There is a move afoot to set up a state bank in California, owned by the state, to provide competition to the too-big-to-fail commercial banks that are too few to really compete. Since I no longer live in California, I am not familiar with the details, but I hope that the bank becomes a reality. Our present financial system is really set up to serve the banks, not the banks’ customers. That must change. The banks consume too large a portion of the gross domestic product, leaving too little for the rest of us. In other words, we are all poorer to make our financial institutions richer. Once California shows the way, it is my hope that other states will see the light and set up state banks of their own. Commercial banks will be forced to offer less costly services and treat their customers better or risk losing them to state-owned banks.