Here is the link to the website for the BND (Bank of North Dakota, FYI) http://www.banknd.nd.gov/
The “CSB” would be the Commonwealth State Bank.
North Dakota has 3% unemployment. Before you jump up and down and yell “Oil! Oil! Oil!” note that Alaska produces at least twice as much oil and has an unemployment rate of 7.7% (Source, Bureau of Labor Statistics released for Labor Day on 9/2/11) This is a great site to keep an eye on, actually: http://www.bls.gov/ Yes, oil is nice for a state to have, but other states have oil, too. North Dakota is the ONLY state to have a surplus every year since 2008 – and THAT includes Texas. Why? Per my review of the data – the answer is the BND.
The BND pumped as much revenue into the North Dakota general fund as all oil and gas taxes, combined over the last decade. The BND has out performed Nevada’s casinos, Michigan’s casinos, and New Jersey’s casinos year after year after year as a source of state revenue. Not only that, the BND trumpets a 19% ROE (Yup, 19% return on equity) Beat that, Wall Street.
There is no stalled, debris strewn Filene’s Hole or Symmes Debris pile in North Dakota. Why? The BND assures that projects like these go forward and are not abandoned over lost credit lines. No depression for construction workers in North Dakota. Thank the BND and how it is managed.
The BND Flex PACE program provides loans to local communities to assure job and employer retention as a form of short-term low interest credit line. Think how not having to beg for every buck but yet be accountable for repayment would help YOUR city and/or town.
It isn’t taxation levels that stymies business growth in the Commonwealth – it is a combination of toxic banking (with stranglulation of small business credit) and centralized, unaccountable micromanagement from Beacon Hill – with zero transparency and insider dealing. A prime example is the 155 page casino bill drafted behind closed doors that contains a 9% hidden tax in the form of horse welfare.
Yes Magazine covers the BND in this issue: http://www.yesmagazine.org/new-economy/the-north-dakota-miracle-not-all-about-oil
Where is the support for agriculture in Massachusetts? For filing technical jobs and keeping business here because workers are here by ensuring a healthy regionalized community college system and access by students?
Not only are casinos not the answer, but a state bank keeps state revenue and jobs in OUR state – casinos ship profits out of state and create no wealth at all except to their absentee owners.
Auditor Susanne Bump is doing great work in auditing the recipients of taxpayer dollars – all organizations whether they are labeled nonprofits or NGOs that receive taxpayer dollars should be audited at least once every three years. Folks are less likely to misbehave – and steal from the taxpayer, when someone is watching.
Treasurer Grossman is starting to put our taxpayer dollars to work where we live – I bet he would do such a good job with a CSB that the whole idea of casinos as being EVEN a good idea would die the natural death that such a disproven idea deserves.
as you rightly point out instead of copying losers like
Slot Barns. Bravo!
Having a state-run bank like BND is a great idea that is long overdue.
I’ve heard that Senate President Therese Murray (D-Plymouth) has some interest in the idea.
Regardless of anything else, it should be done in the 49 other states.
It’s time to use state money for the advantage of Massachusetts, not to make profits for banks.
He campaigned on moving money to small community banks who adhere to our usury laws and invest locally, rather than the big banks.
Instead of angering private health insurers, this time it would be bankers.
In other words, probably not at this time.