A native-born Rhode Islander, educated in Providence Public Schools, went to college in North Carolina and a political junkie and pessimistic optimist.

5 responses to “Could Rhode Island Build a State-Owned Bank?”

  1. RightToWork

    “The intriguing idea is that by creating a state-owned bank, Rhode Island would amplify its spending power (since banks have a special ability to loan out nine dollars for every dollar placed in their coffers)”

    In other words, “creating money” and making the state more vulnerable to shocks. Because Rhode Island has managed its finances so well already.

    “[w]hile creating an institution that could assist with handing out loans where the standard corporate bank is unable or unwilling to enter the market.”

    This is really just progressive-speak for “investments likely to lose money.”

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  2. DogDiesel

    One other factor that did not play into your conclusion…trust. Look around us. Who would trust such an institution. Who would trust those appointed to run it, those that are responsible to regulate it, and those responsible to oversee it. We live in a state of poisoned politics. No one would trust such an institution.

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  3. Tom Sgouros

    Don’t concede the point Samuel.  There are plenty of trustworthy institutions in Rhode Island government, and some are even financial institutions.  The Interlocal Risk Trust — owned and run by cities and towns — has been happily writing municipal insurance policies for 25 years without a hint of scandal.  The people who won’t trust a RI government institution are mostly people who won’t trust any government institution.  They want everyone to give up on good government rather than try to achieve it.

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