American Socialist Bank!

February 16, 2010

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There’s a socialist bank in North Dakota! 

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I’d not heard that North Dakota was a commie socialist enclave, but there you have it.  There’s a successful state-run bank (even now when, here and there, tanking banks are everywhere) here! right here in the USA. 

Maybe Obama won’t produce his birth certificate because he’s really from the SSND –the Socialist State of North Dakota.

……….The Bank of North Dakota serves as an economic development agency and “banker’s bank”
……….that lessens the loan risks of private banks and helps them finance larger projects.
……….It offers cheap loans to farmers, students and businesses. —
The HuffPo

Once Sarah Palin writes this on her hand and the Tea Party gets hold of it it’ll probably be all over for the SSND.  Too bad for farmers, students, and businesses; we’re running a free-market here!  Love it or leave it.

……….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.
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It’s a kind of collective!

……….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.

Here’s something from the “about” page of the Bank of North Dakota’s website.  Be sure to note some of the most anti-American policies of the bank you’ll find there such as:

1.  All deposits of North Dakota are guaranteed by the state
2. It’s primary deposit base is the State of North Dakota
3. All state funds and funds of state institutions are deposited with the BND, as required by law 
4. The state Industrial Commision oversees the BND
5. The 7-member Advisory Board is appointed by the Governor

Scary shit: mandated to serve farmers, students, and businesses, bring in the Republican Guard!

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