georgephillip
Diamond Member
It's been working pretty well in North Dakota since 1919:Sounds like a good idea to me once explained, but what do I know....Good luck in any cutting ties with the ones who weren't working in the best interest of Californians and their well being.Are you saying I'm stuck with buses and subways for the duration?No garage, so no car.
So, she wants CA to own a bank so they can store the money they don't have.
OK...fine.
As to Ellen's prescription for California's financial woes, i think the plan is to keep billion$ in state revenues within California instead of shipping them off to Wall Street where they're often used to speculate against the best interests of Californians.
2% mortgages?
Credit cards capped at 6%?
"California is the eighth largest economy in the world, and it has a debt burden to match.
"It has outstanding general obligation bonds and revenue bonds of $158 billion, largely incurred for infrastructure. Of this tab, $70 billion is just for interest. Over $7 billion of California’s annual budget goes to pay interest on the state’s debt.
"As large as California’s liabilities are, they are exceeded by its assets, which are sufficient to capitalize a bank rivaling any in the world. That’s the idea behind Assembly Bill 750, introduced by Assemblyman Ben Hueso of San Diego, which would establish a blue ribbon task force to consider the viability of creating the California Investment Trust, a state bank receiving deposits of state funds.
"Instead of relying on Wall Street banks for credit – or allowing a Wall Street bank to enjoy the benefits of lending its capital – California may decide to create its own, publicly-owned bank."
WHAT A PUBLIC BANK COULD MEAN FOR CALIFORNIA « WEB OF DEBT BLOG
"A number of other mineral-rich states were initially not affected by the economic downturn, but they lost revenues with the later decline in oil prices. North Dakota is the only state to be in continuous budget surplus since the banking crisis of 2008.
"Its balance sheet is so strong that it recently reduced individual income taxes and property taxes by a combined $400 million, and is debating further cuts.
"It also has the lowest foreclosure rate and lowest credit card default rate in the country, and it has had NO bank failures in at least the last decade.
"If its secret isn’t oil, what is so unique about the state? North Dakota has one thing that no other state has: its own state-owned bank.
"Access to credit is the enabling factor that has fostered both a boom in oil and record profits from agriculture in North Dakota. The Bank of North Dakota (BND) does not compete with local banks but partners with them, helping with capital and liquidity requirements..."
NORTH DAKOTA