Mayoral challenger touts ‘Bank of Chicago’ as way to create 10K homeowners, ‘repopulate’ South, West sides

Ja’Mal Green’s version of a public bank would start with $500 million in assets — half from the city’s “cash on hand,” the rest possibly from federal stimulus funds.

13 comments

Best
LoriLeadfoot
LoriLeadfoot
136 · 13 days ago · Reddit

Nah, we should not a) be making citizens indebted to the city, and b) holding bad debt as a city that owes a lot on its own debt.

4doorsmoresmores
4doorsmoresmores
76 · 13 days ago · Reddit

This is a terrible idea. Thankfully, there's also zero chance of this ever happening.

sephirothFFVII
sephirothFFVII
59 · 13 days ago · Reddit

If anyone wants to see something real that has similar aspirations, but exists now, check out https://bankgreenwood.com/​about/ founded in part by Taqu'il AKA Killer Mike AKA Michael Render

Shovler
Shovler
57 · 13 days ago · Reddit

Half of that money could come from the city’s “cash on hand,” Green said, without specifically mentioning either the long-term reserve fund generated by the sale of the Chicago Skyway or city assets invested by the city treasurer’s office. The other half could come from federal stimulus funds. If need be, the Illinois General Assembly could be asked to provide “matching funds,” Green said Tuesday.

"Cash on hand"? Isn't the city of Chicago perpetually in debt?

And what "federal stimulus funds" is he talking about? If he's talking about covid money, pretty sure it's about gone since Lori already used that up to paper over her budgets!

And the state? Illinois finances are in worse shape than Chicago!!

DaisyCutter312
DaisyCutter312
51 · 13 days ago · Reddit

Ok so this guy has immediately removed himself from any sort of consideration. Good, narrow down that field.

here4roomie
here4roomie
29 · 13 days ago · Reddit

This city is so exhausting. Just once it would be nice to see experienced people in the relevant fields be consulted so that an actual plan could be made. It's so weird that everyone wants development but nobody wants to consult with developers.

InternetArtisan
InternetArtisan
19 · 13 days ago · Reddit

I'd like to say his heart is in the right place, but not his head.

A city-owned bank in my book is just a recipe for disaster. Let's not even think about potential corruption, but also the mere fact as others have stated that taking on lots of bad debt is only going to inevitably kill this entire thing very quickly and put the city into more financial trouble.

I know that there have been historic moments that administrations in different areas of life have pushed banks to hand out loans to high risk people so everybody can have that American dream of owning a home, but that's unfortunately part of why we ended up in the great Great recession.

It's not enough to just somehow have a quicker path to get financing. There has to be more systemic work done so we don't have so many people in poverty in this entire country. It's still the inevitable problem that a few people have pretty much everything, and everyone else is left with the crumbs.

Lord knows when we had a tax system that actually took a fair share from those at the top, we suddenly had money to start building homes and helping many achieve that American dream. The bungalows of Chicago are a shiny example of housing built for people who didn't have a whole lot.

Only difference this time is we won't do the redlining.

turbograss
turbograss
17 · 13 days ago · Reddit

Why is this 26 year old activist clown trying to run for mayor of America’s 3rd largest city? Especially one that is going thru lots of problems right now?

VatnikLobotomy
VatnikLobotomy
14 · 13 days ago · Reddit

This is so beyond stupid and impossible it could only come from the brain of a child

tjmk5000
tjmk5000
13 · 13 days ago · Reddit

$500m of city money is just the downpayment. Just wait till the bailouts start.

TomPaineinyourass
TomPaineinyourass
7 · 13 days ago · Reddit

Activists should only run for an office if they have a realistic path to victory. There are better ways to "raise the issues" without wasting everyone's time.

Separate-Account-660
Separate-Account-660
6 · 13 days ago · Reddit

Lol yea because investing tax payer money it crap neighborhoods is a good idea get bent clown. Let’s fix the potholes.

ChicagoJohn123
ChicagoJohn123
6 · 13 days ago · Reddit

We can't say at the same time that corporations are ruthless unquenchable profit hunters and that there are lots of viable loans to be made that those corporations aren't offering.

Do we really think that banks are refusing to make loans that they would turn a profit on? And if we're not going to say that do we think that it's good policy to create a public bank with the explicit aim of giving out loans that won't get paid back?