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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: 51873
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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#35. To: lucysmom (#24)
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.
Excellent! BBQ pulled pork sandwich with coleslaw.
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
Fat cat pensions for the working class, OH NO! You, sir, are engaging in class warfare. You covet the working man's pension and would rob him of it. 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. You mean like when workers pay money into pension funds which are then laid upon the alter of the free market.
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
LucysIdiotMom: Fat cat pensions for the working class, OH NO! No, fat-cat pensions for "public employees" who make >150% of what the average person in California makes. Yeah, "collective bargaining" has made it so that the union-thugs live FAT, and protected from any economic downturns. The union thugs think they're "special." That they should be paid no matter WHAT- whether they do their jobs or not, whether or not they're any good. YOU are one stupid, dim-witted bimbo. How many times will I have to say it, before it starts to get into your empty little skull? What part of this do you not get? What is so DIFFICULT for you to understand about this?
THE MONEY IS GONE!!! GONE!!! Repeat it as many times as you wish, it still don't make it the truth. Stomp your little foot while screaming and it still won't be the truth.
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
Everyone except the most delusional leftists understand that it is the truth. U.S. funding for future promises lags by trillions The federal government's financial condition deteriorated rapidly last year, far beyond the $1.5 trillion in new debt taken on to finance the budget deficit, a USA TODAY analysis shows. The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record $61.6 trillion the total of financial promises not paid for. This gap between spending commitments and revenue last year equals more than one-third of the nation's gross domestic product. Medicare alone took on $1.8 trillion in new liabilities, more than the record deficit prompting heated debate between Congress and the White House over lifting the debt ceiling. Social Security added $1.4 trillion in obligations, partly reflecting longer life expectancies. Federal and military retirement programs added more to the financial hole, too. Corporations would be required to count these new liabilities when they are taken on — and report a big loss to shareholders. Unlike businesses, however, Congress postpones recording spending commitments until it writes a check. The $61.6 trillion in unfunded obligations amounts to $528,000 per household. That's more than five times what Americans have borrowed for everything else — mortgages, car loans and other debt. It reflects the challenge as the number of retirees soars over the next 20 years and seniors try to collect on those spending promises. "The (federal) debt only tells us what the government owes to the public. It doesn't take into account what's owed to seniors, veterans and retired employees," says accountant Sheila Weinberg, founder of the Institute for Truth in Accounting, a Chicago-based group that advocates better financial reporting. "Without accurate accounting, we can't make good decisions..." USA TODAY has calculated federal finances based on standard accounting rules since 2004 using data from the Medicare and Social Security annual reports and the little-known audited financial report of the federal government. The government has promised pension and health benefits worth more than $700,000 per retired civil servant. The pension fund's key asset: federal IOUs.
There's SHITLOADS of data on this subject... What'll it take, to get you to understand? What the fuck is WRONG in your empty head, that you can't accept reality, even when it slaps you? If you think the sky is red, and I post a photo showing that it's blue, you'll insist that it's red... You are fucking DELUSIONAL. For maybe thirty seconds, I thought about just BURYING this thread with financial data... graphs, audit results, etc.... the data is all out there, publically available. But hey, you think that the money just magically appears, because you have DECIDED it will just magically appear... and if you have to STEAL it from someone else, or EVERYONE else, to fund your entitlement mentality, then so be it, eh? You are one sick and STUPID broad... Let me give you a little heads-up on something, granny... If it comes down to a choice between supporting your fat and lazy ass, or putting food on the table for my kids... I'll KICK your ass to the curb tout de suite. Screw you, and your demands. You had your time and opportunity to make your own money, set up your own retirement, and all that. You blew it. YOUR problem, NOT mine.
A brain transplant.
It still wouldn't be enough. The government could confiscate every penny made by millionaires and billionaires this year and it still wouldn't be enough to balance the budget. The government would only be able to do that once because people would flee the country or start a revolution.
Does the coleslaw have a hint of horseradish in it?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" You said the money is gone. To be gone, the money must have existed and "gone" somewhere (you didn't say it was destroyed). I said the money was redistributed upwards - that's where it went, to the wealthy. I never said money would magically appear; you, however seem to think money just magically disappears (mininggold was right). To recap: to say something is gone presupposes it existed and unless destroyed, must continue to exist somewhere.
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
Nope, not this time.
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
Absolutely correct. They (the government politicians) *took* the money, and spent it. It was there, but was systematically pilfered, to fund whatever pet-projects were going on at the time... WHAT projects, you might ask...? I'm sure some of it went to fund our "friends" like Israel as well as our enemies, like Libya. Some to other, more profitable ventures in support of the military-industrial complex that Ike warned us of... To ask where the money is now, is like asking State Farm "where's the $1200 I sent you five years ago, from my home insurance?" They wouldn't give you a meaningful answer, any more than you could give your boss (I assume you still work) if he asked you, "where's the money I paid you in March of 2002?" The money has been spent, frittered away on things *other* than your retirement savings. It's gone, and that's just the facts. DON'T blame me. I didn't take it, I didn't spend it... Hell, I pay into the "fund," knowing full-well I'll not see a bloody dime of it... What I pay in, has a 'cut' taken, then added in with a few others' *taxed* monies, and sent to some retiree in the form of a check. The "savings" for you no longer exists, so MY money is transferred to you, same as if you were on welfare. Again, don't blame me, for this mess... This is just the way it is. Conjecture. I wrote down my guesses, you have yours. Does it *really* matter? It's the stereotypical mindset of the left. If I was wrong in supposing you would jump onto that band-wagon, then I apologize for the mistake. As to money just magically disappearing, I have already explained that. No need to flog a dead horse. Please understand... I don't say all this because I *like* it... Frankly, it infuriates me. And to see others pretend that all will be well, and flat-out LYING to someone like you, does me no disservice... But it does YOU a grave disservice. We may disagree 99.9% of the time. Fine. But I have no malicious agenda. On the contrary, if we're sitting in a crowded movie-theater and a fire breaks out, I'm gonna' scream FIRE!, no matter *how* many people would prefer to stay and be entertained... THAT'S where I'm at. It's really that simple. I bid you 'good night.'
So who is really engaging in class warfare, the state and local public sector unions or the taxpayers themselves????? Even though I think FDR was a putz, he knew "NOT" to pit the union people against the taxpayer. He knew this would make the average taxpayer hate the unions and the government...... Which is just the opposite of what he wanted, love of unions and government..... That's why the Federal union employees "DON'T" have collective bargaining rights..
"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
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
Keith Olberman and (P)MSNBC what a combo, not worth wasting 10 minutes of my time.....
"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
Indeed. I see who it is, and the first thing that pops in my head is, "why bother?" Feh.
Indeed. I see who it is, and the first thing that pops in my head is, "why bother?" Youse guys and Barbara Bush, "So why should I waste my beautiful mind on something like that?"
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 never liked her. She always looked like an evil grandmother to me.
"You are not a dummy Eric, but you are a man who sees no shade of grays. Just black and white. And unless you dehumanize your political adversaries and practice psychology with no license in diagnosing mental illness where there is none, you cannot cope with politics." --Ferret Mike. Translation: 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.
#58. To: war (#56)
How's that lunch?
#59. To: Capitalist Eric (#57)
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.
#60. To: lucysmom (#59)
Capitalist Eric: 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.
You, sir, are engaging in class warfare. You covet the working man's pension and would rob him of it.
THE MONEY IS GONE!!! GONE!!!
#61. To: Capitalist Eric (#60)
How many times will I have to say it, before it starts to get into your empty little skull?
#62. To: lucysmom (#61)
(Edited)
it still don't make it the truth.
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#63. To: lucysmom (#61)
#64. To: Capitalist Eric (#63)
What'll it take, to get you to understand?
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#65. To: Capitalist Eric (#63)
and if you have to STEAL it from someone else, or EVERYONE else, to fund your entitlement mentality, then so be it, eh?
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#66. To: lucysmom (#58)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#67. To: Capitalist Eric, mininggold (#63)
But hey, you think that the money just magically appears, because you have DECIDED it will just magically appear...
#68. To: war (#66)
Does the coleslaw have a hint of horseradish in it?
#69. To: lucysmom (#67)
You said the money is gone. To be gone, the money must have existed and "gone" somewhere (you didn't say it was destroyed).
I said the money was redistributed upwards - that's where it went, to the wealthy.
I never said money would magically appear; you, however seem to think money just magically disappears (mininggold was right).
#70. To: lucysmom (#59)
You, sir, are engaging in class warfare. You covet the working man's pension and would rob him of it.
#71. To: CZ82 (#70)
#72. To: lucysmom (#71)
#73. To: CZ82 (#72)
Keith Olberman and (P)MSNBC what a combo, not worth wasting 10 minutes of my time.....
#74. To: Capitalist Eric, CZ82 (#73)
Keith Olberman and (P)MSNBC what a combo, not worth wasting 10 minutes of my time.....
#75. To: lucysmom (#74)
Youse guys and Barbara Bush, "So why should I waste my beautiful mind on something like that?"
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