Economy prompts fresh look at ND's socialist bank

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Economy prompts fresh look at ND's socialist bank

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.

http://news.yahoo.com/s/ap/20100216/ap_on_bi_ge/us_socialist_bank

i think the bank's role is over emphasised, but i am sure watermark will be drooling when he reads this
 
Yurt said:
Economy prompts fresh look at ND's socialist bank

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.

http://news.yahoo.com/s/ap/20100216/ap_on_bi_ge/us_socialist_bank

i think the bank's role is over emphasised, but i am sure watermark will be drooling when he reads this
Click to expand...

Why would it be helping ND sail through the recession?

A better solution than bailouts would've been to nationalize failing banks and fire all of the CEO's and managers who got us into the mess.
 
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HUGO STIGLITZ said:
Why would it be helping ND sail through the recession?

I think that a better solution than bailouts would've been to nationalize failing banks and fire all of the CEO's and managers who got us into the mess.
Click to expand...

so that they instead could be run by the politicians that.... GOT US INTO THIS MESS?

great plan
 
Superfreak said:
so that they instead could be run by the politicians that.... GOT US INTO THIS MESS?
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Republicans? No.

Actually they'd be run by the administrators hired to manage the banks until they could be privatized and regulated.

The feds, of course, already have a national bank, and wouldn't need another system propped onto that.
 
HUGO STIGLITZ said:
Why would it be helping ND sail through the recession?

I think that a better solution than bailouts would've been to nationalize failing banks and fire all of the CEO's and managers who got us into the mess.
Click to expand...

this makes no sense. you don't know why it is helping ND, but you want to do the same thing they did with this bank and make it national?
 
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