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Federal Reserve Bank Members Tour Bakken
Williston Herald ^ | August 17, 2012 | Mark McNeillie

Posted on 08/20/2012 3:21:07 AM PDT by Son House

On Thursday, members of the Federal Reserve Bank of Minneapolis took a tour of the Bakken area. The trips was planned so that Bank President Narayana Kocherlakota and his staff could gather more information on what is currently happening in the region from an economic standpoint.

“Obviously, what’s happening here in the Bakken —we took a tour today between Minot and Williston—is quite special,” said Kocherlakota in meeting with the press after the tour. “Just the level of economic vitality is quite different her relative to anywhere else.”

With all the struggles in the national economy, western North Dakota is seen as a beacon of light. Kocherlakota said he felt it was important for his bank, and the nation as a whole, to know that not everyone is going through the same things economically.

“I think it helps convey the important notion that there’s a lot of differences across regions and districts in the United States,” said Kocherlakota. “Very often when we’re making policy, and appropriately so, we really focus a lot on the numbers for the country as a whole, but beneath that is masking a lot of differences across regions, and I think it’s important for us to keep that in mind.”

The oil boom has brought a shock to the labor market in the area, and many things are still trying to catch up.

Kocherlakota said the Bakken is an interesting example of something most people only know through economics classes, and that can help when the Federal Reserve makes policy.

“It’s hard to get labor markets to function as they might in an economics textbook,” said Kocherlakota. “I think being on the ground level here, for me to go back to Washington and talk about what I’ve seen, helps bring that point forward.”

The Federal Reserve Bank of Minneapolis oversees the Ninth Federal Reserve District, which includes North Dakota, South Dakota, Montana, Minnesota, Northwestern Wisconsin and the upper peninsula of Michigan. While the Bakken Region is booming, its overall effect on the district, and the US as a whole, is not as big as it seems, Kocherlakota said.

“When you do the calculations, if you’re thinking about the Ninth district as a whole, there’s just a limited amount that what’s going on here can influence that entire economny,” said Kocherlakota. “The population of the Ninth District is about 9 million people, the population of North Dakota is about 600,000, and then we get into western North Dakota, and it’s an even smaller slice than that. So I think what’s going on the Bakken is extremely important for western North Dakota, it’s very important for North Dakota.”

Despite the small impact the boom has had on the national economy Mary Brainerd, President and CEO of the Class C directors at the Federal Reserve, did see some positives that could help the US.

“I think it’s fair to say that some of what we were hearing about today about technology and new approaches, it sounds like there’s hope that that would have a broader implication than just the Bakken region,” said Brainerd. “That was clearly one of the highlights from my perspective.”

With a boom, there usually comes a bust, and despite all the prosperity, Kocherlakota said people should be aware that it won’t last forever, and to use some of the changes in the area to keep things going.

“I think people should think about this as a windfall,” said Kocherlakota. “I think we should take the viewpoint that it’s not going to last for ever, but what do you do when you have a windfall that isn’t going to last forever, you should invest it, and I think the right way to be thinking about this is how do we want Williston and Western North Dakota to look like in 20 years, and how can we take the resources, as a society, and make Williston what we want it to be.”


TOPICS: Business/Economy; Front Page News; News/Current Events; Politics/Elections
KEYWORDS: bakken; bank; federal; reserve; thefed

The oil boom has brought a shock to the labor market in the area, and many things are still trying to catch up.

Kocherlakota said the Bakken is an interesting example of something most people only know through economics classes, and that can help when the Federal Reserve makes policy.

“It’s hard to get labor markets to function as they might in an economics textbook,”



The Keynesian textbook and government make work programs don't 'get labor markets to function' or cause economic growth in the private sector, but I don't expect Democrats to stop jiving us that their new ideas work and pass that Jobs bill...
1 posted on 08/20/2012 3:21:20 AM PDT by Son House
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To: All

October 04, 2011
Dems Block McConnell Bid to Call Vote on Obama Jobs Bill
http://www.freerepublic.com/focus/f-news/2787870/posts

Senate Republican Leader Mitch McConnell, in an attempt to pluck an arrow out of President Obama’s rhetorical quiver, tried to get the Senate to vote on the president’s $447 billion jobs bill Tuesday — presumably to test whether Democrats have the votes to pass it.

But while Obama repeatedly has called on Congress to pass the bill right away, Democratic Leader Harry Reid shot down the effort, accusing McConnell of pulling a political stunt.


2 posted on 08/20/2012 3:23:12 AM PDT by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: Son House

December 09, 2011
Obama: Unemployment Benefits Will Create More Jobs Than Keystone Pipeline
http://www.rushlimbaugh.com/daily/2011/12/09/obama_unemployment_benefits_will_create_more_jobs_than_keystone_pipeline

RUSH: From TheHill.com: “A pending legislative package to extend the payroll tax credit and unemployment insurance will create more jobs than the approval of the Keystone pipeline, Obama said yesterday. ‘Here’s what I know,’ he said. ‘However many jobs might be generated by the pipeline, they’re going to be a lot fewer than the jobs created by extending the payroll tax cut and extending unemployment insurance.’” In fact, here’s the president saying that. This was this morning, actually, in Washington talking about this.

OBAMA: I know that, eh — the — the suggestion right now is that somehow, “Well, this Keystone issue, uh, will create jobs.” That’s being determined by the State Department right now, and there is a process. But here’s what I know. However many jobs might be generated by a Keystone pipeline, they’re gonna be a lot fewer than the jobs that are created by extending the payroll tax cut and extending unemployment insurance.


3 posted on 08/20/2012 3:26:29 AM PDT by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: Son House

I live in Minot :-)

There are 7,352 active wells in North Dakota 35,000 wells that have yet to be drilled.

So we can expect the current exponential increases in Bakken oil output to continue in the future


4 posted on 08/20/2012 3:43:01 AM PDT by moonshot925
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To: Son House
...the population of North Dakota is about 600,000

Not any more. Heck, half of Idaho is over here working, and I've seen license plates from every state in the union.

Closer to 700,000 now.

But then, a bunch of his other statements indicate these folks are 7-10 years behind what has been going on here, and they ignore the effects the development here has elsewhere. Tools, tubular goods (casing, drill pipe, pipeline), vehicles, equipment, parts, even exported electricity all factor into economies outside their Federal Reserve District's purview, because they are produced outside it and shipped in.

There are waitresses in Iowa who might not have a job if it wasn't for the truck traffic headed to and from here.

Which indicates to me that they still don't get it.

5 posted on 08/20/2012 3:48:22 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: Smokin' Joe
Despite the small impact the boom has had on the national economy Mary Brainerd, President and CEO of the Class C directors at the Federal Reserve, did see some positives that could help the US.

....so the second largest producer of oil (after Texas) has a "small" impact on the US economy.......

unbelievable

6 posted on 08/20/2012 3:56:19 AM PDT by spokeshave (The only people better off today than 4 years ago are the Prisoners at Guantanamo.)
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To: moonshot925

I live in Ross. 35000 thousand wells to be drilled is a lot of drilling especially when Hess has cut back on the number of rigs they are employing.
I think that our success is also killing us. There is no where to go with the extra oil.

We need a new pipeline


7 posted on 08/20/2012 4:05:03 AM PDT by South Dakota (shut up and drill)
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To: South Dakota
Minot has more oil than Saudi Arabia. The keystone pipeline could have created thousands of jobs and billions of dollars in increased GDP.

Our president is an eco-ignoramus so our wealth continues ot flow overseas.

8 posted on 08/20/2012 4:29:51 AM PDT by Young Werther (Julius Caesar said "Quae cum ita sunt. Since these things are so.".)
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To: spokeshave
unbelievable

All in keeping with the meme that the free market and private enterprise are not the solution to the economic doldrums this country has sailed into.

They're just doing their part. In the meantime, Williams County ND has an unemployment rate of under 2%...and the state of ND has a huge surplus (But the State has a State Bank, too (Bank of North Dakota), and maybe the Fed folks don't want that getting out...)

9 posted on 08/20/2012 4:32:32 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: South Dakota
Hess and others will drill enough to retain leases by production. There is a balance to maintain (especially when prices are lower) between capital outlay and production.

(That is how Chesapeake got in a bind, imho, they invested more than the could recoup when Natural Gas prices slumped.)

This also puts some slack into the system, and opens the door to drilling cost reductions through rate cuts (because no drilling rig makes money when idle, in fact, from the day the derrick is laid over, it starts accumulating problems which will cost money later).

I've been in the oil patch for over 30 years, mostly here in ND, and this is familiar territory.

Wages in the oil industry tend to slump when prices do, unlike the public sector where wages tend to only increase or remain stable.

Every unnecessary expense the government imposes on the industry comes out of my pocket twice--up front in reduced compensation rates (though this is not always a given), and on the other side when I fill up. North Dakota has been good at working with the oil and gas industry, and maintaining the balance between necessary regulation and a business friendly environment.

OTOH, the Feds have been looking for any way to hurt the industry they can find.

10 posted on 08/20/2012 4:55:28 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: Smokin' Joe

Based on what I read in the article, Kocherlakota sounds like a sensible, intelligent person. I wonder if the Feds could learn anything from him. Or from just about any Freeper chosen at random. The Feds seem devoid of common sense.


11 posted on 08/20/2012 5:20:39 AM PDT by generally (Don't be stupid. We have politicians for that.)
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To: Smokin' Joe

I agree. The boom and the bust of the oil patch.

Please God, just one more boom and I promise not to waste my money this time


12 posted on 08/20/2012 5:22:14 AM PDT by South Dakota (shut up and drill)
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To: moonshot925

“So we can expect the current exponential increases in Bakken oil output to continue in the future”

Maybe it will continue, but if Heidi Nastykamp and Dumbass Taylor are elected, their agenda includes throttling back our oil production.

For those that do not know Heidi, she is an Ed Shultz grade democrat who adores obama and she is trying to get Kent Conrad’s (D - to retire) seat in the Senate.


13 posted on 08/20/2012 5:27:29 AM PDT by redfreedom (Just a simpleton enjoying the freedoms a fly-over/red state has to offer.)
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To: generally
and how can we take the resources, as a society, and make Williston what we want it to be.”

Sounds like a socialist to me.

14 posted on 08/20/2012 5:47:04 AM PDT by justrepublican (Screaming like a "Vexatious requester" at a Wellstone memorial...........)
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To: Son House

That needs it’s own thread.


15 posted on 08/20/2012 6:04:47 AM PDT by sportutegrl
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To: generally
I'm not so sure. He should know that the hundreds of miles of tubular steel used up here in a year don't just sprout from the ground. That means trucking, steel mills, iron mines, etc.

The railroad is hauling crude oil to the tune of well over 30,000 bbl/day. That's money in other segments of the economy elsewhere.

The directional crew working with me is composed of people from Louisiana, Wyoming, Colorado, and elsewhere, those paychecks go there and stimulate the economy where they hang their hat.

The drilling engineer is from New Mexico, the crews are from all over--and their paychecks go there, more than not.

For the man to NOT see that there is a much broader economic impact than just here in ND has me gobsmacked.

Thousands of people are NOT losing their homes, are buying vehicles, are buying appliances, clothing, food better than they might be able to otherwise afford, and paying taxes instead of languishing on food stamps.

Locally, the western part of the state is awash with millionaires (not the obnoxious and ostentatious kind, but down to earth folks) who are sending kids and grandkids to college, buying six figure farm equipment (wheat farms here are measured in square miles AKA: "sections") and otherwise stimulating the economy with money from lease settlements and royalty checks.

While there is a boom in Williston, Dickinson, and Minot (and all the smaller towns in between), that spills over into Montana where the Elm Coulee Field preceded the action in North Dakota's part of the Bakken and where I worked my first Bakken lateral in 2000.

Beyond the impact locally, there is the immeasurable impact elsewhere, partly directly from operations here, but even more, from proving out the techniques which have led to even more exploration and production elsewhere, from the Marcellus to the Utica, to the Eagle Ford, and not just in the CONUS, but as far away as China and Poland.

Negligable impact? Hardly, but it betrays negligable knowledge of that impact.

16 posted on 08/20/2012 6:33:06 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: justrepublican

Good point. I missed that.


17 posted on 08/20/2012 6:43:11 AM PDT by generally (Don't be stupid. We have politicians for that.)
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To: Son House

Normally, when the economy is booming and there’s lots of jobs, the Federal Reserve does everything in its power to kill it.


18 posted on 08/20/2012 6:44:06 AM PDT by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: Smokin' Joe

Thanks, Smokin’ Joe, for the explanation.

People like you are exactly why I read FR. I learn a lot here.


19 posted on 08/20/2012 6:47:16 AM PDT by generally (Don't be stupid. We have politicians for that.)
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To: Smokin' Joe

Right on Joe.

I sit in NH. I sell a lumber distributor in Idaho. He sells factories in Idaho that are building Man Camp buildings. These buildings are being shipped into North Dakota and Alberta to house oil workers. I buy the lumber from sawmills in ID, MT, OR, WA, CA, BC, and AB.

There is a constant flow of trucks DAILY from Billings, MT going east towards the Balkan area. There is so much business over there right now the local companies can not keep up.

I sell a pallet company in WY. Their biggest customer makes drilling mud. All the mud they produce is going to ND

JD Irving in New Brunswick is bringing Balkan oil via the BNSF/CN railroad to their refinery in St. John New Brunswick. This refinery is located on the Atlantic Ocean so that it can receive ocean going supertankers. It is cheaper for them to buy US oil transported on a railcar than oil from Saudi Arabia transported on a supertanker.

All of these people/companies are thousands of miles away from the Balkan. However, we all are benefitting from the boom. This is the trickle down effect that the bankers have to realize.


20 posted on 08/20/2012 7:01:05 AM PDT by woodbutcher1963
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To: Smokin' Joe
Negligable impact? Hardly, but it betrays negligable knowledge of that impact.

You are assuming he is being honest. But he's not. To admit that oil development and private enterprise are doing what the Fed's vaunted "monetary policy" can't, stimulate the economy, would be career suicide (especially with this administration). You could have 100% employment with minimum salaries in the 6-figure range in ND, and the Fed would refer to it as "negligible"...

21 posted on 08/20/2012 7:17:39 AM PDT by Charles H. (The_r0nin) (Hwaet! Lar bith maest hord, sothlice!)
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To: redfreedom
Maybe it will continue, but if Heidi Nastykamp and Dumbass Taylor are elected, their agenda includes throttling back our oil production.

More 'eastern' oil envy.

Fargo is jealous because li'l ol' Williston (those country bumpkins!) and the rest of Williams County have knocked down more taxable sales than Fargo for most of the last ten quarters, and Fargo is the State's largest city.

What they do not recall, is that there are two gears to an oil boom--flat out or dead stop--and 1982-86 should have shown the Dems that.

Times were so hard then in Dickinson, the joke went, that the Ethiopians offered them foreign aid...and I personally witnessed what can only be described as an exodus from Williston.

The current boom has developed partly because we are blessed with resources which we can exploit, to the benefit of all, and partly because the state has an industry-friendly attitude (Thank You, Ed Schafer!).

How typical of Dems to want to control that, to want to damage that.

We have a saying in the oil patch, one of the first lessons a new hand learns, and it applies here: "If it ain't broke, don't fix it!"

It ain't broke.

22 posted on 08/20/2012 7:26:23 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: Charles H. (The_r0nin)
To admit that oil development and private enterprise are doing what the Fed's vaunted "monetary policy" can't, stimulate the economy, would be career suicide...

There lies the crux of the matter, really.

This Administration has fought oil and gas development tooth and nail. Whenever they could, they hampered permitting, closed areas, shut down offshore, ANWR, and much of Wyoming, to name a few.

(They even became more sophisticated and decides to head the boom off at the pass, but couldn't find a reason to stop fracking, which is essential to recovering the resources we are recovering today.)

So, the industry, being adaptable, did what adaptable industries do, it found places and ways to continue.

Private lands, private mineral rights, and a State with reasonable regulations, and the combination has worked to provide a shining beacon of capitalistic hope in the midst of the socialist gloom which has settled on America.

Of course he can't admit it is working far better than the 'unemployment will stimulate the economy' nonsense of the Democrats could ever work (if it even could). They can't admit the boom in Natural Gas has reduced prices (which they cannot do with the releases from the SPR) and altered the geopolitics of energy in favor of North America. They can't admit that not only did we build it, we came up with the idea, designed it, experimented with it, and made it happen, not only without a heck of a lot of help, but often in spite of the Federal Government.

But I felt morally compelled to explain why he is wrong.

23 posted on 08/20/2012 7:41:06 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: generally

You’re welcome!


24 posted on 08/20/2012 7:52:31 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: Smokin' Joe
(But the State has a State Bank, too (Bank of North Dakota), and maybe the Fed folks don't want that getting out...)

That's a good idea. If the assclowns in charge of Illinois started their own state bank, we'd be even deeper in the hole.

Can you imagine Rahm and the other state Dems doling out politically motivated billion dollar loans with taxpayer money? It's bad enough what they've done with our tax revenues.

25 posted on 08/20/2012 8:13:56 AM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Son House

If the Fed is studying Bakken, the government probably thinks there are taxation and regulation opportunities going unexploited.


26 posted on 08/20/2012 8:24:18 AM PDT by Mr. Jeeves (CTRL-GALT-DELETE)
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To: Son House

The Obamists will kill the Bakken if they get the chance.

We could have another Bakken in Utah and Colorado if we could overthrow the Obamists and their allies peppered throughout the agencies.


27 posted on 08/20/2012 8:26:05 AM PDT by marron
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To: marron

The difference is one of who holds the mineral rights. If it’s Federal Land, not much is going to happen under this regime.


28 posted on 08/20/2012 8:35:58 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: Mr. Jeeves

No, the Fed is studying the Bakken because academics are hearing that “fracking is saving the economy” and they want to see what is going on far from their ivory towers.


29 posted on 08/20/2012 8:38:13 AM PDT by Southack (Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
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To: Smokin' Joe

The Colorado shale deposits are largely on federal land I believe, (although some are under private land). That made it easy to shut that down.

I remember reading here (FR) a few years back that there was a project in Utah on private land that was also shut down by the feds. They just really don’t like shale oil.


30 posted on 08/20/2012 8:47:46 AM PDT by marron
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To: marron
Be careful not to confuse Oil Shale with Shale Oil.

The Green River beds in Colorado are Oil Shale: the oil is trapped in microscopic pores in the rock (Shale) which are not interconnected. It has to be heated to frack its own way out of the rock.

While it is accepted that the shales are the source of the oil in the Bakken, the actual production there comes from a low permeability reservoir between the shales, or from the Three Forks Formation below the Bakken, where oil generated by the Bakken has migrated. While it is Shale Oil, the wells are in a mixture of siltstone, sandstone, Dolomite and Limestone, and aside from being 'tight' and and having very widespread high oil content, are pretty much similar to conventional reservoirs in the same rock type.

What makes the resource "unconventional" is that the high oil saturation in the rocks persists over a large area, without much regard to geologic structures within the area. (There is some variation, but not as much as with more porous rock).

It is worth noting that on Federal Leases in Wyoming, Utah, and Colorado, a lot drilling was shut down.

If private land is not large enough to be the majority of the required well spacing unit, the nearby Federal mineral rights can, in some cases control whether or not the well gets drilled. Spacing units vary, and the Feds may have been able to shut down private efforts that way.

31 posted on 08/20/2012 9:22:19 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: Smokin' Joe

Thanks for your post 31. I do know the difference between shale oil and oil shale, but not everyone does and its useful to remind people of the difference.

I was recently involved in a solar project that the environmentalists tried to shut down, which was being built on private land, and realize that the fact that something is on private land doesn’t really protect you much these days. They can claim that the solar farm is damaging the water table (really) or any other silly charge and you are on the defensive. You can find yourself under attack for “taking” endangered species that are in no way endangered. At this point it surprises me if anything gets built at all.

I’ve learned not to believe anything an environmentalist says.

North Dakota is lucky to have politicians who are prepared to go to the mat to protect the oil industry. That sentiment is growing perhaps in Utah and Colorado but the anti-oil hysteria is being whipped up and the feds are doing what they can to stop it too.

They have been mining natural asphalt in that region for a century but the enviros are going to go crazy trying to stop anyone from going to the next step. People are going to have to learn to pay them no mind. They are just as hysterical over a solar plant as they are a new oil project; once you know that, you know they are full of it. These are not serious people though they can cause you serious trouble.


32 posted on 08/20/2012 2:17:35 PM PDT by marron
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To: Smokin' Joe

Smokin:

Gotta disagree in part with your comment. Heidi and brother Joel are neck deep with the national democrats. Yes, our eastern brothers along the Red River, in particular Fargo don’t like us folks out west any more than obama likes Romney.

Joel took over Ed Shultz radio spot here in ND when Ed went national. When you listen to the democrat propaganda spewing from Shultz’s mouth, feel confident Joel and Heidi are thinking it, but will lie as instructed to mis guide the voters.

Yes the Fargoan’s are jealous, but the national democrats want us chopped down to the rest of the nations economic level. Let’s face it, starving people with no jobs losing their homes and on the govt dole are much easier to control than those that are prosperous and enjoying the freedoms of prosperity.


33 posted on 08/20/2012 2:32:20 PM PDT by redfreedom (Just a simpleton enjoying the freedoms a fly-over/red state has to offer.)
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.


34 posted on 08/20/2012 8:14:45 PM PDT by dynoman (Objectivity is the essence of intelligence. - Marylin vos Savant)
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To: redfreedom
Yes the Fargoan’s are jealous, but the national democrats want us chopped down to the rest of the nations economic level. Let’s face it, starving people with no jobs losing their homes and on the govt dole are much easier to control than those that are prosperous and enjoying the freedoms of prosperity.

It is sad the East side folks (at least some vocal ones) do not realize they, too, benefit indirectly, from prosperity on the West end of the State. I think the papers there started with an op-ed condemnation of the boom town atmosphere, sensationalizing it into some sort of free-for-all by repeating talking points from an unverified e-mail, and then doubling down. The hostility goes on, despite budget surpluses which directly have benefited people across the state, if no more than keeping tax increases and service cuts off the table.

As for the National Democrats/Socialists/Marxists/Communists (it is an amalgam at this point), yes, the Bakken Oil Boom has been a definite thorn in their side.

Not only has the region (and many others) not succumbed to the economic malaise which should have people willing to sell their children for a morsel of food, but instead, it has become a bright and shining example of what can happen if government will let the private sector develop. The enterprenuership (sp?), inventiveness, and sheer industry of the American People are not to be underestimated--and I say American People, because as I have stated before, I have seen license plates in the region from every state--people who have come here to work, to pursue the American Dream. When the opportunity is there, people will pursue it and make the most of it.

Furthermore, while there are some huge corporations involved in the oil industry, there have been incredible numbers of small businesses which have sprung up (and without a doubt, their owners and employees built that!). Most provide services or goods to larger companies, some to individuals, but either way, the idea that there are people out there with more than you have becomes an inspiration to work hard and be inventive, not jealous cause to try to tear down what they have built.

It is more than the shining beacon, it lights the way back to an age of prosperity and freedom, and even more, it undermines the entire Marxist mindset. Given the ability to use our resources and ingenuity, yes, we can build a better and more prosperous America.

Yep, the Democrats hate that. They'll pay lip service to prosperity, all the while doing all they can to undermine it because after 4 years of 'Hope and Change' failing to do anything but drive us all deeper in debt, the oil and gas boom has provided jobs, business opportunity, local prosperity, and even more importantly, hope.

35 posted on 08/21/2012 2:43:33 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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