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Old 01-27-2013, 02:45 AM
 
79,910 posts, read 44,435,786 times
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I don't know if I support the idea or not but I do find the statement from the Fed pretty comical. Yes, the losses would be real but it's not like the losses that the Fed oversaw the last few years weren't and haven't cost the citizens of every state a ton of money.
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Old 01-27-2013, 03:56 AM
 
Location: Fredericktown,Ohio
7,168 posts, read 5,385,010 times
Reputation: 2922
Quote:
Originally Posted by pknopp View Post
I don't know if I support the idea or not but I do find the statement from the Fed pretty comical. Yes, the losses would be real but it's not like the losses that the Fed oversaw the last few years weren't and haven't cost the citizens of every state a ton of money.
Who needs revenue and what they do with revenue when they have it is a deal breaker for me. Big banks of course make money for their investors which is great but there is a slew of people that do not benefit at all because they have no money to invest. Where the state banks benefits the people of their state where there is revenue for infrastructure, education, etc, etc. Beats the federal gvt running up debt to stimulate consumer spending.

If you look at the condition of our country there is a couple of paths for the states to take it is either cut spending or raise taxes. This is a good alternative for revenue stream which boost consumer spending with out running up debt. ND record speaks for itself considering a state with 700,000 people generated a surplus of over a billion dollars. Just think of the money generation from states with way larger populations. It beats money just swapping around on wall st looking for a better return where a good portion of of it comes from debt.
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Old 01-27-2013, 03:59 AM
 
79,910 posts, read 44,435,786 times
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I'm contemplating it. Not that anyone will make decisions based upon what I'm thinking.
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Old 01-27-2013, 04:39 AM
 
Location: The Brat Stop
8,347 posts, read 7,270,463 times
Reputation: 2279
Default Why Isn't Wall Street in Jail?

Not to be facetious here, but there's probably not a jail or prison large enough to house all of the crooks and liars. And, as long as there are lobbyists and politicians, both groups get free get out of jail cards, except once in awhile, a sacrificial lamb is toasted. Bernie Madoff comes to mind for one.
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Old 01-27-2013, 06:46 AM
 
24,494 posts, read 23,215,942 times
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John Corzine and Goldman Sachs got a pass from Obama. Maybe had Berny Madoff given Obama a little more election contributions he could have walked , too. Oh well, there's always a presidential pardon...
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Old 01-27-2013, 08:50 AM
 
Location: USA
13,255 posts, read 12,174,325 times
Reputation: 4228
Quote:
Originally Posted by Swingblade View Post
This article here is written by Ellen Brown and was the first time that I have heard about the idea :

Although the BND is operated in the public interest, it avoids rivalry with private banks by partnering with them. Most lending is originated by a local bank. The BND then comes in to participate in the loan, share risk, buy down the interest rate and buy up loans, thereby freeing up banks to lend more. One of the BND's functions is to provide a secondary market for real estate loans, which it buys from local banks. Its residential loan portfolio is now $500 million to $600 million. This function has helped the state avoid the credit crisis that afflicted Wall Street when the secondary market for loans collapsed in late 2007 and helped it reduce its foreclosure rate. The secondary market provided by the “shadow lenders” is provided in North Dakota by the BND, something other state banks could do for their community banks as well.
Other services the Bank provides include guarantees for entrepreneurial startups and student loans, the purchase of municipal bonds from public institutions, and a well-funded disaster loan program. When North Dakota failed to meet its state budget a few years ago, the BND met the shortfall. The BND has an account with the Federal Reserve Bank, but its deposits are not insured by the FDIC. Rather, they are guaranteed by the State of North Dakota itself - a prudent move today, when the FDIC is verging on bankruptcy.
Web of Debt - ESCAPE FROM POTTERSVILLE: THE NORTH DAKOTA MODEL FOR CAPITALIZING COMMUNITY BANKS

The BND scope is limited and in my imaginary world could be expanded where states banks could be completive in a wide range of areas. I know some on the right will scream socialist but it beats the alternative of the big banks. I like this idea because it is at the state level and the people have recourse to take action and beats the big banks controlling our leaders in DC. The idea is getting some legs several states are considering the idea. Here is some other sites :

North Dakota's Economic


Bank Of North Dakota: America's Only 'Socialist' Bank Is Thriving During Downturn (VIDEO)


Bank of North Dakota: Lending Services - Community, Rural, and Regional Development Loan Funds: Developmentally Disabled Facility Loan Fund

One last thing that tells me this is a good idea is the response from the federal reserve :


Can Public Banking Finance the New Economy? - Economic Intelligence (usnews.com)

That is a real knee slapper considering ND has not had a bank go under in 10 years, unemployment is way below national average, added millions to state coffers against the big banks becoming insolvent and in need of a bail out. Enjoy the read.
Thanks for the links. I'm going to go through each of them and check out what this alternative banking system is all about.
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Old 01-27-2013, 08:53 AM
 
Location: Chandler, AZ
5,800 posts, read 6,592,165 times
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Obama has surrounded himself with Wall Streeters such as Geithner & Bernanke, and Mozilo isn't jail either, and I'm sure those sweetheart housing deals for Chris Dodd & others are a huge reason why.
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Old 01-27-2013, 08:56 AM
 
Location: USA
13,255 posts, read 12,174,325 times
Reputation: 4228
Quote:
Originally Posted by Marv101 View Post
Obama has surrounded himself with Wall Streeters such as Geithner & Bernanke, and Mozilo isn't jail either, and I'm sure those sweetheart housing deals for Chris Dodd & others are a huge reason why.
And some Democrats thought he'd be different.


I'm so sick of hearing partisan talk.
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Old 01-27-2013, 10:15 AM
 
Location: The Brat Stop
8,347 posts, read 7,270,463 times
Reputation: 2279
Let's face it folks, if we took the Wall Street out of DC, we'd all hear a sucking sound, no matter where you might be living.
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Old 01-27-2013, 10:20 AM
 
Location: Out in the Badlands
10,420 posts, read 10,874,055 times
Reputation: 7801
why isn't Congress there...no budget in 4 years.
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