WA Ping
Isn't it comforting to see comments from a community college instructor to help our brilliant legislators with their decision making?
Posted on 01/16/2012 5:46:45 PM PST by Baynative
OLYMPIA, Wash. (AP) - State government stores money at Bank of America, buys goods with U.S. Bank cards, and distributes welfare aid through JP Morgan Chase ATMs.
Supporters of cutting such ties to big banks say the first step is creating the state's own bank.
The idea of a state bank - a favorite of the Occupy movement that sees it as an alternative to Wall Street - has strong support among the Democrats who control the state House. Speaker Frank Chopp called it a top priority last week in a speech opening this year's session of the Legislature.
(Excerpt) Read more at komonews.com ...
WA Ping
Isn't it comforting to see comments from a community college instructor to help our brilliant legislators with their decision making?
Yeah, because governments are SO good at taking care of other people’s money. /SARC
The stupidity is astounding...
Maybe the United Nations could do a better job? After all, look at the bang up job they did in Haiti! /s
The only one that I’m aware of is chartered in North Dakota.
Ironically it was borne out an essentially identical debacle, namely the collapse of the banking system in the 1930s.
They are in for a shock when they figure out that a loan bank is useless, only be partnering with other banks can this be of any meaning.
For instance, I don’t see Office Depot accepting the State of Washington Credit Card anytime soon.
Thanks! Was not even aware Bank of North Dakota was owned by the State.
Will they buy derivitives?
You think the tellers at Bank Of America are surly and obnoxious?
Wait until they are replaced by government emloyees who couldn’t make the grade at the Dept. Of Motor Vehicles.
Judging from the way liberals think and our governor has done business in the two terms: they probably think that they can create a new bank bureaucracy that will employ hundreds, if not thousands, of new government employees before it gets top heavy and capsizes at which time the process of “THE FIX” will go on for years and years.
Golly, what could possibly go wrong?
This from a State that turned a $3-billion pre-election surplus into a $9-billion post-election deficit, in about 6 weeks...f’n morons.
Time to separate the Puget Sound nutfarm from the remainder of the State!
A bank that will never run out of money as long as a single Washington state taxpayer can still draw a breath?
Might not be a bad investment...
Liberal Fantasy: “I think people see this as a form of empowerment, that we’re going to try to do something in our state to regain control over the safety of our finances,”
Liberal Reality: Washington State: FY13 Projected Shortfall - $3.5 billion. Percent of FY12 Budget - 22.2%
Well they do have the senate bank to use as a role model. Oh, wait ......
And we just got rid of state run liquor stores, too.
Golly, what could possibly go wrong?
This from a State that turned a $3-billion pre-election surplus into a $9-billion post-election deficit, in about 6 weeks...f’n morons.
Time to separate the Puget Sound nutfarm from the remainder of the State!
Isn’t there a (state) Constitutional problem here? I forget the exact verbage, but there’s something in there about not lending the credit of the State.
Seems to be a more or less direct violation, to me.
Of course those sharks on Wall Street will gladly get the politicians hooked on the free money .. then when payment comes due they will own it all. Just like a crack dealer, and the state is the most witless addict that can be found.
schu
“And we just got rid of state run liquor stores, too.”
I’ve been driving to WA state from BC since I was in high school to load up on booze, eggs and milk as BC taxed us to death. Until last Christmas, BC liquor stores are still run by the idiot govt. A 6-pack of beer runs you $9 Canadian.
Actually the Bank of North Dakota was formed after WWI.
This will only “work” if they can print their own or force deposits to the bank.
“A 6-pack of beer runs you $9 Canadian.”
Take off! No wonder the MacKenzie brothers were trying to scam free beer from the Elsinore Brewery, eh?
The Save America Foundation (SAF), a not for profit organization, is intent on seeing the U.S. Constitution upheld by our elected officials. ...The Constitution of the United States was created to be the bedrock of the nation and to lay out our rights as citizens. As America’s most important document it provided the framework for our government and the means through which the people could keep the government in check. But what happens if the government institutes laws that are inconsistent with the Constitution, such as the passage of the recent Health Care bill, HR 3200?
...
State Bank Initiative
Remove the power of the Federal Reserve System by establishing independent state banks in at least 20 states during calendar year 2012.
Source: http://www.saveamericafoundation.com/initiatives/state-bank-initiative/ and the linked "About Us" page
Above just a side comment.
To the point you made:
Better many corruptions than a few!
Look at Freddie and Fannie for how great government banks work! LOL Leftists are total idiots and liars.
Politicans controlling banks...what a stupid idea given what they are now seeing in Washington, DC! They will rob the State blind like Freddie and Fannie have done to the Federal Treasury.
Scratch that low interest student loans. The federal government has a monopoly on that scam!
Prior to 1925, Texas had more state chartered banks than national banks. Most of them went bust during the depression, just like the other banks did.
A state run bank would be like the fox guarding the hen house.
DUH.....from the bank! /s
If the bank runs out, they can just take the money from the evil rich.
Thanks Baynative.
Agreed. The bank owner should put up all capital, not the taxpayers. If the shareholders of failed banks were rich then they should become poor. That's capitalism.
Instead our Congress and Federal Reserve takes care of them and screws us.
But wouldn't that be a better bet than a Citi-Group credit card? I like the idea of state banks and eliminating the TBTF banks that have sucked taxpayers dry.
Will they receive and give out gold as a commodity?
Citi-Group credit card doesn’t exist, it is Visa or Master Card.
You can create your own name on a card, but it is still Visa or a similar card that has negotiated with the vendors country wide to accept their cards.
The only thing garnered by your Citi card is the card holder agreement.
Well, if a state bank is run like the one in North Dakota, we’d have no excitement and breathless announcements of impending bank failures on financial news channels.
The Bank of North Dakota has a Tier-1 risk-based capital ratio of over 18%.
The requirement is for 10%.
In other words, the BND is being run very conservatively, rather unlike a lot of private-sector banks.
Oh, and their non-performing loan assets as a percentage of all assets are about, oh, less than half of what many private sector banks are running these days.
With all our crooked Dem politicians, they’d rob the bank empty the first day. When they’re losing an election, it’s amazing how they can always “find” suspicious boxes of ballots (always just enough to put the Democrat candidate over the top). With these same people as bankers, money in the state bank would magically disappear just like those ballots always just magically appear.
Actually, the Bank of North Dakota was set up to give the state better ability to shield their industries (in particular, wheat farming) from the predations of Wall Street bankers before the Fed came into being and from the Minneapolis commodities exchanges and markets.
According to the 2010 Census, the racial and ethnic composition of North Dakota was as follows:
White: 90.0%
Native American: 5.4%
Hispanic or Latino (of any ethnic groups): 2.0%
Black or African American: 1.2%
Asian: 1.0%
Pacific Islander: 0.1%
Some other ethnic groups: 0.5%
Two or more ethnic groups: -0.2%
I report. You decide.
To which all I can say is Washington (state)’s government is a far cry from North Dakota’s...
“Better many corruptions than a few!”
GREAT point!!!
Well, I was going to say something incendiary, but decided against it.
Buuuuut... seeing as how you brought it up, allow me to observe the following:
1. ND spends less per pupil in it’s schools and achieves a higher educational outcome than states that spend almost twice per pupil what ND does. Washington DC would be an excellent example of a school system that wishes they could achieve what ND’s schools do... even if they held spending constant.
2. I fully believe that you could hand the BND to states which are run by minority agitation groups (eg, California, NY, NJ, et al) and the bank would be belly up in less than three years.
The hard truth of the matter is this: In money, as in things such as the rights enumerated by the Bill of Rights, the capacity required for the proper exercise and restraint utterly escapes many minority groups for the majority of their members. They “don’t get it” and they likely never will “get it.”
All I’m saying is this: A state bank isn’t a wholly goofy idea. There is one, it came about as a result of problems rather similar to what we see today, and their track record during the Depression shows that such a bank can serve as a very important counter-balance to private sector banks run by rather silly people.
Socialists always love to point out Israeli Kibbutzes as an effective example of socialism in action........yes, socialism has the possibility of working in a homogenous group, as long as everyone is on the same page. That is an impossibility in a country like ours.....ND is about as homogenous as it gets in this country.
It isn’t just the homogeneity that allows ND to function as it does. It also goes to the climate.
ND has some of the hardest winters in the lower 48. My observation is that the states with “real winters” tend to have a lot fewer deadbeats and layabouts than the warm weather states.
In other words, it is a unique situation, with all of the losers in Seattle, this idea is doomed to failure.
Well, I don’t know how many losers there are in Seattle. I know WA’s finances aren’t great, but they’re nowhere near as bad as CA, IL, NY, NJ, RI, et al.
Of course, they’re nowhere near as good as ND, SD, WY, MT, AK, et al. I don’t think ND’s situation is unique. They’re one of several well-run states. They’re the only state which has a state bank, but they’re not the only well-run state in the US.
In my purchases of muni debt, there are three groups of states:
1. States in which I prefer buying issues when they come out.
2. States where I carefully examine individual issues that might come out - usually on a county-by-county level.
3. States which I won’t touch with a barge pole. CA, IL, NY, et al.
WA is in group 2 for me.
ND is in group 1.
WA Ping
,p> "This from a State that turned a $3-billion pre-election surplus into a $9-billion post-election deficit, in about 6 weeks...f’n morons.Time to separate the Puget Sound nut farm from the remainder of the State!"
The democrat party and it's media are a conglomeration of incredible propaganda, corruption and incompetence. The governor says anything that sounds good at the moment and the media will give it as much air and print as it takes to make it true.
The point you made about the huge surplus she crowed about in the closing weeks of her last campaign is a good example.
A separate Puget Sound region would be a great idea to give the rest of the state a chance at civil liberty.
ping
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