Third in a series about issues identified by Clackamas County Democrats at their recent platform issue meeting.
The prior article in this series described how the Bank of North Dakota works. This article will provide information as to whether or not a similar bank concept could save money for Clackamas County, our special districts, education system, and cities.
Clackamas County government, not including all the special districts and cities, has a long term debt of more than $248 million. It will have to pay more than $37 million in debt service. In terms of bonds issued with the full faith and credit (FFCO) of the county government, the county pays about $29 million in interest annually. Adding revenue bond interest of $4.3 million results in some $37 million in interest every year. Continue reading
This is the second in a series of article exploring issues that were identified by County Democratic Precinct Persons at the County Platform meeting
There is a publicly owned bank in North Dakota, has been for decades. It did not need a bailout during the 2008 crash because it had not engaged in reckless speculation.
If North Dakota, perhaps one of the more conservative places in the US, can have a public bank, should we? What would it or could it do? And why would we want one?
Apparently there is a national movement to protect public monies from the abuses of Wall St. Remember the Libor scandal or the housing bubble of 2008 to mention just two recent scandals that defrauded billions of dollars in fees from public accounts, including our own local and county governments. Continue reading
(This begins a series of articles on public actions on the economy and focuses first on the concept of industrial planning and job creation.)
Employee-owned Bob’s Red Mill
When Clackamas County Democratic Precinct Persons met last week to begin developing our county and state issue platform, one idea gaining surprising support was creation of publicly owned banks. This is not a new idea, but one whose time has come as we look to new ways for our community to thrive and prosper. And, no, it is not the same as credit unions, already a step in the right direction.
This notion is a good example of looking at old problems with a fresh perspective. In many ways, that is a good function of lay people with a broad interest in improving their own way of life but also the lives of those around them of all stripes and economic positions. Continue reading