How Cities & States Lose When They Deal with Wall Street (video)

States and cities send billions of dollars in interest payments to Wall Street.

In our presentations and blog posts, Arizonans for a New Economy often touches on how cities, counties, and states fund infrastructure projects.

In this Top 10 Ways Arizona’s Economy Would Benefit from Public Banking, we discussed the City of Tucson’s bond initiative to fix the potholes. By going to the Wall Street bond market for money, local and state governments can get the cash they need, but interest payments on those loans are crippling their budgets, while making Wall Street rich.

Check out this well-produced video by the Pennsylvania Public Banking Project. It thoroughly explains why establishing a public bank is a much more cost-effective way to fund infrastructure projects, than the Wall Street bond market.