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Email revealer, dot com, the goil. Okay, we're joined by David Jetty and he's from the public, the California Public Banking Alliance. Okay, so I'm going to ask them more about this public banking stuff that's going on here. Mister Jeddy, are you there?
I am, Thank you for having me on it.
Thank you so much, and so tell us about yourself. First, Who is David Jenny.
Well. I live in LA I am an activist and financial analyst, an entrepreneur. I've been working in the nonprofit sector for I guess fifteen years. First in the arts. I also have a career. My bread and butter career is in finance. I work in tech finance, starting up and managing operating businesses and investing across real estate and
and certain lending industries. My exposure to that, plus my sort of re joining of the fight, so to speak, after the Obama years where a lot of us kind of fell slakedly if I did it came back around occupy. I found a way to kind of make my knowledge of the finance world and my interest in monetary policy and socialist political economics to apply myself to a couple
of areas I thought I could do. Some good. Public banking came up thanks to the efforts of very committed and talented organizers here in LA who came out of
the Dakota Access pipeline fights. I'm sorry Dakota Access, Yeah, and of course the indigenous rights movement to divest from banks and industries that contributed to the to the traategy of standing Rock folks here at the time, known as divest LA pushed for our city, Los Angeles to divest from Wells Fargo, which was a primary finance partner of
that pipeline, and succeeded. And the natural question was, well, if we can't put our money in Wells Fargo because it's destroying the environment, violating the law, then where can we put it? And thanks to the ever present work of folks like Alan Brown and the Public Banking Institute. Organizers here in LA found public banking to be the next sort of natural step of both divestment and as a cure for a lot of what ails our state
around housing equality and climates. At the station public banking I feel and the reason I'm committed to it, as you know in my spare volunteer time volunteer activist, is because I think it can be a bedrock for the reinstitution of public goods into American life. We have gone through an air of liberalization and privatization which has stripped most of the things that belong to the people and turn them into financial products and commodities which are designed
to benefit a very few number of people. And it's my firm belief and a lot of people that I work with that we need to re establish commonwealth as a first step to decommodifying our economy and putting our energy toward things that restore the earth instead of destroy it.
Can you explain to you what it is exactly? What is a public bank?
A public bank is? I mean, in the simplest definition, is a bank owned by a public entity as opposed to private shareholders. So, for example, I could compare two banks. Let's take as Manhattan Bank or JP Morgan Chase, which is an investments bank out of New York City, and the Bank of North Dakota, which is a publicly owned
state bank in the state of North Dakota. JP Morgan Chase is owned by its shareholders, which you know, the vast majority of those shares are held by a relatively small number of people who appoint the board of those banks, and that board makes decisions about how trillions of dollars is invested across multiple national economies. This is how our economy is organized at its very highest level is by banks, and the banks that manage the money of very wealthy
people and itstitutional investors. The Bank of North Dakota is the longest running public bank in the United States, is currently the only public bank that's in full operation. It was founded in let's see, it's in one hundred years in nineteen nineteen, one hundred years old, and it is
owned entirely by the people of North Dakota. By law, all public deposits of governments of state and local governments in North Dakota must be deposited in the public bank in North Dakota, and that bank operates essentially as a wholesale bank, right doesn't have tellers or ATMs, not really has a couple, but mainly what it does is it packages loans and participates with community banks and banks that are focused locally and even owned locally to targeted investment
areas that improve the state for the people that live there. And since that time, it's returned or I'm sorry, over the last six years, it's returned about a billion dollars worth of returns to the taxpayers of North Dakota. You know, it's public services for which they did not have to pay taxes. And of course they have the strongest community banking industry in the country in terms of state by
state analysis of a number of banks per capita. This is because the banks have a large partner in their state who does not want to steal their customers, does not want to acquire them or put them out of business like Wall Street banks do. So North Dakota and the people there have made a commitment to local banking, publicly owned banking. Despite its very conservative voting base. It's
not a socialist utopia by any means. But they do have a publicly owned bank, and it helped them whether the Great Financial Crisis, much better than a lot of other places. Help their local governments avoid bankruptcies. It allowed them to maintain disaster funds and benefits for their people even as other states were seeing county and city bankruptcies and austerity. It doesn't have to operate, no, Yeah.
The difference would be that a private bank the profits would go to the shareholders, whereas with a public bank, the profits that the bank would generate just like the public the private bank generate, it goes back into the tax revenues.
Right that can pay dividends to tax payers, or it can reinvest that money, but all of that investment is owned by the public and generally, public banks also have to operate along the social and ethical mandates, which private banks have no obligation to follow. Just the requirement that they invest locally is a big difference. Wall Street banks move money all around the world, and they move it
where it's most productive for their shareholders. This is why you see investment flooding out of the United States and out of the US labor markets especially. It's why you see the sort of transfer of an environmental devastation all around the world to where it can be most tolerably invested in. By locking public funds to public benefit through public banks, you can prevent that capital from creeping around the world and doing harm and leaving your local economy
just to shrink and them for itself. So that's just in the locality. Of course. Public banks are usually subjects to public disclosure laws, so they have much more transparency than private banks into the decisions they make and the political influence that they receive and give out. And they also tend to be safer than private banks in terms of protecting public funds from bankruptcies or seizure or loss.
The German people have a network of what you would consider county level banks, which make up the majority even of their consumer banking industry. Most people their first checking account is at a public bank. You only put it into a private your money into a private bank if you're rich and sophisticated and want to put it into an investment bank to grow quickly where else around the world, possibly shrink quickly around the world.
Where else is this concept popular?
Well, Like I mentioned, and Sparkhausen network has existed since the late nineteenth century and represents a huge portion of the their banking industry, even those touching consumers, but definitely touching local governments. That sector in Germany is responsible for over three quarters of the loans made to projects which increased the renewable energy supply of that country, which of course it is leading in Europe and around the world
and the development of renewable energy sources. I also mentioned North Dakota and it's very successful and basically the invincible state bank since it is constitutionally guaranteed. There's been since it is a public banking around the world since the beginning of economy is ben Benjamin Franklin suggests the public banking system which was beat out by Hamilton's private monetary system of debt. Japan has postal banks, Malaysia has a has a major public bank, which you know as participates
in its investment sector. There are many, many examples. The United States does not have a lot of public banks, largely because of how our country is organized in terms of its its laws around the participation of government in
what it considers economic activity. Right, we have a las faire economic system and a very conservative policy set who believes that private individuals can allocate resources for the rest of us, regardless of how concentrated they get or how politically you know, conflicted they and the government becomes when these giant monopolies take place. And even beyond that, the very monopoly that banks exercise over the monetary instrument should
be abhorrent to any free people. And what I mean this is we tend to think of currency as being issued by some kind of mint, a factory that makes coins or prints dollars. But that's not how money is created. Money is created through the extension of credit. In the
United States, it's mainly through private lending. Banks lend money through a mortgage or through a business loan, and they effectively print that money onto their books and lend it out, and they're taking the risk that that money will come back and will come back with interest. If it does not,
they will have a shortfall. Now, in the United States, they're allowed to carry deposits from consumers, which they have to pay one hundred percent back, right you have to give you put your money in a bank account, you've expected back in more in the same way that they do from their loans. But they're allowed to lend ten times the amount of deposits that they have on their books.
There are ten times the amount of equity they have on their books, and up to one hundred percent of the deposits that you think you have in your bank, so when they make too high of a risk, can sail. This is the same principle that public banking would work under, but there are some key differences because in a private scenario, you have an instrument which is backed by the government because you can use it to pay your taxes, and the US military is very strong and works very hard
to make it. So the dollars valuable, but it's completely monopolized in its creation and management in private hands, and not just any private hands, but the richest people in the world. A very small number of people control the greater monetary policy. In the United States, the Federal Reserve is chosen by Federal Reserve districts, which are owned one
hundred percent by private institutions. So this public asset called the dollar, this representation of our social fabric and the means of exchange by which we base all of our daily activity, is managed four and on behalf of very concentrated financial interest. This leads to a concentration of power in the United States, but then within the United States
as well. So when we think about how public and private banks are different, one key benefit of public banking is you bring this instrument back into the public sphere or democracy can have some kind of impact on our monetary policy and our greater lending economy.
Let me make you a question. Have you and your organization have you explored how this could be applied to the merchant bank of the merchant payment processing industry?
Yes, merchant processing is a highly technological process. Now, of course, we pay for things with our phones, and we rely on the stores that we that we to have a way to accept our payments, and those stores have to pay a pretty significant fee out of every purchase, basically attacks just for the right to use currency. And this isn't even cash currency. Of course, you can avoid this fee if you pay cash, but more and more that's
not even an option. So even beyond the instrument of the dollar, we're now seeing a further privatization of money and a capture of payment systems by huge retail and financial monopolies. Amazon is trying to essentially replace the dollar with their own system. They have such a huge piece of the retail market. I highly recommend David Dan's piece
today and in these times about Amazon. He talks about all the various industries that they've captured the prema of, and how they're using these pieces together to accumulate more and more of our economic activity. And then they have the goal to turn around and pay their employees in Amazon gift cards, essentially issuing company script to a cut to a company that could I mean, they could listen to me right now, I have an Alexa in my home.
So this is a troubling development if you believe in the sort of durability and freedom provided by decentralized power systems. When public banks can participate in a merchant game, they are not going to be able to wish away the technological costs of deploying digital money. But there are systems and development which can decentralize those instruments as well. And wherever there is rent seeking around the pure permission to take these fees right the licensing of someone like Visa
or Amazon pay, those can be eliminated through public banking. Because, of course a public bank could could have these licenses inherent to themselves, and they could remove barriers to that business by not putting them up themselves and providing a credible alternatives so that people can access their own wages. Right. A big element of credit is that time time marches on right at a steady pace, and you may need
money now, but you will work in the future. And people take advantage of this by issuing payday loans, title loans to people who do not have any leverage in the credit markets. They extract very quigh interestites through credit cards and through these extracted financial products just so that just basically so that people can access the gains of their own labor. And this is because money itself has been captured. You cannot receive your money unless jack mission
from bivate edition. So it's making that accessible. You know, when I've talked to my friends in the blockchain industry, people in bitcoin and other kinds of sort of cryptoanarchic systems where they would like to see money evaporate entirely. They don't like my public banks whatsoever. But the idea that you may need to have between your currency, your payment system, and local governments requires that you have a credible partner with which to bank. And if that is partner,
is a private entity, then you caveat m tour. Right. If you have a public entity that has defined rules and is found by the Constitution, you can combine that with technologically disruptive platforms like blockchain and another to replace those merchant services that are taking basically four percent of our economy every time we swipe our card.
Well, not only Actypothia, they're privately run that they're probably owned. So PayPal or even merchant payment services can just deny you, just cancel your account at anytime they want, you know, just we choose not to do business with you. And you're at a business now, if you're unpopular, if you're broadcasting a radio show, it's unpopular tod our business, they
can come right in and shut you down. Well, let me, let's ask you a question because you mentioned that the only public bank we have right now in the United States is North Dakota, and then you said that they don't have any kind of commercial storefronts with tellers, and that why don't they have that, Why don't they offer that as well?
Bill? Because the Bank of North Dakota is set up specifically to not compete with their community bank and to take retail customers. You know, they have a deal basically with with with their local community banks, which in their law that that that they will partner with those banks
rather than compete for those same customers. Okay, uh, and Art here in California that we're working on makes a similar concession because governments generally do not have the capacity to very quickly set up into high touch services without you know, experience and time. You know, you wouldn't want to overnight make banking illegal and take that stuff over unless you wanted to have a very disruptive moment in
people's lives. Right, People get very afraid when their money is at risk in the bank, and it can lead to unnecessary problems if they are worried about that. So you don't want to make radical changes to how people access their goods unless you you know, you really want people out in the streets. But you you also need to keep those folks in check that are getting that
kind of protection from a public bank. For example, if you have a community bank that is owned locally, nothing necessarily ethical about it, right, There's nothing that makes it better than something than a Wall Street bank, except that they're closer and they're subject to local laws to one element of creating an alternative to wall streets. You can localize influence over these financial institutions and make sure that
they're doing things for the benefit of their community. Localism is accountability because when you're nearby, you have to live among the people whose policies and business you know you're impacting. But you know, the governments have trouble sometimes with providing
front end services. You know, in an era where things are changing very quickly around financial technology, you want to find the right balance between public ownership, which should be one hundred percent of the sort of end games, and private implementation which can allow for flexibility and you know, and basically the career of jobs in the private sector around accomplishing these goals but capturing the upside, especially the
long term upside for the people. Unfortunately, that tends to be the opposite of how government runs right, and in most cases, government fronts the up broad costs, takes all the risk and the long term gainser for the private sector.
And that's, you know, is one thing that you need when we're working with legislators and business advocates and all these loans is we need to be a watchdog to make sure that this doesn't turn into a system of further extraction and the socialization of risk, and we actually have to make sure that the reward is brought back to the tax payers.
This would be a good time to take commercial break. We're here with the David Jetty. He's with the California Public Banking Alliance and the Public Banking LA is what's that quote in Public Bank LA. That's right, Okay, So we'll be right back with more of David Jetty talking about the public banks versus private banks right after these messages.
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The Opferman Report and now here is an investigator.
Okay, welcome back to the Opperman Report. I'm your host, private investigator at Opperman. We're here today with David Jetty from the California Public Banking Alliance and also Public Banking LA. David, can you it seems like such a no brainer? Okay, this seems like such a no brainer. Can you play Devil's advocate for me and explain to me why if
this is working so well in North Dakota? Okay, And it just seems so logical and so basic that that these profits would go back into the hands of the public rather than into a small pockets of a few people who really never worked a day in their life. Okay, they're just having to hold these Sokker shares and they're making all this money. It seems to be such a no brainer. Can you play Devil's advocate and explain to me why this has not been duplicated in every state?
Oh, I don't have to play Devil's advocate. I can tell you why, and it's because the finance ended street is, especially especially where it intersects with insurance and real estate, is the most powerful political force in the United States, probably maybe after defense, but at least in the state governments, especially those controlled by Democrats, the finance, insurance, and real estate industries call the shots, and the development of programs
like this threaten the underlying basis for their monopolies. Now do I think that this is something that they sit around in boardrooms worrying about people like me? Now? I don't. I think that we've mostly fallen under the radar. But the main until very recently, of course, but the main argument that they will put forward is that government is not good at anything. Now, this is a reasonable thing to say, depending on what elements of government you have
run into. And surely there are city governments that do not warrants, at least in their current makeup, the control over a bank. But the public banks are not run by mayors, and they're not run by aldermen or city councilmen. They're run by bankers. They're just public bankers. And that's another impediment to why we don't have public banks is that the talent. Typeline for finance does not include, or at least not the way we would like it to, a public service element. Let me go into that a
little bit further. If you were a chemist, you would have a number and you say you were a new PhD. You a new PhD in chemistry, or even below a PhD. You're going to get some offers at a job fare right sesthetical job there, and a lot of those are going to be from Exxon Mobile. Who's going to want you to come and be a petroleum engineer if that's your specialty, or you might get it from a biotech
industry or plastics industry. But you might also get an effort from NASA, or you might get something from you know, there's the CDC. Right. These are things that depending on what you want to spend your time doing, what kind of benefits you want to receive, where you want to live, all the reasons we choose jobs, that is an option for you. How many public banks are hiring in the United States, Not that many. And North Dakota is not you know, North Kota is probably very nice, you know,
in the places where there are people. It's very large state. Not a lot of people, But it's not where everyone that goes to Harvard Business School wants to move to. Maybe a handful, but not most of them. So where where are those opportunities? Where's the development of a public servant who is also a finance expert. They exist in the federal government, for sure. There's plenty of people who work in finance and levels of government, but there's a
revolving door between the Treasury Department and Goldman Sachs. In fact, it usually goes from Goldman sax into the Treasury Department. Right, government is a place where bankers go to end their careers and do some good for their shares. Occasionally they can come in and handle a crisis of their own making, and usually they end up just bailing themselves out. There needs to be a development of financial patriotism to a certain extent right, or at least public mindedness around the
management of money, and I think that's developing generationally. I think there's a lot of people coming up through college right now who want to make a big difference on I don't know the survivability of our planet, and maybe don't want to get into careers that you know, earn really great alpha, but may or may not destroy a rainforest or too or you know, force people to succumb to crushing inequality or disease that's starting to develop. And
there are legal limits to this as well. Right most governments are banned from doing business in the United States, from doing any kind of business. It's on the books, probably at your local city hall, right, a prohibition from the city starting an auto mechanics shop or McDonald's. Usually they're not allowed to compete. There are areas where they are, and those are around areas of public concern. You have
public utilities, you have public provision of education. These are things that we've acknowledged do not access, do not or should not operate as commodities in the traditional sense, and should be protected from profit interests through public monopoly. And there are elements of finance that have that same thing. You know, the private people cannot issue debt against the US government, but they can issue debt against the currency. Private banks certainly do so we need it's really a
reorganization of those powers back into public hands. But it's not power. No one gives up power willingly, and you have to take it if you want it. We have the means to take it and we should. So.
Now you've just had a recent success in California there with some act, some law was proposed.
Yeah. Here in California, a California Post Bank Alliance has been instrumental and formulating and advocating for a bill called AB eight five seven, which we informally call the California Public Banking Act. And what AB eight five seven does, very simply is it defines a public bank as a bank which is one hundred percent owned by a public entity like a city or county or a joint powers authority of cities and counties coming together with no private ownership.
And it sets the rules of the road for cities and counties who might want to found their public banks. Right now, there are some uncertainty in the law about whether cities or counties could do this. We think very strongly that they already can, but we prefer for it to be clear and laid out. And of course we want to set the appropriate guide, rails and limitations on public banks so that they operate within the public interest
and safely manage public funds. We don't want them intermingling with private entities or unnecessarily risking funds and depleting public assets. So AB eight five to seven sets those rules. It tells the Department of Business Oversight, which is a banking regulator in California, to consider these applications and to consider them on the same sort of risk and capital threshold that private banks do. So they don't have any special rules.
They don't get any particular advantage over private banks and at least of our credit unions. And it requires that these banks be approved by local voters, come with a sound business plan, have appropriate transparency and accountability, all things that private banks do not disclose as part of their formation or regular operations. So it envisions another part of the banking sector in California for governments to create at their desire, not the mayor's desire, but the voters do.
The voters want a public bank and their locality. This is how it can work. It does not prescribe a form. It doesn't say you have to make a bank that looks like this or this big, or has to do these things. It leaves that all open. It simply says, yes, you can do this, this is how, and this is
what you can't do. So it's a pretty common sense financial reform, though from our point of view, that allows cities to take control of this aspect of their necessary operations, especially considering the cities and counties are facing pressure from their voters to divest from major financial institutions that harm the environment in the public and in some cases they're even legally required to divest from those banks when they
transgress in such a way that makes them disqualified. For example, Chase JP Morgan Chase has settled a number of wage sets cases which makes them disqualified to bank the money of San Jose City, So that city has to decide whether to ignore their own law and brand a bid to Chase or give it to Wells Fargo, the other bank that applied, which has a subsatisfactory CIRA rating, and you know it is guilty of all these things I've
already said. So those are hard choices for cities. In some cases, they can't even legally bank their money, so they need an alternative, and this will give it to them. It will also provide a credible way for public for the public to invest in climate change mitigation and affordable housing in the long term in a way that is self sustaining and grows the economy and doesn't require short term heavy outlays from taxpayers in the form of bonds.
But you know, an actual plan to create a bigger pie and one that's controlled by everyone and not just a slim few.
And this would only apply to the city.
And county level. Yes, so ABA five to seven authorizes government entities to do this. It's targeted for cities and counties and specifically you know, cities and counties and jpas of those entities. It's not intended to create a state bank. There are efforts to create a state bank in California and we support those as well. We think that's an important part of a wider public banking industry in a state.
But this is born from local activism. You know, Public Bank LA came together with the very consul folks from Public Bank East Bay and Oakland, San Francisco Public Bank, as well as folks from Eureka, Santasezac Bay, Sonoma. We've got both post from San Diego, San Bernardino, all over the states came together and said we all need the same thing. We need clear rules of the road that allow us to farm the bank that we specifically need for our cities and counties. They're all going to be different.
So let's get together and make an omnibus bill that can kind of knock out the handful of things that we need. And we've had some success. We passed the Assembly, so we made it through three committees and vote on the Assembly floor, which we won by a single vote, which was incredible. And now we're going to head to
the Senate. We're going to go through those same committees there and hopefully make it through a floor vote there, and then of course we have to get signed by the governor, and we're not one hundred percent sure his position on this. Obviously, we hope that he supports us, and he's been generally supportive of stuff like this in the past, so we have high hopes for that, but
we do face a considerable opposition. The banking industry is starting to take notice and they see the successes we're having, and they're starting to spend their money on professional lobbyists to go around and so doubt in the legislators, who you know, may or may not have a lot of exposure to finance or banking, but at the very least, you know, of course, they want to make sure that their localities are beneficially impacted by any laws that they
vote on, and you know, absent great resources, it's not possible for us to talk to everyone and bring them the fact. So we rely on folks like your listeners who contact them and let their opinions be known. That AB eight five to seven and any builds that might be sort of tied to it are something that they want, and that they want the freedom at the local level to explore these banks and if they find a model that works for them to be able to vote on it and make it happen.
And I suppose that the the argument that these lobbyists are using, like you mentioned before, was that the government is just too incompetent to print money, which is basically well, I think you said these banks a license one.
Of their arguments. I yeah, that's pretty much it. Well, I mean, maybe certainly that they think that that that they alone should have that power. Uh, and of course it's worked out for everyone so well, right, But the you know, one of their main arguments. I mean, they bring up a lot of sort of avatars to try to scare folks, which are frankly disingenuous. So, for example, the bigges thing that they say is, well, these public banks will compete with local banks and it'll put them
out of business. And this You know this. If these banks were trying to take the local sort of depots and small business lending opportunities away from local banks and just replace them, that would be true, but it's not. These banks are actually set up and required to work through those local and community banks. They're actually barred from providing most consumer and business services, specifically to make sure that it doesn't negatively impact existing credit opportunities for people
in California, especially people of lower incomes. So our laws designed to help those people. It does try to compete with those banks. And if you ask those banks individually rather than their lobby associations, which are dominated by Wall Street interests, they'll tell you the same. Of Course, a legislator cannot talk to the head of multiple credit unions when considering a bill. They have hundreds of bills to look at, so they rely on lobbyists to tell them
the truth. But of course they won't usually hear it. We have a kind of broken system, frankly, and it's not easy for even legislators ones that want to do the right thing to get the right information. So in this case, you know, a lot of legislators are worried. They don't want local banks going out of business because the government takes us over. But that's not even remotely
what's happening here. In fact, Wall Street is the main predator of small banks, especially in California, where our community banking industry is shrunk to a quarter of its former size.
This is because those banks have come in, they've pushed out those community banks. They've taken their customers through all manner of marketing and short term deals, and then once they capture those customers, they turn around.
They raise the rape, they raise the fees, they cross sell the accounts, and suddenly banking it's more expensive for everyone because it's been monopolized and they've used their market power to reduce competition. That's what they want to do here too. But they use the language of Las Fairs and make it seem like it's us that want to monopolize everything. It's just not true, you know. And of
course they say that these banks will be risky. They're putting your money into an unproven financial institution is a risk, and that is true. That's why we're ab eight five to seven is designed for banks to apply like any other bank for app for a charter. Uh, they have to prove their viability, to prove they have appropriate capital reserves to protect their depositors, especially public depositors, and they have to show competence at the management level, you know,
decades of experience. We're gonna we're gonna need some of those former bankers to see the lights, come over and run these banks because we need that experience, and we're not about to launch them with you know, some person straight out of college who wants to work at the city hall. They're going to go down the local cronies.
You know, LESTI you want us a bunch of Trump appointees in their running things. That would be a disaster.
Yeah, that's a very good point. But you know, to that to that end, I would just say very quickly that these banks are going to be more transparent than the private banks that are currently making loans based on political decisions. So a feo of a major bank was charged just last week for making loans to the Trumps in exchange for a job in the White House, Paul Madford against his own shareholders interest.
Paul Metaford, who's in prison right.
Now, happening in the private industry.
If the guy's sitting in prison right trying to buy a who has to be secretary of the army? Okay, trying to buy at a point. But now, David, let's okay, David Jenny, you've convinced me. I'm convinced. Okay, now you know I was convinced before I called you, but you convinced me. Now what do we do now? If I want to support ABA fifty seven, who do I call? Who will I write to? How do I get this going?
Well, if you're a constituent in California of someone in the state Senate, then you should become familiar with the phone number for their office and call them as often as you feel comfortable doing and ask them for their
position around ABA five to seven. Uh. And if it gets a Senate bill number, you know, watch our page and see what that'll be uh, and tell them that you support it and that you support it because you want uh public uh your you know, your city or county to bank its money locally, to divest from Wall Street and to improve investment in the economy in your
local areas. That's really important, you know, and like I said, we're only trying to convince a handful of people in the state center right now for this particular bill, But in the long term, we're going to need people to then organize locally and start banks if they want to. If you want this for their city, they're going to have to uh lobby their their city halls. They're going to need to vote in referendums and participate in public
talks about the purpose of such banks. Well, how they're organize, what they focus on. This is what economic democracy will look like. In the same way that we participate in our schools UH and we go to community meetings to decide, you know, things as neighborhoods and as neighbors, we're going to do the same thing with our public investment. And it's going to be a new era of of of how we organize our day our resources. But you know, if you want to help us pass ABA five seven,
call your centers. If you live outside of California, you know, follow us, and if you want to make donations, I think we can take donations. I mean, like I said, we're not a professional organization in the traditional sense. We're not really concerned with raising money or spending it. I think all of us would really like to see this happen so that we can move to the next campaign. But unfortunately it is a calling and it doesn't all
happen at once. But you know, and of course support the media that helps get this kind of stuff to your ears and share that media to people you think are going to be interested, because a lot of people still don't know what public banking is. This call started by asking what is public banking? And until I do interviews where that is not the first that's what healthcare is.
When they talk about single payer, Now you may have to define single payer healthcare, and I think that's a big piece of what activists working on that has to deal with. But once that becomes common parlance and everybody really understands that single payer, for example, is better for them and is not government telling them what doctor to use, but rather government paying their bill and taxing rich people
to do it. Once they figure that out, then it becomes a fit of complete And we think it's the same with public banking.
And what can I get more information about public banking?
You can find us at California Public Banking Alliance dot org and mouthful, but it's spelled how it sounds. You can follow us on Facebook to Twitter, you know, and then follow our legislators, you know, if you want to find out on the day to day the folks who actually took this bill up and authored it, David Chu and Miguel Santiago are both Assembly members, and Miguel's from here in LA. They're they're great folks to follow too that they're gonna have information about the David Day on
these bills and a number of other things. But you know, it follows on Twitter, or maybe have us back on it.
So we can get it up to the absolutely definitely. Whenever you have a new update, just get ahold of me. We'll put you right back on the air. David Jety, How can people get a hold of you if they want to get a hold of you?
Yeah, why don't you follow me on Twitter? I asked her? My dms there. My Twitter handle is at city at syd IoT.
David Jetty, California Public Banking Alliance and the Public Banking l A.
Thank you so much, my pleasure, Thanks for having me on again.
Good night. Okay, then we had a David Jetty, he's ahead of the California Public Banking Alliance. We're talking about public banks, okay, as opposed to privately owned banks. You know, I talked about these kind of things all the time here at the Operaman Report, yelling into the wind. You know, it's just fascinating. This should be such a no brainer for the average citizen out there, you know, who wants a fair deal okay and wants to step up.
Okay.
The difference between okay, seeing the enormous profits of the banking industry going into the pockets of a few people, these stockholders, many of whom never worked a day in their life. Okay, they inherited those stocks to begin with, never worked the day in their life. Because the stock piece of paper they hold in their hand can work
for them. They don't have to work, okay, as opposed to those profits being owned in a state bank or a public bank as they describe it here, and those profits either going into reducing the costs of goods and services or back into the community, building schools, building hospitals. And by the way, how we're gonna pay for this? What do you call it? The Medicare for All? How are we gonna pay for it? How are you gonna pay for it. Well, here we got billions of dollars
in profit. Man, going down a hole into some guy's pocket. The devots families, they about forty yachts, okay, Or we can have this money going back into into the again. You know, you don't want to go into the government. We have right now just squandering everything and stealing everything that's not nailed down. And again to the merchian payment
processing industry. I've talked about it many many times. They take a cut of every transaction when you use that plastic card to privately run that they're basically licensed to print your own money. And it's argument that, and it's a legitimate argument that, hey, if the government tries to run, if they screw everything up, but this is literally a license to print money. You know, how do you screw that up? Man? You can't screw up the oil industry.
But the oils in the ground you're pumping out of the ground, you send it to a factory. Man, you drive it and trucks over to the gas station. That's pretty simple, you know, pretty hard to screw up, man.
But he is right. You know, you don't want to jump into something overnight because I told the story about how the Post Office changed all those kiosks overnight Christmas week and then they didn't work because there's a lot of corruption in graft, you know, in public you know, positions, you know, and we don't want the you know, people like Trump appointing people to run these public banks. You know, they stick their friends in there, basically rob the place blind.
But we can't operate in life. It's just assuming that everyone's going to steal from us. There's no hope, there's no chance. So it's okay, well, let these private banks keep stealing from us, because if we had a public bank, oh, they're just going to steal from us too, So we can't have it. We have to try at least make the effort in the right direction there. So thank you so much, David Jetty. California Public Banking Alliance. The bill
is called A A A B A fifty seven. Okay, So if you're in California, Coya Congressman, co your Senator, Coyer House representatives there and talk to your friends about this and explain to them the difference between having a public bank, which works great. By the way, in North Dakota, Okay, like you said, the North Dakota's are very very happy with their public bank. Man, There's no doubt about that.
And the only argument could be made is that, hey, you're competing with the guys, is that they're stealing all the money. You know, our compone didn't want the competition either, you know, but you know, sometimes you just kind of step up and do your little part here, and it would just be so, you know, to let this slip through our fingers, Let all of this money slip through
our fingers. Man, just because we're too lazy to make a phone call, you're too lazy to step up, and you're too lazy to support ABA fifty seven, And which is just a you know, snowball, just getting the ball rolling in this concept. But if we could have public banks and state banks throughout the country, here the billions of dollars, like you said, being sent into offshore, being sent to foreign investment, not to be reinvested here in
this country. And people say America first, Well, here's your chance, or if you really believe that, you know, here's your chance. ABA fifty seven California Public Banking Alliance. Check it out. There's a dot org. All right, be right back after these quick.
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It's the Opperman Report and now here is investigator at Opperman.
Okay, welcome back to the Opperman Report. I'm your host, private investigator at Opperman. I want to thank David Jetty there from the California Public Banking Alliance. Once again, very simple concept here. You have this banking system that money can either go into the hands of a few people, a few stockholders, or it could go through that money and go to benefit everybody, could go to benefit you
and me. It's a simple concept, okay, guys. And the only reason, the only argument they have is well, the government's gonna screw it up, Like well, it's your printing money. If you're gonna screw up printing money, you know, then then you're gonna screw up anything. So check out the California Banking Alliance dot org and if you just put in public bank, it comes right up. Okay, listen, guys. If you enjoy today's show, check out Operamanreport dot com.
That's where we have our members sections, which supports the show.
Here.
That's how we support ourselves here at the Opperman Report, by people who are listeners like you, who want who enjoy the show and you want to hear more content. There's over two hundred shows in there that you can't find anywhere else. You go into the member section, you subscribe, you can download them, you can listen to one here. There's documents, there's video's court documents, all kinds of fun stuff in Opermanreport dot com. And that's how you support
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that's free. And if you if you sign up to that, you follow the show. There's a chatroom on there too as well. We run ads on there. I'm getting paid for that. If you so, then we're trying to build that up. Now, that's what we're trying to build up. So if you're Laurya listening to the show, help us support support the show by joining spreaker.
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And you know, be following Operaman Report on spreaker, not ed Opperman. There's two channels on it, ed opermat ignored. It's Operating Report. When we do a live show, you're going to get an email notifying you when we're doing a live show there's a chat room you can check with other listeners, so there's a lot going on over there too, and we're making some money from that, so we're trying to build that up. So guys, so thank you so much. Keep in mind a spreaker dot com.
We make nothing on YouTube, so if you're listening on YouTube, and by the way too, there's many many more shows on spreaker in the archives, the old archives, than there are on YouTube. There's probably about seventeen hundred shows on spreaker and about twelve hundred on YouTube, so many more, much more content on spreaker, So thank you once again. California Public Banking Alliance ABA fifty seven. Guys, it's a
no brainer. If you want to keep that money in your own hands instead of letting it go to spend some billion, I could buy another yacht with a helicopter on top of it, with a swimming pool on top of a helicopter. Okay, think of your own interest once in a while. ABA fifty seven. Passssssssssssssssssssssssss