A State Owned Bank, Who Knew?

[BoyGenius]

"The Bank of North Dakota is the only state-owned bank in America—what Republicans might call an idiosyncratic bastion of socialism. It also earned a record profit last year even as its private-sector corollaries lost billions. To be sure, it owes some of its unusual success to North Dakota’s well-insulated economy, which is heavy on agricultural staples and light on housing speculation."

Mojo - March, 2009 | Mother Jones

[aps45819 (Premo)]

Chris Dodd and Barny Frank must not live in North Dakota

[hvp05 (Premo)]

Okay, so it's state-owned. What does that have to do with the president's plans? States are supposed to be mostly independent, are they not?

And this...

MJ: And now the current downturn seems to have bypassed you.

EH: The State of North Dakota does not have any funding issues at all. We in fact are dealing with the largest surplus we’ve ever had. So our concern is how do we spend it wisely and make sure we save it for the future.

Again, what do those practices (i.e., spending wisely and saving for the future) have to do with the president? He acts as if he has never even heard those concepts before.

[This_person]

Originally Posted by BoyGenius

"The Bank of North Dakota is the only state-owned bank in America—what Republicans might call an idiosyncratic bastion of socialism. It also earned a record profit last year even as its private-sector corollaries lost billions. To be sure, it owes some of its unusual success to North Dakota’s well-insulated economy, which is heavy on agricultural staples and light on housing speculation."

Mojo - March, 2009 | Mother Jones

Interesting - a bank that was run with the idea that how easterners do things may be wrong. A bank that believes in responsible investment in the community (key word - responsible). A state run venture that's still doing what it was intended to do in the first place.

Sounds like some smart people doing some smart things.

I see no parallel to the Obama plans/administration at all.