Nation’s Only State-Owned Bank is the Envy of Wall Street?

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The Bank of North Dakota is the only state-owned bank in the nation. It also earned record profits last year, showing that “socialized” banks can actually out-compete the likes of BofA and Wachovia.
Mother Jones interviews the bank’s president, who says the socialism label has “been thrown at me many times” but that now he’s getting the last laugh.

Could opening state-owned banks across America get us out of the financial crisis?

“It certainly might help, says Ellen Brown, author of the book, Web of Debt, who writes that the Bank of North Dakota, with its $ 4 billion under management, has avoided the credit freeze by “creating its own credit, leading the nation in establishing state economic sovereignty.” ”

  1. Reply
    Ron Burgundy
    November 10, 2011 at 9:49 am

    Big government and socialist ideals never work.

    “He who sacrifices freedom for security deserves neither” – Ben Franklin

  2. Reply
    November 10, 2011 at 10:38 am

    the dakotas are in awash of oil and other resources,which means much more taxes for the state,and banks have much more money to wrk with…states w/bad economies,ie states run by dems, cant say the same thing…

  3. Reply
    Wooglet Voot
    November 10, 2011 at 10:47 am

    Credit Unions are doing great also.

  4. Reply
    Zach V
    November 10, 2011 at 11:19 am


    “Bank of North Dakota (BND) exceeded performance expectations in 2007. Net earnings increased to $ 51 million, 19 percent over 2006. Total assets grew 19 percent from 2006 to reach $ 2.779 billion.”

  5. Reply
    November 10, 2011 at 11:23 am

    Yes, there was no point at all in giving Trillions of dollars to Incompetant Banks in order to make them solvent, and then more Trillions of dollars so they start lending.

    No point at all, except for corruption that is.

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