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k1lk1 t1_janp3uw wrote

If you think NYC government is unresponsive, bureaucratic, inefficient and terrible, giving it a bank is the last thing you should want.

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kapuasuite t1_jaqniq1 wrote

For the love of God, can the city please just focus on providing basic services and infrastructure, boosting the economy and reducing poverty?

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djdjddhdhdh t1_jat4ruy wrote

I think they think they can reduce poverty by owning their own bank lol guarantee it’ll be insolvent in less than 5 years

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8bitaficionado t1_jao5q2a wrote

Open up and expand the municipal credit union.

https://www.nymcu.org/joinmcu/whocanjoin.aspx

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Pbpopcorn t1_jaoiazg wrote

Their savings rates are atrocious though. I’m a city employee. My salary is already less than private as it is. Gotta maximize savings elsewhere. I personally bank with Chase and Marcus by Goldman Sachs.

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Drag0nus1 t1_jar76fc wrote

NYC needs to stop letting banks and investment companies buy up real estate and price hike rent so it's unsustainable. There shouldn't be vacant apartments and ppl living 6 in a unit...

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djdjddhdhdh t1_jat50o6 wrote

Ye banks don’t do that, it’s generally their asset management divisions, and you know who the biggest clients are of those divisions? Municipal and government pension funds

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uona1 t1_jaoli8q wrote

I assume that wells fargo et al provide the banking services for free and give interest.

If New York builds its own bank will it also be free?

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[deleted] t1_jaou7v9 wrote

[deleted]

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uona1 t1_jaov32f wrote

that sounds like a recipe for bankruptcy. I mean thats precisely what we wanted to avoid with the subprime mortgage crash right? Are we ok with doing that now again?

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Lilyo OP t1_japjmhz wrote

NY pays 8% of the $100B collected yearly revenue to make payments on debts the City owes to private lenders because it has no public bank.

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djdjddhdhdh t1_jat5pkd wrote

That’s not how that works. Nyc issues bonds which investment companies buy with their client funds in order to earn interest. Nyc wouldn’t be able to just loan itself money even if was a bank, commercial and investment lines must have clear separation of funds by law. Their bank can borrow from the fed but those are short term loans for operating capital, like a day or two

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