Khavari: 'State Can Earn Billions Providing 6% CDs, 2% Mortgages, 6% Credit Cards'

Khavari: 'State Can Earn Billions Providing 6% CDs, 2% Mortgages, 6% Credit
Cards'

MIAMI, July 29 /PRNewswire/ -- Economist Farid A. Khavari, Democratic
candidate for Florida Governor, announced his economic plan to revitalize
Florida's economy, replace over 700,000 lost jobs, stabilize the housing
market, and regain over $50 billion in losses suffered by the State Board of
Administration (SBA) in the past two years, without higher taxes. "This plan
will put hundreds of thousands of people back to work as fast as possible,"
said Khavari.

A key part of Khavari's plan is creating The Bank of the State of Florida
(BSF). "Using the fractional reserve regulations that govern all banks, we can
earn billions per year for Florida's treasury, while saving thousands of
dollars per year for Florida homeowners," Khavari said. "After we cover the
$50 billion in SBA losses, we can reduce taxes."

"For $100 in deposits, a bank can create $900 in new money by making loans,"
Khavari said. "So, the BSF can pay 6% for CDs, and make mortgage loans at 2%.
For $6 per year in interest paid out, the BSF can earn $18 by lending $900 at
2% for mortgages.

"The BSF can be started at no cost to taxpayers, and will be a permanent
engine driving Florida's economy," Khavari said. "We can refinance state and
local projects at 3%, saving taxpayers billions and balancing state and local
budgets without higher taxes. We can make Florida immune to future
recessions."

The state would earn $15,000 per $100,000 of mortgage, at a cost of about
$1,700, while the homeowner would save $88,000 in interest and pay for the
home 15 years sooner, according to Khavari. "Earnings on credit cards with 6%
interest would be much greater, while consumers would pay off debt years
sooner with big savings," Khavari added.

"Our bank will save people about seven years of their pay over the course of
30 years, just on interest costs," Khavari said. "We should work to support
ourselves and our families, not the banks. Creating this bank is not
Socialism, it is General Capitalism, which benefits everyone. What we have
now, Elite Capitalism, makes everyone work for a few greedy fat cats."

Currently, North Dakota is the only state that owns a bank. North Dakota has a
growing economy and a budget surplus, in stark contrast to Florida and most
other states.

Farid A. Khavari, Ph.D., is the author of several books, including
Environomics: The Economics of Environmentally Safe Prosperity. His latest
book, Toward a Zero-Cost Economy, is available for free download at the
website. This is his first run for any office. "I'm an economist, not a
politician," Khavari said. "Politicians caused the mess we are in, along with
banks and Wall Street. This election is not about politics, it's about
economics."

Details of Khavari's plan are at http://www.KhavariForGovernor.com.

Photo: http://www.ereleases.com/pr/2009-Farid-A-Khavari-PhD.jpg
Contact:

Bob Waterstripe
bob@KhavariForGovernor.com
tel. 305.318.4984
Khavari for Governor Political Campaign Committee
P.O. Box 570502
Miami, FL 33257

This release was issued through eReleases(TM). For more information, visit
http://www.ereleases.com.

SOURCE Khavari for Governor Political Campaign Committee

Bob Waterstripe of Khavari for Governor Political Campaign Committee,
+1-305-318-4984, bob@KhavariForGovernor.com