Banking for the People: An Angry Democrat’s Challenge to Wall Street

Banking for the People: An Angry Democrat’s Challenge to Wall Street

Banking for the People: An Angry Democrat’s Challenge to Wall Street

Michigan gubernatorial candidate Virg Bernero is ready to create a state bank to invest in job creation.

Facebook
Twitter
Email
Flipboard
Pocket

Michigan Democrat Virg Bernero is a progressive populist who earned national attention when he blew the minds of Fox News hosts with an unapologetic defense of American auto workers and their unions.

"Wouldn’t you agree that UAW workers need to swallow some pay cuts, substantial ones?" the "fair and balanced" Fox talking head during a 2009 interview that was supposed to deal with the auto-industry bailout but turned into one of the rare televised debates between advocates for workers and advocates for Wall Street..

"Give me a break!" Bernero responded. "Wall Street got billions of dollars, no strings attached. They haven’t suffered one iota. And all we can talk about is how much more blood can we squeeze out of the turnip? How much more we can get out of the working person? I’m telling you, Americans are sick and tired of it across this country— the double standard…"

Bernero, the mayor of the economically hard pressed auto town of Lansing, shifted the discussion to trade policy and suggested that Fox’s cheerleaders for free trade had done far more damage to the economy than hard-working union members.

"What you’re setting up and what you’re contributing to is a race to the bottom," declared Bernero, the son of a UAW member, who was not invited to join the  Fox’s stable of Wall Street apologists, er, guests.

But Bernero was invited by enthusiastic auto workers, and members of other unions, to seek the Democratic nomination for governor of Michigan. And he has mounted a determined progressive populist campaign going into Tuesday’s primary contest with a Michigan House Speaker Andy Dillion, a more cautious and centrist Democrat.

Needless to say, the money interests are with Dillon, who started the race with a significant lead. But Bernero’s come on strong, gathering endorsements from the UAW, the AFL-CIO, the Michigan chapter of the National Organization of Women, the Sierra Club and LGBT groups.

UAW President Bob King predicts a Bernero win, arguing that the mayor is speaking for Michiganders who are "angry" about the loss of basic industries, jobs and the state’s economic stability. "People want somebody who’s going to fight for the middle class, somebody’s who’s going to fight to keep jobs in America," says King. “I think sometimes people misunderstand what frustration and anger is out there. It’s about jobs, it’s about manufacturing, it’s about a decent standard of living. And he’s somebody who will make jobs and manufacturing a huge priority. And the way to do that, I think is, to bring more manufacturing back in this country.”

Bernero isn’t denying that he is touch with Michigan’s anger.

"People are hurting and it’s been business as usual, politics as usual and that’s unacceptable," the candidate says. "Am I mad? Yes. But I’m going to do more than just beat my chest."

For instance, Bernero argues that Michigan can create real alternatives to Wall Street and the big banks.

To do that, Bernero’s proposing to establish an independent, socially-conscious state-operated bank that would operate along the lines of the highly-successful State Bank of North Dakota.

"As Governor," the mayor’s campaign says, "Bernero will lay out the red carpet for business, not the red tape. That means facilitating the start-up of new businesses, making credit available, and easing the burden on startups. Bernero’s proposal to establish a state-operated bank that can make direct loans to businesses in emerging, job-creating industries will do just that. It has worked in North Dakota, and we can make it work here."

Criticizing Wall Street and the big banks is the right thing to do.

But coming up with alternatives to Wall Street and the big banks is the smart thing to do—for Michigan, and as a model for progressives nationwide.

Thank you for reading The Nation!

We hope you enjoyed the story you just read. It’s just one of many examples of incisive, deeply-reported journalism we publish—journalism that shifts the needle on important issues, uncovers malfeasance and corruption, and uplifts voices and perspectives that often go unheard in mainstream media. For nearly 160 years, The Nation has spoken truth to power and shone a light on issues that would otherwise be swept under the rug.

In a critical election year as well as a time of media austerity, independent journalism needs your continued support. The best way to do this is with a recurring donation. This month, we are asking readers like you who value truth and democracy to step up and support The Nation with a monthly contribution. We call these monthly donors Sustainers, a small but mighty group of supporters who ensure our team of writers, editors, and fact-checkers have the resources they need to report on breaking news, investigative feature stories that often take weeks or months to report, and much more.

There’s a lot to talk about in the coming months, from the presidential election and Supreme Court battles to the fight for bodily autonomy. We’ll cover all these issues and more, but this is only made possible with support from sustaining donors. Donate today—any amount you can spare each month is appreciated, even just the price of a cup of coffee.

The Nation does not bow to the interests of a corporate owner or advertisers—we answer only to readers like you who make our work possible. Set up a recurring donation today and ensure we can continue to hold the powerful accountable.

Thank you for your generosity.

Ad Policy
x