Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

States taking fresh look at socialist bank
msnbc.msn.com ^ | 2-16-10 | Associated Press

Posted on 02/16/2010 8:35:34 AM PST by cajuncow

BISMARCK, N.D. - It has no automatic tellers or drive-up windows, doesn't issue credit cards and tends only a few thousand checking and savings accounts. Its only location is a glass, steamboat-shaped headquarters near the Missouri River, where the business moved from its original 1919 home in a former auto assembly plant.

The Bank of North Dakota — the nation's only state-owned bank — might seem to be a relic. It was the brainchild of a failed flax farmer and one-time Socialist Party organizer during World War I.

But now officials in other states are wondering if it is helping North Dakota sail through the national recession.

(Excerpt) Read more at msnbc.msn.com ...


TOPICS: Business/Economy; Government
KEYWORDS: asocialistamerica; boycottge; dnctalkingpoints; pravdamedia; socialism; socialistparty; staterunbanks

1 posted on 02/16/2010 8:35:34 AM PST by cajuncow
[ Post Reply | Private Reply | View Replies]

To: cajuncow

MSNBC appartchiks at it again.

Oh yeah. I’ll be the first in line for Date owned banks. /s


2 posted on 02/16/2010 8:46:11 AM PST by Seruzawa (If you agree with the French raise your hand - If you are French raise both hands.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: cajuncow

This looks interesting. I wonder if this “socialist” bank is better than credit unions? Credit unions have not suffered the losses of commercial banks that have been corrupted by government regulation, oversight, and schemes.

Is the state owned bank really socialist or is it simply fiscally conservative because of its responsibility to husband the resources of a financially successful state?


3 posted on 02/16/2010 8:48:38 AM PST by olezip
[ Post Reply | Private Reply | To 1 | View Replies]

To: cajuncow
Its actually a sound business... and is run like one because the state taxpayers are on the hook if it should go belly up. I doubt it would be run as wisely anywhere else in the country.

"Show me just what Mohammed brought that was new, and there you will find only things evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelogus

4 posted on 02/16/2010 9:43:31 AM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
[ Post Reply | Private Reply | To 1 | View Replies]

To: olezip
Its not really socialist. Its just a state-owned business and is run like any other business. It doesn't follow socialist principles - if by such principles one means wealth redistribution. That's never happened in North Dakota. Its more akin to Canada's Crown Corporations - public companies that are expected to be profitable and yet also responsible to their true shareholders - the public.

"Show me just what Mohammed brought that was new, and there you will find only things evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelogus

5 posted on 02/16/2010 9:46:29 AM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
[ Post Reply | Private Reply | To 3 | View Replies]

To: olezip

It isn’t really a socialist bank at all. It is a state-owned bank. If the bank had taken over a privately run bank or the entire banking system in the state, THEN you would have a socialist bank. This is simply a state-run bank that serves primarily as a bank for other banks, and a bank that provides the state its financial services at rates probably more favorable than would be offered by commercial banks.

If other states were to try this approach, it would probably be detrimental to the banking industry in those states as it would move state accounts and loans out of the private sector banks and into the new “state” bank.


6 posted on 02/16/2010 10:27:33 AM PST by VRWCmember
[ Post Reply | Private Reply | To 3 | View Replies]

To: cajuncow

bump


7 posted on 02/16/2010 3:59:17 PM PST by EBH (The warning bell of Freedom is ringing, can you not hear it?)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson