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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: 50598
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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#17. To: mininggold (#13)
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
Whats Governor Brown's position on California's fiscal status today? Silly boy, you are getting things mixed up. California sends more tax money to Washington than it gets back in spending from Washington - so no drain on the rest of the country. Internally (that has little to do with the 49 other states) California's budget is in deficit by $22 million. Brown has proposed a budget that cuts spending by $11 billion dollars (more than Congressional Republicans can agree to) and wants to extend current tax rates (not create new taxes) to balance the budget. The problem in California is not Jerry Brown, it is Republicans in Sacramento that owe more allegiance to Grover Norquist than the people they represent.
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
Yep. An internet radio startup outa Oakland CA just booked $4 billion from its IPO. Pandora Media is just one of a half dozen or so California companies going public this year. It sucks to be the mid-West.
As usual, you're all wrong on the facts. The total debt for the state is ~$12 BILLION. About half of that is sweet-heart pension deals to public employee unions (parasites). MORE bullshit. As the LIBERAL mayor of San Jose just stated, "it's not a political problem, it's a MATH problem." In other words, the money is GONE. How tough is that for you to understand?
San Jose police have just accepted a 10% pay cut. This is on top of a 10% pay cut a while back. The money is gone. GET IT??? The money is not gone, it's been redistributed upwards.
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
Hey man, I'm up and running again - my computer is, that is. I was worried today about it.
Kewelio
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" The Federal Government is BROKE. And you think they should be in the loan business? Why not? Banks do it. Banks that are broke go into RECEIVERSHIP, Goofy. Sheesh, you are an idiot.
Proxy IP's are amusing.....lmao
Stupid girlchild, answer the question.
Proxy IP's are amusing.....lmao
Quaker Oats bought Snapple in 1994 for around a billion and a half bucks and they ended the Lardbutt relationship. They also ended the relationship with Stern. Prior to Quaker's purchase, Snapple was a regional brand sold only in NY, NJ, eastern PA, Delaware, CT and MA. Quaker took it national, read "the South", where bottled iced tea had the same appeal as Swanson's frozen fried chicken. Given that it was regional, it would have been impossible for sales to fall nationally any %. Snapple's sales actually grew because of the increased distribution but they never approached anywhere near where Quaker Oats had hoped. In 1997, Snapple was sold for $300MM and Q/O took a nice writedown and avoided paying taxes for years thanks to that loss. So It Goes.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" OK smarty pants, tell it like it is - 'splain it to me.
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
Pack a lunch...the wait is going to be looooong...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Looks like I can attend to stuff in the "real world" without fear of missing anything.
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
You mean "without continuing to miss anything..."
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Those silly capitalists. They think money just disappears. Pooof!
How's that lunch?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" The local PD union is at least willing to work with the city. The logic is quite simple: 50% (or in this case 80%) of something is better than all of nothing. They're using the same logic YOU use, when talking about the "promised" money to you- plus interest- when talking about Social Security. Fundamentally, you're no different from the union parasites. And that's why you identify so well with them... and refuse to address the mathematical gap in your Alice-In-Wonderland world.
Comments (58 - 75) not displayed.
Top • Page Up • Full Thread • Page Down • Bottom/LatestThat 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.
#42. To: Badeye (#35)
Whats California's deficit this year, goofy?
#43. To: mininggold (#32)
I believe we were flush in 2010 for the first time in decades.
#44. To: lucysmom (#42)
Internally (that has little to do with the 49 other states) California's budget is in deficit by $22 million.
Brown has proposed a budget that cuts spending by $11 billion dollars (more than Congressional Republicans can agree to) and wants to extend current tax rates (not create new taxes) to balance the budget. The problem in California is not Jerry Brown, it is Republicans in Sacramento that owe more allegiance to Grover Norquist than the people they represent.
GONE.
The money is gone. GET IT???
#45. To: Capitalist Eric (#44)
MORE bullshit. As the LIBERAL mayor of San Jose just stated, "it's not a political problem, it's a MATH problem." In other words, the money is GONE.
#46. To: war (#37)
#47. To: Fred Mertz (#46)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#48. To: lucysmom (#41)
#49. To: lucysmom (#42)
Whats California's deficit this year, goofy? Whats Governor Brown's position on California's fiscal status today?
#50. To: Badeye (#48)
(Edited)
Snapple decided his politics were damaging to the brand. So they dropped him as a spokesman. The result was their sales nationally fell over 40% from what I recall.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#51. To: Badeye (#49)
Stupid girlchild, answer the question.
#52. To: lucysmom (#51)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#53. To: war (#52)
Pack a lunch...the wait is going to be looooong...
#54. To: lucysmom (#53)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#55. To: lucysmom (#45)
The money is not gone, it's been redistributed upwards.
#56. To: lucysmom (#53)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#57. To: lucysmom (#45)
San Jose police have just accepted a 10% pay cut. This is on top of a 10% pay cut a while back.
The money is not gone, it's been redistributed upwards.
MORE bullshit. It was promised to union thugs (in return for kickbacks to the political whoring class in Sacramento) in the form of fat-cat pensions for the union membership. Now that the unions are literally sucking the state dry of money, those same union thugs and members INSIST on getting theirs, and don't give a SHIT about where the money's gonna' come from.
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