Boost the Economy for the Rest of Us: ND's economic success shows what public banks can accomplish

from OnTheCommons.org:




How to Boost the Economy for the Rest of Us
North Dakota's economic success shows what public banks can accomplish

By John David





When Sergio Lub, a small business owner in Walnut Creek, California, submitted public testimony to the Banking and Finance Committee on May 2, 2011 supporting the creation of a state-owned bank in California, he wrote from personal experience:

“I long for the treatment I used to receive from the former Contra Costa Bank of Walnut Creek. Whenever I needed working capital, I just made a phone call and it was done. After our bank was bought by Wells Fargo, getting a credit line became increasingly more complicated to the point that now ― even after being a customer for 36 years ― we no longer qualify for loans. This is because our type of business (handcrafting and wholesaling of jewelry), does not conform with the standard type of businesses Wells Fargo seeks to bundle and easily re-sell to Wall Street investors.

“It is my hope that, as happens in North Dakota, our Bank of California will encourage and support local banks to finance local businesses so we will not be handicapped by the rigidity and restrictions of the big banks.”

Lub sees what the farmers and industrial workers of North Dakota saw when they noticed where their money went. They formed the Non-Partisan League, won an election, and created a state-owned bank in 1919. ..............(more)

The complete piece is at: http://onthecommons.org/how-boost-economy-rest-us

http://www.banknd.nd.gov/

http://www.ndmill.com/

How's that for a RED state? Two state owned (socialist) businesses.
The repugs don't dare touch them either. They know better than to even think about it.