What a Public Bank Could Mean for California

``California joins eleven other states that have introduced bills to form state-owned banks or to study their feasibility. Eight of these bills were introduced just since January, including in Oregon, Washington State, Massachusetts, Arizona, Maryland, New Mexico, Maine and California. Illinois, Virginia, Hawaii and Louisiana introduced similar bills in 2010. '' -- Most likely this wouldn't mean a "magical" switch to a balanced budget in California, but as a way to re-focus lending locally, it would be a great step forward.