Thank You, Treasurer Grossman

When he was running for State Treasurer, Steve Grossman came up with an idea to deposit state funds into local community banks that would in turn loan this money to local businesses.

Well, it was a simple idea, but it has worked well.

Treasurer Grossman was in East Boston on Monday afternoon at the East Boston Savings Bank to deposit another $5 million into their account.  This sum,  when added to the other deposits in other banks, has brought the total to $302M that has been used to make capital available for local businesses to expand and employ more workers.

The East Boston Savings Bank has been a star in this program.  Under the leadership of Bank President Richard Gavegnano, the bank has made loans to more than 70 local businesses  that have enabled these businesses to invest not only in hard assets, but also in hiring  more people.

Growing up in this area, we were always told that if you had a cold, try some chicken soup because it cannot hurt.  This program is like the chicken soup — it has only helped local businesses.

Thank you, Treasurer Grossman.

2 comments for “Thank You, Treasurer Grossman

  1. Enrique Tomando
    March 14, 2013 at 11:16 am

    Grossman is a classic example of a Keynesian.. He hands out money to the banks, who then in turn lends the money out on interest. So, where is the money going to come from to pay the interest. It could only come from one place or the other. The taxpayer or the printing press (AKA Federal Reserve). In turn, creates inflation which in turn increases the gap between the rich and the poor.

  2. nakeisha
    March 16, 2013 at 9:52 am

    i totally agree

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