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Title: How the Nation’s Only State-Owned Bank Became the Envy of Wall Street
Source:
Mother Jones
URL Source: http://motherjones.com/mojo/2009/03 ... d-bank-became-envy-wall-street
Published: Mar 27, 2009
Author: Josh Harkinson
Post Date: 2011-06-14 01:18:58 by lucysmom
Keywords: Socialist Red State Banking
Views: 50608
Comments: 75
The Bank of North Dakota is the only state-owned bank in America—what Republicans might call an idiosyncratic bastion of socialism. It also earned a record profit last year even as its private-sector corollaries lost billions. To be sure, it owes some of its unusual success to North Dakota’s well-insulated economy, which is heavy on agricultural staples and light on housing speculation. But that hasn’t stopped out-of-state politicos from beating a path to chilly Bismarck in search of advice. Could opening state-owned banks across America get us out of the financial crisis? It certainly might help, says Ellen Brown, author of the book, Web of Debt, who writes that the Bank of North Dakota, with its $4 billion under management, has avoided the credit freeze by “creating its own credit, leading the nation in establishing state economic sovereignty.” Mother Jones spoke with the Bank of North Dakota’s president, Eric Hardmeyer. Mother Jones: How was the bank formed? Eric Hardmeyer: It was created 90 years ago, in 1919, as a populist movement swept the northern plains. Basically it was a very angry movement by a large group of the agrarian sector that was upset by decisions that were being made in the eastern markets, the money markets maybe in Minneapolis, New York, deciding who got credit and how to market their goods. So it swept the northern plains. In North Dakota the movement was called the Nonpartisan League, and they actually took control of the legislature and created what was called an industrial program, which created both the Bank of North Dakota as a financing arm and a state-owned mill and elevator to market and buy the grain from the farmer. And we’re both in existence today doing exactly what we were created for 90 years ago. Only we’ve morphed a little bit and found other niches and ways to promote the state of North Dakota. snip EH: It just reinforced what we do, and that is you stick to what you understand, you do it well, you know your customers. We’ve never been a bank that tries to hit home runs. That’s not what we’re all about. We have a specific mission which is more important. Most corporations and banks, their top priority is to maximize shareholder return. And that is a nice byproduct for us because we do have a nice return—an NROA [return on net operating assets] of 2, a ROE [return on equity] of 25, 26 percent. But really where we take the most satisfaction is making sure we meet the needs of the state and finance those types of things that make our state go forward.
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#1. To: Badeye, A K A Stone, hondo68, Fred Mertz, Godwinson, go65, war, no gnu taxes, Skip Intro, ferret mike, jwpegler, brian s, mcgowanjm, Capitalist Eric, Mininggold (#0)
Eleven states including California are currently considering creating their own state bank.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Interesting article. I've read about it before but not lately.
But before Any of these states do this, they have to default on their previous debt....;}
MyBudget360: "Now how does this tie in with commercial real estate debt? As you can see above the banking system has a perfect way out of this mess. Their absurd bets on raw land and dubious hotel deals is simply a phone call away with the Federal Reserve. They get multiple get out of jail free cards and simply transfer the risk to the taxpayer. The system is flawed in so many ways at this point. This is why the middle class is disappearing while banks continue to gouge the public. It should be clear where the majority of the problem exists in this financial fiasco. Here we are four years into the crisis and not one serious trial for one of the too big to fail. Given the distractions being served up by the mainstream media and political machine Americans will be fed gossip gruel while their financial future is whisked away by the banking system."
California having its own 'state bank' is like a alcoholic having his own distillery.
Proxy IP's are amusing.....lmao
I think California should even be able to issue it's own currency.
Of course you do, ming......rotflmao.
Proxy IP's are amusing.....lmao
All power to the people!
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
If it happens in California, it will fail. The idiot leftist/SOCIALIST politicians don't know how to keep their social expirementation schemes out of anything.
List of those unable to think: Bumper sticker on DwarF's car: If California could keep it out of the hands of the crash and burn Republicans, it would probably do just fine. (wouldn't that just chap your hide)
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
I would like to see more small business loans made by the federal government. If they are targeted to credit worthy companies the government could make money in the process. Considering how tight the credit market is it would fulfill the demand for loans.
That guy's closer to your neck of the woods.
We have the economy to support it and we wouldn't have you red state albatrosses around our neck.
ROTFLMAO. How true. This is exactly the problem with the federal government -- they have their own bank called the Federal Reserve. Thomas Jefferson knew this. Andrew Jackson knew this. Nobel Laureates like Fredrich Hayek and Milton Friedman knew this. Yet here we are on the verge of collapse.
Any organization that wants to do so should be able to issue their own currency and compete in the market for customers. Hayek wrote a book about this (The Denationalization of Money) 35 years ago that outline the intellectual framework for this. Given smart phones and networks, competing currencies is very workable today.
He may live closer to me than you, but are you sure he wasn't born there??? LOL.....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
LOL..... Hardly anyone who lives in California was born here. I've been trying to talk most of them into leaving.
Why not? If the private sector isn't meeting demand - let the government step in and fill the gap.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
They don't appreciate what we do for them anyway.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
So what's stopping them?
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Red state albatrosses? Like Texas? LMAO. Ming, you are amusing.
Proxy IP's are amusing.....lmao
...we wouldn't have you red state albatrosses around our neck. They don't appreciate what we do for them anyway. True, we don't appreciate California liberalism dragging the entire nation into the poor house.
Proxy IP's are amusing.....lmao
I know that you know that's not true; so why would you write something that is demonstrably false?
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Last year he tried to claim that CA's population was falling...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" It's a mental illness.
Ha! He should try to find a parking space in Trader Joe's parking lot around 5 pm.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Perhaps when Obamacare goes into effect he'll be able to afford help.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
A run on Two Buck Chuck and three layer bean dip?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" lucysmom: I know that you know that's not true; so why would you write something that is demonstrably false? OK. DEMONSTRATE that it's false. Use hard facts and verified data, to disprove what we all can see with our own eyes. Go AHEAD, LM... PROVE your point.
List of those unable to think: Bumper sticker on DwarF's car: California gets back about 80 cents for every dollar it sends to DC, asswipe. You really are fucking stupid if you can't use google.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" You really are fucking stupid if you can't use google. I believe we were flush in 2010 for the first time in decades.
Probably only because of the stim...I've seen a lot of ARRA signs out there...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I would like to see more small business loans made by the federal government. Why not? If the private sector isn't meeting demand - let the government step in and fill the gap. Pssst. Goofy? The Federal Government is BROKE. And you think they should be in the loan business? Good lord....
Proxy IP's are amusing.....lmao
Whats California's deficit this year, goofy? Whats Governor Brown's position on California's fiscal status today? Are you smoking crack cocaine today while you post? (appears so)
Proxy IP's are amusing.....lmao
It has an income of 2+trillion a year, Boofer. It's anything but broke...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Right around $22bln, which is where it has been for the last several years, under a governor whose election you cheered. Whats [sic] Governor Brown's position on California's fiscal status today? Cut spending and submit to the voters a referendum on whether tax hikes should be extended and an income tax surcharge implemented. The GOP didn't trust the voters so the latter part has been delayed until, I believe, September. If the referendum fails then he will institute Draconian cuts in services to close the gap. Hope that rbought you up to speed...feel free to ask any other questions that you might have Boof...I am, afterall, here to teach you...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" As others have noted, California contributes more money to the federal government than it gets back. It is the conservative red states that are a drain on the resources produced by hard working and innovative Californians.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
It is true that state revenues are higher than what was anticipated.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Proxy IP's are amusing.....lmao
And you think they should be in the loan business? Why not? Banks do it.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Comments (42 - 75) not displayed.
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#2. To: lucysmom (#0)
#3. To: Fred Mertz (#2)
#4. To: All (#3)
#5. To: lucysmom (#1)
#6. To: Badeye (#5)
California having its own 'state bank' is like a alcoholic having his own distillery.
#7. To: mininggold (#6)
#8. To: lucysmom (#1)
Eleven states including California are currently considering creating their own state bank.
#9. To: lucysmom (#1)
Eleven states including California are currently considering creating their own state bank.
mcgowanjm, ferret mike, skippy, fartboy/yukko, white sands, bucky, lucys idiot mom, e_type_jackoff, go56, badlie, wreck, calCON, mininggold, war, Banjo Boris, Biff, Godwinson and meguro. If you're on the above list, you're too fucking stupid to hold a real conversation.
#10. To: Capitalist Eric (#9)
If it happens in California, it will fail.
#11. To: mininggold (#6)
I think California should even be able to issue it's own currency.
#12. To: lucysmom (#0)
(Edited)
#13. To: CZ82 (#11)
#14. To: Badeye (#7)
Of course you do, ming......rotflmao.
#15. To: Badeye (#5)
California having its own 'state bank' is like a alcoholic having his own distillery.
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#16. To: mininggold (#6)
(Edited)
I think California should even be able to issue it's own currency.
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#17. To: mininggold (#13)
That guy's closer to your neck of the woods.
#18. To: CZ82 (#17)
He may live closer to me than you, but are you sure he wasn't born there???
#19. To: NewsJunky (#12)
I would like to see more small business loans made by the federal government.
#20. To: mininggold (#14)
...we wouldn't have you red state albatrosses around our neck.
#21. To: jwpegler (#16)
Any organization that wants to do so should be able to issue their own currency and compete in the market for customers.
#22. To: mininggold (#14)
We have the economy to support it and we wouldn't have you red state albatrosses around our neck.
#23. To: lucysmom (#20)
#24. To: Badeye (#23)
True, we don't appreciate California liberalism dragging the entire nation into the poor house.
#25. To: lucysmom (#24)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#26. To: lucysmom (#24)
I know that you know that's not true; so why would you write something that is demonstrably false?
#27. To: war (#25)
Last year he tried to claim that CA's population was falling...
#28. To: mininggold (#26)
It's a mental illness.
#29. To: lucysmom (#27)
He should try to find a parking space in Trader Joe's parking lot around 5 pm.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#30. To: lucysmom (#24)
Badeye: True, we don't appreciate California liberalism dragging the entire nation into the poor house.
mcgowanjm, ferret mike, skippy, fartboy/yukko, white sands, bucky, lucys idiot mom, e_type_jackoff, go56, badlie, wreck, calCON, mininggold, war, Banjo Boris, Biff, Godwinson and meguro. If you're on the above list, you're too fucking stupid to hold a real conversation.
#31. To: Capitalist Eric (#30)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#32. To: war, Capitalist Eric (#31)
California gets back about 80 cents for every dollar it sends to DC, asswipe.
#33. To: mininggold (#32)
I believe we were flush in 2010 for the first time in decades.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#34. To: lucysmom (#19)
#35. To: lucysmom (#24)
know that you know that's not true; so why would you write something that is demonstrably false?
#36. To: Badeye (#34)
The Federal Government is BROKE.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#37. To: Badeye (#35)
Whats [sic] California's deficit this year...
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#38. To: Capitalist Eric (#30)
OK. DEMONSTRATE that it's false.
#39. To: mininggold (#32)
I believe we were flush in 2010 for the first time in decades.
#40. To: lucysmom (#38)
Whats California's deficit this year, goofy?
#41. To: Badeye (#34)
The Federal Government is BROKE.
.
.
.
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