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- 2454 days ago -
State-owned banks could be a win-win for everyone interested in a thriving local economy. Objections are usually based on misconceptions or a lack of information. Proponents stress that:

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Ralph R Sutton (56)
Tuesday August 30, 2011, 4:51 pm
North Dakota has proven that state owned banks do have positive impacts on the state's economy. This is a trend that is beginning to catch on and as it does other states are going to see the advantages of state owned banks and follow with their own state banks.

Judy C (97)
Wednesday August 31, 2011, 3:03 am
I had heard a bit about this before, and it is a very good idea! Thanks, Michael.

Toni C (508)
Wednesday August 31, 2011, 3:31 am
Noted, and thanks for the article, Michael. I used to bank at a small local credit union until it was bought out by a larger and less convenient one... then I went shopping for a bank, and chose one that is locally owned. This bank contributes to the community in many way, plus promotes green living. I believe everyone should use local banks and credit unions and kiss B of A, Wells Fargo, Chase and the others good-bye.

LeMoyn Salmonsen (88)
Wednesday August 31, 2011, 4:06 am
Of course State Owned Banks are a good idea, along with Co-ops, community owned utilities, green energy and a National Health Care program. But these and many other worthwhile people first programs, community over plunder endeavors, have systematically been labeled as pinko, communist, socialist, the red siege, and credited as being capable of and responsible for the overthrow and inevitable downfall of capitalism, already teetering on the brink of self destruction, by the corporate controlled propaganda machine. Since theyíre not unjustifiably profitable to the Oligarchy, intent on the privatization of the world, and given such endeavors tend to benefit the little people, they have been systematically pummeled into oblivion. Greed supersedes common sense, equality, fair play, common cause, unity, sustainability and justice.

Micahel Dewey (1021)
Wednesday August 31, 2011, 4:59 am
Right on Hawkeye, you got the whole picture.

William Y (54)
Wednesday August 31, 2011, 6:10 am
Good points

Esther Z (94)
Wednesday August 31, 2011, 6:11 am
Noted. I'm just wondering how the states can adopt this bank model when so many of them are struggling with major budget deficits? Where would the states get the money to start and fund a state owned bank? I can see how the BND is thriving and enjoying a surplus, since it seems it never ventured into risky investments such a junk bonds and other complex derivatives. I'm just thinking it would be much easier to realize such a venture if the states weren't in such a financial mess.

. (0)
Wednesday August 31, 2011, 6:16 am
interesting, thanks, Michael

Penelope P (222)
Wednesday August 31, 2011, 6:48 am
Very good idea we had both bstate and federal banks in Australia-worked very well-Unfortunately we privatised them

Morris G. (18)
Wednesday August 31, 2011, 7:09 am
"Of course State Owned Banks are a good idea, along with Co-ops, community owned utilities"
UHH NO! Hawkeye. My business is in a town which has a "community owned utility" the electric power company. We pay the power bill to the town government. Problem is power in this town is 20% higher than power right outside the city limits provided by a public corporation which causes business to pick other nearby towns instead. We are down to 2 restaurants in town because of the power bill.
How did this happen? Well when this town along with several others decided to get in the utility business years ago they did so to profit from it and offset taxes. Well they did and they do "profit" from it, but tax rates are similar to other towns without electric utilities.
Even worse they spend all the "profit" and do not set aside enough for capital needs like replacing old transformers, poles, line, etc. So we have power outages all the time.
No government should do some things, but running utility companies isn't one of them.

Marilyn Arnest (63)
Wednesday August 31, 2011, 7:53 am
About two years ago I switched from one of the big banks that created the financial disaster to a credit union. am so pleased with my decision. I urge all that read these comments to follow suit. I get more benefits than I ever did with Chase Bank. If we are going to make a point with these crooks, we have to hit them where they hurt; right in the pocket book!

Past Member (0)
Wednesday August 31, 2011, 8:04 am
Thanks Michael....totally agree. Big banks are a BIG part of this country's problems.

. (0)
Wednesday August 31, 2011, 8:16 am
Noted Michael. . .thank you for bringing this to our attention. . .

Past Member (0)
Wednesday August 31, 2011, 9:50 am
Hawkeye, green star sent your way! I guess I am another "pinko" cuz I agree with you!

I bank at a credit union, which only operates in my state as a "co-op" and love the service we get and how each member is considered a person, not a number!

Dotti L (85)
Wednesday August 31, 2011, 10:12 am
Thanks for the article, Michael. It is difficult and time consuming to change banks. But I have been thinking about it since Marilyn A. and I discussed this a few months ago.

Michael C (217)
Wednesday August 31, 2011, 10:28 am
Noted, with thanks...It sounds liek this is the way to go, I just wonder if the Feds would go along?

Myron Scott (70)
Wednesday August 31, 2011, 12:13 pm
I'm 100% in favor of this. I favor public power, too, by the way; but there can be problems with it. Nothing in this life is perfect or 100% guaranteed. Anyway, I don't see how state banks and public power are comparable. State banks aren't a panacea, but I think they're an idea whose time has come. Better late than never.

LeMoyn Salmonsen (88)
Wednesday August 31, 2011, 12:18 pm
Morris, sounds to me like you folks need to exercise your democratic responsibility and demand better management while you still have the privilege of democracy. Before big utilities Corps eat all our lunches with their bully tactics. Itís always sounds great until they gain control. Promises are cheep and plentiful. In addition, I think if you check around the evidence is pretty conclusive that the exact opposite is also true. The one that comes to mind immediately is the water wars of the California San Joaquin valley where the privet corp. bought out the service. Rates went up exponentially, water quality went down, (they can drink it, then they canít, can, canít) and maintenance became nonexistent because most of the employees were terminated. Now the communities are up to their butts in legal litigation trying to regain control. Good for lawyers, not so good for consumers. Also check the incessant battles between PGE and the State of CA and Municipalities over PCB and radioactive pollution, Nuclear plant contraction on known fault lines, rate hicks, distribution rights etc. Iím familiar with these because I formerly lived in CA and was up to my ass in continues protest against them through the late 60ís all of the 70ís & 80ís into the 90Ēs Iíll grant you rates are generally higher with local utilities unless and until a significant co-op of communities can come together. That obviously depends on where you live. But what would you prefer, your money staying in and supporting your community or going to Wall St.?

To further illustrate my point: We have a Corp. utility provider here, PNM, and beside the fact they virtually own most of the states utility access rights, their rates get jacked up every year. They are always eating up government time and resources filing for the next rate hike and they consistently ask for 2 to 3 times the justifiable increase. Even before the last one goes into effect. Plus this fact; if thereís a power outage in one area whole sections of the state become affected. Spread the cost, = spreading the problems as well. One final note to my rant, over the past 5 years, PNM has closed most of its locally operated offices, terminated local people and over half of their maintenance is now done by out of state contractors. Good for the Chain owned fast food and Motel business, not so good for locally owned business which creates even more local unemployment. It all comes down to how you want-a cut the pie. Feed the insatiable appetite of the trans-nationals or support your local economy. I donít guess thereís much question where my loyalties lie.

And then again thereís always solar

Sheryl G (363)
Wednesday August 31, 2011, 12:19 pm
Best speak to your Town Morris, a friend of mine has just the opposite to say concerning their town owned Power.
As I have been reading about this for awhile now, due to my wanting the Federal Reserve to go down and become a part of a bad history, I feel this is a wonderful idea. Thanks for bringing this to the peoples attention who may not be aware of this. There is a way out of our problems but it isn't how Washington is going about it.

Mary T (178)
Wednesday August 31, 2011, 12:43 pm
Thanks Michael very interesting article.

Charles Thomas (1)
Wednesday August 31, 2011, 12:44 pm
True--although giving more money to the Feds will continue to support programs like re-building mosques for people who hate us and paying 750 million in late fees for shipping containers left in a yard rather than being returned by the due date.

Jon Stewart (37)
Wednesday August 31, 2011, 12:57 pm
This is an old idea whose time has come... and to anyone who would label me a "pinko" socialist, "thanks" in advance. I consider that a compliment of the highest degree.

Lisa N (206)
Wednesday August 31, 2011, 1:11 pm
Noted, thank you Michael!

Roger G (154)
Wednesday August 31, 2011, 1:25 pm

Agnes N (703)
Wednesday August 31, 2011, 1:26 pm
Thanks Michael...Noted

Ruth M (843)
Wednesday August 31, 2011, 1:44 pm
Thanks for the info. Very interesting.

Stelizan L (258)
Wednesday August 31, 2011, 2:01 pm
Thanks for sharing Michael - this might just be the solution. What''s happening in North Dakota makes it seem like it can be a win-win situation, possibly depending on the integrity of the staff involved in decisions and operations.

M B (62)
Wednesday August 31, 2011, 2:16 pm
What a good, infact old idea this is.I hope poeple don't confuse it with communism.

Penelope Ryan (178)
Wednesday August 31, 2011, 2:22 pm
TY Michael, I was not aware of this aolution. Hating the banks as much as I do, it would seem to be a good idea. Usually good ideas don't make it these days.

Ralph F (66)
Wednesday August 31, 2011, 2:48 pm
Sounds like a good idea. Also need to, "Nationalize" the Federal Reserve Bank, which is actually not Federal -- but a private entity.

Micahel Dewey (1021)
Wednesday August 31, 2011, 3:18 pm
Oh it sees to me that the Treasury will be the one printing the money, not the Fed, which is 12 private banks. Though all of the details won't be coming from me.

Pat B (356)
Wednesday August 31, 2011, 5:19 pm
Thanks, Michael for this. I am with a community owned bank, and am very pleased with them. I am passing this article along to friends.

. (0)
Wednesday August 31, 2011, 8:28 pm
Good article!!!! It would be nice to go back to community banks.

Ellen m (215)
Wednesday August 31, 2011, 11:03 pm
Great info. Thanks

Arild Gone for now (174)
Thursday September 1, 2011, 12:57 am
Good point,thanks Michael.

Angelika R (143)
Thursday September 1, 2011, 3:11 am
"There is a way out of our problems".., Dandelion just said it and the headline to this post speaks for itself as well. Also this sentence "Their conclusion was that state-owned banks in those states would have a substantial positive impact on employment, new lending, and state and local government revenue." should convince everybody. I hope those 8, guess soon to be 10 states get those bills passed, the idea is economically and socially reasonable.
Thank you Michael!
Yes, of course Hawkeye covered it all, star for sure. And bravo Toni, but make that KICK, not kiss.
You cannot currently send a star to Toni nofwds because you have done so within the last week.


Mary P (157)
Thursday September 1, 2011, 5:11 am
Thank you Michael. Interesting article.

Carol H (229)
Thursday September 1, 2011, 6:11 am
good article, thanks Michael.noted

Christia F (158)
Thursday September 1, 2011, 3:14 pm

Ness F (211)
Thursday September 1, 2011, 6:55 pm
Noted with Thanks!!

Yvonne White (229)
Friday September 9, 2011, 2:39 pm
Amen Hawkeye!:) I think state-owned would be great - but knowing Illinois gangsters..maybe not..;)

Lika P (130)
Saturday September 10, 2011, 10:07 pm
Not only is that a smart idea, but, something that both sides of the political spectrum can all digest.

Nancy C (806)
Thursday September 15, 2011, 6:55 pm
My bank was taken over, my mortgage company was taken over...Wish NJ would look into this. Sounds promising and more than just a state away from Wall Street. We'd need to be crafty with our Repug dialogue as they only want what's best for themselves...
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