Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The bank had almost $4 billion in assets and a $2.67 billion loan portfolio at the end of last year, according to its most recent quarterly financial report. It made $58.1 million in profits in 2009, setting a record for the sixth straight year. During the last decade, the bank funneled almost $300 million in profits to North Dakota's treasury.
The bank has the advantage of being the repository for most state funds, which can be used for loans and occasional relief for private banks that need a jolt of cash during sluggish credit markets.
"We think of ourselves as kind of a little mini-Federal Reserve," Hardmeyer said. The Associated Press: Economy prompts fresh look at ND's socialist bank
I just find it informative that an actual Socialist institution that was created by a Socialist during the Progressive era (that Glenn Beck has been learnin' us about lately) is thriving today in a state that is also doing very well. This Socialist bank didn't destroy America, or N Dakota or anything else. Is this bank really something to fear? I mean, it's Socialism right here on American soil. And in a red state, no less.
Do you think the farmers and banks of N Dakota who have received all these loans even realize they have been participating in Socialism!?!?!?
Good for ND. If the states want to do these things and it's not outside the boundaries of their constitutions, then more power to them.
The feds have no such authority, however. They've been usurping power and authority from the states and from the people for nearly a century, and people are finally starting to wake up to that fact.
Good for ND. If the states want to do these things and it's not outside the boundaries of their constitutions, then more power to them.
The feds have no such authority, however. They've been usurping power and authority from the states and from the people for nearly a century, and people are finally starting to wake up to that fact.
Where's the anger? The tea bag protests? Why isn't there a March on Bismarck being organized right this minute? I mean actual Socialism in America!
Who are these unAmerican, anti-Constitution, thieves in Bismark that think they can take YOUR MONEY, NORTH DAKOTANS, and GIVE IT TO SOMEONE ELSE - like farmers and small businesses and other banks!?!?!?
Come on, let's March on Bismarck, a "Bismarch on the Dakotas," America! Let's fill the Mighty Missouri River with delicious Freedom Tea!
Where's the anger? The tea bag protests? Why isn't there a March on Bismarck being organized right this minute? I mean actual Socialism in America!
Who are these unAmerican, anti-Constitution, thieves in Bismark that think they can take YOUR MONEY, NORTH DAKOTANS, and GIVE IT TO SOMEONE ELSE - like farmers and small businesses and other banks!?!?!?
Come on, let's March on Bismarck, a "Bismarch on the Dakotas," America! Let's fill the Mighty Missouri River with delicious Freedom Tea!
Sarah, Glenn, Rush, let's get er done!!!!
I do not believe what SD is doing can be called socialism,one of the points that you falsely accuse them of is taking someone Else's money and giving it to someone else.Being a Lbt conservative that does not support Socialism in any form or fashion I think what SD is doing is great and they are excessing their states right covered by the 10th amendment.
The point that you missed is they are not taking peoples money and giving it to someone else,what they are doing is creating money:here is my girl Ellen Brown :
Quote:
But the state can create its own money. After all, banks do this every day. Certified, card-carrying bankers are allowed to do something nobody else can do: they can create “credit” with accounting entries on their books. As the Federal Reserve Bank of Dallas explains on its website:
“Banks actually create money when they lend it. Here’s how it works: Most of a bank’s loans are made to its own customers and are deposited in their checking accounts. Because the loan becomes a new deposit, just like a paycheck does, the bank . . . holds a small percentage of that new amount in reserve and again lends the remainder to someone else, repeating the money-creation process many times.”
So SD is doing nothing different then any other bank except when it comes to profit instead of lining the pockets of the banking cartel it goes to the state treasury and becomes the peoples money.Another aspect that makes it not socialist is the SD bank is not backed by the FDIC.
The FDIC is the banking cartels socialism that would even make Karl Marx blush,a bank can act irresponsible by investing and loaning or using fractional reserve to the extreme and lose money.Enter the FDIC that pays off the depositors using "other people money" via the tax payer.
With out the socialist FDIC the state will regulate and guard against fraud to protect it's interest of getting money in it's states coffers.
Quote:
Money in a government-owned bank could give us the best of both worlds. We could have all the credit-generating advantages of private banks, without the baggage cluttering up the books of the Wall Street giants, including bad derivatives bets, unmarketable collateralized debt obligations, mark to market accounting issues, oversized CEO salaries and bonuses, and shareholders expecting a sizeable cut of the profits.
Web of Debt - BUT GOVERNOR, YOU CAN CREATE MONEY! JUST FORM YOUR OWN BANK.
The world is sometimes upside down,though SD banking was started by a socialist it seems more liberty minded to me because the bank is ran by the state and is closer to the people where it and most issues belong.I consider that bank bail out big time socialist where the people had to bail out the banks.
State owned banks are okay, always, as long as their existence doesn't violate any state laws.
You guys really need to understand the difference between state governments and the federal government. Really.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
In Bismark, NORTH DAKOTA!!!
