By Zach Cartwright for US Uncut. United States - Cities, counties, and states are all hemorrhaging hundreds of billions, and possibly even trillions of dollars a year in banking fees. The root cause of this extortion has been ignored, until now.
The Public Banking Institute’s (PBI) What Wall Street Costs America project is shining light on the fact that fees paid to private Wall Street banks simply for managing accounts for state and local tax dollars is bankrupting communities across the country. The combined total for all 50 states may be as high as $4 trillion. United States - Cities, counties, and states are all hemorrhaging hundreds of billions, and possibly even trillions of dollars a year in banking fees. The root cause of this extortion has been ignored, until now.
The Public Banking Institute’s (PBI) What Wall Street Costs America project is shining light on the fact that fees paid to private Wall Street banks simply for managing accounts for state and local tax dollars is bankrupting communities across the country. The combined total for all 50 states may be as high as $4 trillion. PBI has launched a crowdfunding campaign to find the true cost of what private Wall Street banks really cost in major cities in all 50 states:
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“The latest banking collapse cost people their lives, their homes, their educations, their futures. What we have been seeing is that Wall Street extracts hundreds of billions of dollars of our taxpayer money used for our public needs. That’s not necessary,” PBI board chair Walt McRee told US Uncut. “We don’t need to borrow their money for public needs.”
