Interesting articles on public banking, Wall Street, and cooperative action…
Electric power by and for the people: check out this story about electric cooperatives and other publicly owned utilities providing power to $1.8 million people in Nebraska. This harkens back to the prairie populism and the first progressive era, just as the creation of the Bank of North Dakota does. [Link above.]
“…Wall Street cannot be trusted to regulate itself. The rewards of fraud have trumped honesty and morality. The regulators are out-gunned. The crooks run circles around the cops. And the remedy is equally obvious…” writes Public Banking Institute leader Mike Krauss.
“… the nation was put on notice as far back as 2001 that Wall Street was more snake oil salesman than the locomotive for new business launches…”
Who knew Wall Street was lousy at job creation. Check out the graphic on this one.
“It is more profitable than Goldman Sachs Group Inc., has a better credit rating than J.P. Morgan Chase & Co. and hasn’t seen profit growth drop since 2003. Meet Bank of North Dakota, the U.S.’s lone state-owned bank, which has one branch, no automated teller machines and not a single investment banker.”
The Wall Street Journal discovers the Bank of North Dakota.