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State Owned Banks
Posted: Tue Jan 25, 2011 3:40 pm
by kalm
Seems like an interesting idea with a record of success.
Thoughts?
State-Owned Banks a Blueprint for Future?
(AP) 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 only state-owned bank in the United States - 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.
Gubernatorial candidates in Florida and Oregon and a Washington legislator are advocating the creation of state-owned banks in those states. A report prepared for a Vermont House committee last month said the idea had "considerable merit." Liberal filmmaker Michael Moore promotes the bank on his Web site.
http://www.cbsnews.com/stories/2010/02/ ... 2789.shtml" onclick="window.open(this.href);return false;
Re: State Owned Banks
Posted: Tue Jan 25, 2011 3:44 pm
by houndawg
kalm wrote:Seems like an interesting idea with a record of success.
Thoughts?
State-Owned Banks a Blueprint for Future?
(AP) 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 only state-owned bank in the United States - 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.
Gubernatorial candidates in Florida and Oregon and a Washington legislator are advocating the creation of state-owned banks in those states. A report prepared for a Vermont House committee last month said the idea had "considerable merit." Liberal filmmaker Michael Moore promotes the bank on his Web site.
http://www.cbsnews.com/stories/2010/02/ ... 2789.shtml" onclick="window.open(this.href);return false;
Better keep a defibrilator around here.
Re: State Owned Banks
Posted: Tue Jan 25, 2011 3:44 pm
by danefan
Isn't essentially the same idea as a Credit Union - e.g. non-profit banking?
Re: State Owned Banks
Posted: Tue Jan 25, 2011 3:45 pm
by Wedgebuster
What if that state is California?
Re: State Owned Banks
Posted: Tue Jan 25, 2011 3:51 pm
by ALPHAGRIZ1
Then it will fail miserably and then want help from everyone else.
Re: State Owned Banks
Posted: Tue Jan 25, 2011 3:54 pm
by houndawg
ALPHAGRIZ1 wrote:Then it will fail miserably and then want help from everyone else.
Just like the Wall Street banks.
Re: State Owned Banks
Posted: Tue Jan 25, 2011 3:55 pm
by kalm
houndawg wrote:ALPHAGRIZ1 wrote:Then it will fail miserably and then want help from everyone else.
Just like the Wall Street banks.
That hasn't happened for North Dakota.
Re: State Owned Banks
Posted: Tue Jan 25, 2011 4:09 pm
by Gil Dobie
The Bank of North Dakota was formed to compete with out-of-state money that was controlling the state at the time. They also have a state Mill & Elevator thanks to the NPL.
Re: State Owned Banks
Posted: Tue Jan 25, 2011 5:55 pm
by AZGrizFan
danefan wrote:Isn't essentially the same idea as a Credit Union - e.g. non-profit banking?
Maybe as far as the "non-profit" portion (actually NOT FOR profit, and there IS a difference), but definitely not the same as credit unions. We're owned by our members, not a government agency.
Re: State Owned Banks
Posted: Tue Jan 25, 2011 6:00 pm
by kalm
AZGrizFan wrote:danefan wrote:Isn't essentially the same idea as a Credit Union - e.g. non-profit banking?
Maybe as far as the "non-profit" portion (actually NOT FOR profit, and there IS a difference), but definitely not the same as credit unions. We're owned by our members, not a government agency.
Well if you'd prefer we can start lumping you in with Wall Street again.
Re: State Owned Banks
Posted: Tue Jan 25, 2011 6:17 pm
by AZGrizFan
kalm wrote:AZGrizFan wrote:
Maybe as far as the "non-profit" portion (actually NOT FOR profit, and there IS a difference), but definitely not the same as credit unions. We're owned by our members, not a government agency.
Well if you'd prefer we can start lumping you in with Wall Street again.
I'll be lumped in with no group, thank you very little.
Re: State Owned Banks
Posted: Tue Jan 25, 2011 6:45 pm
by D1B
AZGrizFan wrote:danefan wrote:Isn't essentially the same idea as a Credit Union - e.g. non-profit banking?
Maybe as far as the "non-profit" portion (actually NOT FOR profit, and there IS a difference), but definitely not the same as credit unions. We're owned by our members, not a government agency.
Yeah, and I'll glady help pay the salaries of my CU employees. Government employees can go fuck themselves.
Re: State Owned Banks
Posted: Tue Jan 25, 2011 7:41 pm
by danefan
AZGrizFan wrote:danefan wrote:Isn't essentially the same idea as a Credit Union - e.g. non-profit banking?
Maybe as far as the "non-profit" portion (actually NOT FOR profit, and there IS a difference), but definitely not the same as credit unions. We're owned by our members, not a government agency.
Sorry should have made myself more clear. My point was that state owned banks would serve the same purpose as credit unions. Serve the customers - not the bank owner.
I don't think we need state owned banks when CUs achieve this purpose already.