and select "Save link" to download.

WHY IS IT OK FOR CORPORATIONS TO WALK AWAY FROM THEIR MORTGAGES?

Tishman Speyer Properties walks away from 11,232 Manhattan apartments because it can't pay its mortgage. That's good business.  Rick Gilson, a college custodial supervisor in South Dakota, wants to walk away from the mortgage on his mobile home. If he does, he'll be a deadbeat. Huffington Post, 01/31/10.

move your politician

How can politicians claim to be against Too Big To Fail banks when they actually have an account or a credit card or a mortgage at one such offender? Shouldn't state officials be held accountable for where they park the taxpayers' funds? The movement to find out who's walking the talk. Huffington Post, 01/31/10. 

Funding Public Health Care with a publicly owned bank: how canada did it

When Canada first launched its national health service, the funding came from money created by its own central bank. Canada's innovative funding model is one that could still be followed by a president committed to delivering on his promises. Truthout, 01/23/10. 

Bradbury would create "Bank of Oregon" if he were governor

The state of Oregon should have its own bank so taxpayer dollars could help fund local businesses instead of boosting the profits of big multinational banks, says Bill Bradbury, Democratic candidate for governor and former secretary of state. The Oregonian, 01/20/10. 

"Move Your Money" Movement Gathers Steam

New Mexico state representative Brian Egolf has introduced a bill to move the state's money out of Bank of America and into banks and credit unions chartered in New Mexico. Huffington Post, 01/22/10.