Journal zogger's Journal: Florida considers a state bank 4
Basically like the state North Dakota bank I have mentioned previously. They have some interesting projections if they do.
It needs to happen. Private for profit banks with the additional benefit to *them* of getting to use a fractional reserve system are way too much of a ripoff, and as we can see, are not really serving the needs of the people all that well. Wall street shouldn't be allowed to front run or use naked shorting, nor have their own employees being revolving door regulators and policy setters in the government, that's a clear cut case of conflict of interest, and private banks shouldn't be allowed to lend that which doesn't even exist. Both are complete frauds.
Further research... (Score:2)
I've been researching this and there is a reason North Dakota is the only State with their own bank. The rest of them that did it went broke. I believe Delaware was the most recent example. I hope Florida does a bit of research to make sure they know how to do this.
Being a State Bank is only PART of the reason the ND one is so successful. The rest is in their charter. They have a special purpose, and are limited in their practices. They also partner with local banks who handle most of the loans with t
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It also helps that ND seems to be fairly sensible (comparatively) fiscally -- I see that they have no state budget deficit, nor one projected for next year [sunshinereview.org]. But for states like FL and esp. mine of CA [swivel.com] it's a vastly different picture. It wouldn't work here, with our chronic history of voting in majorities of sociopaths to our state govt. Here we're p0wned by Left-wing special interest groups in general and labor unions in particular, and a state bank would be looted and otherwise treated entirely as irrespons
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Yes, exactly. When I read the original article and got to the part about Miami-Dade looking at starting their own bank, there was one local official saying something like "we'd be losing money, because by limiting ourselves to 2.3% interest or so, we couldn't take advantage of better returns at normal, commercial banks". My first thought is that it wouldn't work because someone like this would always be saying "we could make more if..." right up until the next derivatives debacle and they lose it all.
The
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it seems that on the other southern coast they too believe in some magical financial fairy that makes batshit insane fiscal behavior somehow sustainable
The Disney Effect?