posted on Aug, 20 2012 @ 10:25 AM
Which solution do YOU want ?
How about a state bank? North Dakota is the only state with the common sense to realize that owning and operating a bank makes it infinitely easier
to affect an economy. I assume that most states would like to be able to affect their own economies, yet only one state has decided to take that
-the third least-populous state
-lowest unemployment rate
-$1 billion budget surplus
Of course the production of oil in North Dakota helps these figures, but so does the state bank.
“The benefit to commercial businesses is they receive affordable low-cost loans, including some as low as 1 percent per year,” Armstrong said.
“The benefit to the state’s public is a more affordable and competitive rate for student loans and home mortgages.”
So why don't more states have a state-owned bank?
“A state bank has the ability to use the enormous resources of the state to nearly monopolize the market and as a result, create an unfair
advantage over commercial banks,”
Oh so commercial bankers are concerned that someone would use their enormous resources to monopolize the market and create an unfair advantage for
itself... who would do such a thing?!
“We (Bank of North Dakota) have a specific mission that we’re trying to achieve that’s not necessarily bottom-line driven,” Hardmeyer