Murphy the former Wall Street banker even backed the idea of creating a public state bank for New Jersey, an institution that would take in deposits from the state government and lend out dollars to finance local infrastructure projects, small businesses, and student loans.
“I’m in love with the idea of a public bank,” Murphy told voters during his campaign, in an obvious appeal to supporters of Vermont senator Bernie Sanders, until now the nation’s most visible political advocate for public banking.
Will New Jerseyans end up seeing a public state bank, a millionaire’s tax, and a $15 minimum during Murphy’s upcoming four-year term? New Jersey’s recent history, unfortunately, is giving many progressives pause.
Murphy actually ranks as New Jersey’s second former Goldman Sachs exec to enter the state’s gubernatorial mansion. The first, Jon Corzine, won election in 2005 and then, after a disastrous four years, lost his re-election bid to right-wing blowhard Chris Christie.
Corzine, a mega millionaire, spent a huge chunk of his millions to become governor. Murphy has spent millions, too. In the gubernatorial primary race, he outspent his rivals five to one and won the overwhelming support of local political leaders, one press report notes, with “large checks written to county Democratic committees.”