- Wal-mart needs a bank. They have wanted one for years, it would kill the payday loan business and seriously eat into business for the big banks – helping turn banking into a low cost commodity market. And it would reward them for supporting health care reform.
- The AFL-CIO/SEIU/UAW need banks. They can invest in things like wind power plants that are profitable at a modest safe rate.
3)We need an infrastructure bank. It can be privately chartered by e.g. unions and so on and can then finance state and local infrastructure projects using the margin that the banks take for fronting bond sales. It could sell bonds to the Federal reserve – giving the government a way of investing in infrastructure by going around congress. The process of floating muni-bonds is way too expensive and is a pointless bank monopoly.
