Kristyn Wong-Tam suggests Toronto start its own bank; comparisons to Bible Bill Aberhart ensue

Mayor Rob Ford is fond of saying that when it comes to balancing the budget, his opponents believe massive tax increases are the only alternative to service cuts. Kristyn Wong-Tam appears determined to prove him wrong. The outspoken councillor has teamed up with journalist Stephen James Kerr to pen a lengthy essay for the National Post arguing that Toronto should start a citizen-owned bank (Wong-Tam also gave the Post an interview further explaining her position). This so-called Bank of Toronto would “leverage money creation” from things like property taxes and user fees, which would act as the foundation for public loans to improve the waterfront, build new subways or fund any number of things the city desperately needs. Whether or not you agree, it’s an interesting suggestion, although we have to doubt Wong-Tam was banking (heh) on comparisons to social credit or “Bible” Bill Aberhart in the comments section. Read the entire essay [National Post] »