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Should California create a public bank?
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OpinionOpinion Advocates for ideas and draws conclusions based on the author's interpretation of facts and data.
Assemblyman Miguel Santiago, center, holds a vote by mail ballot as he and other democratic leaders held a press conference outside of the Japanese American Museum in Los Angeles to express their concerns over LA County's new voting system Friday, February 28, 2020. (Photo by David Crane, Los Angeles Daily News/SCNG)
By Kerry Jackson | |
PUBLISHED: April 24, 2021 at 12:00 p.m. | UPDATED: April 24, 2021 at 12:01 p.m.
Nearly 200 local and national banks operate more than 6,500 branches in California. But lawmakers believe the state needs one more. A bill in Sacramento establishes a public bank with "a zero-fee, zero-penalty public option for basic financial services."
Assembly Bill 1177, the California Public Banking Option Act, would create BankCal. BankCal would strengthen "the financial stability of the state's most vulnerable residents," "unbanked and underbanked," who tend to be minorities, and "pay proportionally more for their financial services, lack secure means of saving, have fewer opportunities to build credit, and are rejected for loans at far higher rates."
Assemblymember Miguel Santiago, AB1177's author, says money saved by BankCal customers avoids "exorbitant fees" at retail banks and "could be used for food and rent or rebuilding from the economic devastation wreaked by the pandemic."
Is Santiago, a Democrat from Los Angeles, at the cutting edge of an overdue banking revolution? Opinions vary.
"When the government owns the banks, lending decisions become increasingly driven by politics rather than economics," the Cato Institute says.
It's a valid concern. When government duplicates or replaces private businesses, the outcomes are undesirable except for those running the public programs, the politicians who instituted them and the chosen beneficiaries.
Think of Fannie Mae and Freddie Mac, the "quasi‐public banks at the federal level," says Mark A. Calabria, the Cato paper author. Their recent history "illustrates that mismanagement and corruption are alive and well at the intersection of the public and private."
Public banks' ability to provide credit to borrowers turned away by private banks is a common argument among supporters. It might be more bug than feature, though. Hester Peirce of George Mason University's Mercatus Center pointed out that "the 2007-9 (banking) crisis demonstrated, encouraging lending to customers who cannot repay imposes terrible human costs."
The "implicit government backing" private banks rely on to offset poor business decisions is already a taxpayer burden. It's only a portion of the liability that would be generated by public bank losses.
But maybe we're not talking about a public institution at all. Trinity Tran, co-founder of the California Public Banking Alliance, denies that BankCal would be a government-owned bank. BankCalNow claims that AB1177 "does not create a new bank."
"Instead it creates a statewide retail banking option through which every California worker can access zero-cost financial services."
It's hard to defend these statements. While the word "charter" is nowhere in the bill's text, it does "establish the BankCal Fund in the state treasury" and "make moneys in the fund available upon appropriation by the Legislature."
It further says BankCal's board can "accept, for deposit to the program fund, any grant, gift, legislative appropriation or other moneys from the state, a unit of federal, state or local government."
As Chime, Ally, and other online services have demonstrated, banks don't need four walls to be a bank. Nor does BankCal have to be perfectly modeled on traditional public banks.
Should AB1177 become law, California would not be the leader in public banking. North Dakota has a state-owned, state-managed bank. It's no pioneering enterprise, but rather a relic of antiquity. Public financial institutions such as the Bank of North Dakota were common in the 1900s, and "they all failed miserably," says Calabria, "and at great expense to the taxpayer."
And of course, "they were also magnets for corruption."
Two years ago, a task force compiled a "thoughtful analysis of the financial costs and benefits of creating a municipal bank" in San Francisco. It did generate some startling numbers.
Depending on the model chosen, it would take between 10 to 56 years for a city bank to break even. It estimated that startup costs, operational subsidies, and capital investments – depending on the model chosen would be $184 million, $1.6 billion or $3.9 billion.
Lawmakers should look hard at both sides of the cold, hard ledger sheet. Just in case one side doesn't add up.
Kerry Jackson is a fellow with the Center for California Reform at the Pacific Research Institute, kerryjacksonPRI@gmail.com.
Kerry Jackson


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LinkedIn reaches 10 million members in India
Started India operations in 2009 and established a local leadership team to drive the company's growth in India.
BestMediaInfo Bureau | Delhi | June 21. 2011
LinkedIn, the world's largest professional network, has announced on Monday that more than ten million professionals now use the platform in India. Globally, LinkedIn has over 100 million professionals and continues to develop tools to help them become productive and successful. LinkedIn started its India operations in 2009 and a major part of the first year was dedicated to understanding professionals in India and educating members to leverage LinkedIn for career development. LinkedIn India also established a local leadership team to drive the company's Marketing Solutions and Corporate Solutions businesses. "We have focused our efforts on creating a great user experience for our members, which helps them understand the power of their professional network in developing their own professional brand," said Hari V. Krishnan, country manager of LinkedIn India. "As our members here continue to use LinkedIn for everything, from networking and gaining business insights to business development & jobs, we are committed to being the exchange which connects talent to opportunity in India." Members of LinkedIn India are using Answers, Groups and Polls to engage, collaborate and even grow business opportunities across the LinkedIn network. A number of brands in India, including Volkswagen, Jet Airways, CNN, ICICI Lombard and HopSim, see value in LinkedIn's Marketing Solutions to target advertising campaigns at professionals across the board and build conversations about their brands with measurable and focused results. LinkedIn's suite of Corporate Solutions have helped recruiters from blue chip companies like ING Vysya Bank, Genpact and HCL reduce cost and time per hire in identifying and recruiting some of India's best talent. LinkedIn India is headquartered in Mumbai with offices in Gurgaon and Bengaluru. Some interesting statistics about LinkedIn members in India:
Top 10 surnames on LinkedIn include are Kumar, Singh, Sharma, Gupta, Jain, Shah, Patel, Mishra, Reddy and Yadav
Top 10 industries on LinkedIn are Information Technology and Services, Computer Software, Telecommunications, Financial Services, Education Management, Banking, Automotive, Pharmaceuticals, Electronics and Accounting
16105 professionals listed the term 'social media' in their profiles
19027 people in Indian listed 'bollywood', 'hollywood' or 'film' in their LinkedIn profile
762 Indian professionals listed 'yoga' and 2587 professionals listed 'ayurveda' in their job title
4% of members in India put the word 'owner' in their title

redpajama_set_name: RedPajamaCommonCrawl


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Q: Video.js : Unable to view fullscreen video I'm developing an application using Ionic and in that I'm allowing user to upload videos. So for playing videos I have integrated Video.js library.
But when I try to play video in fullscreen, I'm experiencing flickering issue i.e. when I tap/click on fullscreen button causes it to go on full screen for like 100ms then come back to normal screen.
Video.html
<ion-view view-title="Video">
    <ion-content class="padding">
        <input type="file" name="file" accept="video/*;capture=camera" tg-file-select id="fileSelect">

Upload Video

        <video class="video-js vjs-default-skin vjs-big-play-centered" width="640" height="240" videojs></video>

            <button type="button" class="button button-assertive" ng-click="uploadVideo()" style="margin: auto;">Upload Video</button>

    </ion-content>
</ion-view>

Videojs Directive
(function() {
        'use strict';
        angular.module('starter')
            .directive('videojs', function($sce) {
                var linker = function(scope, element, attrs) {
                    var player;
                    attrs.type = attrs.type || "video/mp4";

                    var setup = {
                        'techOrder': ['html5', 'flash'],
                        'controls': true,
                        'preload': 'auto',
                        'autoplay': false,
                        'fluid': true
                    };

                    attrs.id = "aboutmeVideo";
                    element.attr('id', attrs.id);
                    player = videojs(attrs.id, setup, function() {
                        var source = { type: "video/mp4", src: $sce.trustAsResourceUrl("someFileURL") };

                        this.src({ type: attrs.type, src: source.src });
                    });

                    $('button.vjs-fullscreen-control').on('click', function(e) {
                        e.preventDefault();
                        console.log('FullScreen Clicked');
                        player = videojs('aboutmeVideo');
                        if (player.isFullscreen()) {
                            player.exitFullscreen();
                        } else {
                            player.requestFullscreen();
                        }
                    });
                    scope.$on('NEW_VIDEO', function(event, videoURL) {
                        videojs('aboutmeVideo').src({ type: 'video/mp4', src: videoURL });
                    });
                };
                return {
                    restrict: 'A',
                    link: linker
                };
            });
    })();

So what should I do to resolve this flickering issue?

A: Try this, Hope it will help you.
 player.requestFullscreen();

A: Odds are that vjs adds its own click handler to the vjs-fullscreen-control button causing your click handler to run after vjs sets the video to run in fullscreen mode, toggling it off rather than on (or the other way around).
Try removing your click handler altogether.

redpajama_set_name: RedPajamaStackExchange


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Q: Jquery XML Data Sorting By Date I have some XML which I am reading by jQuery and printing on screen.
This is XML
<users>
   <user>
      <id>1</id>
      <fname>Umair</fname>
      <timestamp>2011-03-18T03:41:00-07:00</timestamp>
   </user>
   <user>
      <id>2</id>
      <fname>Neil</fname>
      <timestamp>2011-03-18T03:41:00-07:00</timestamp>
   </user>
</users>

This is JS
$(xml).find("user").each(function(index, user) {
   var timestamp = $(user).children("date_time:first").text();
   //the dt has date and time in such format 2011-03-18T03:41:00-07:00
   //more code which generates below html and add to the userTable
   //

   //
   //
First Name

   //
2011-03-18T03:41:00-07:00

   //
   //

   //$("#userTable").append(...all rows here...);
});

This is HTML

This is working perfect though the only thing I want to do is sorting this list of users when shown through HTML table. Is there a jQuery plugin I can use or any way around?

A: jQuery tablesorter will do the trick.

A: It is fairly simple to sort by dates using the Date object. See a similar example I put together using the Date object and a neat use of BACKREFERENCES of the global RegExp object at:
http://jsfiddle.net/elusien/eZ3RQ/
You should be able to modify it to your purpose.

A: There is a jQuery plugin called $.timeago which did the magic.