Massachusetts Senate eyes creating a state bank

[UpInArms]

Source: Reuters

NEW YORK, Feb 24 (Reuters) - Massachusetts should consider creating a state-owned bank, which could help boost lending for small businesses the way North Dakota has done since 1919, according to the president of the state Senate.

Therese Murray, the Senate president, has called for a commission to study whether Massachusetts, whose economy partly relies on its money management firms, should adopt the North Dakota model, which has been credited with helping that state escape the worst of the recession.

In Massachusetts, such a bank might, for example, replace the commercial institutions that now collect fees for managing the Commonwealth's revenues.

A new Massachusetts state bank could help unfreeze the still sluggish credit markets by lending funds to other banks, enabling them to make more small business loans, for example.

<snip>

Other states, including Idaho, Florida and California, also are considering North Dakota's model, according to the proposal from Murray, a Democrat, who said "there may be other reasons why North Dakota has escaped the worst of the recession.

Read more: http://www.reuters.com/article/idUSN2421585520100224

[Oregone]

1. Good news!

I don't know if it had a damn thing to do with Nebraska's economy...was there a massive real estate bubble in any of the states around them, and large economic problems?


Regardless, its a great idea. It can save consumers money and generate revenue for the state. There is no reason to pay private industry to do a crappy job at things the government can do

[DeSwiss]

2. K&R!!!

- YES!

[icee]

3. Simply excellent idea. This will be the only way to fight the

banksters.

[valerief]

4. YES YES YES YES YES YES!!!!! DO IT! DO IT! nt

[friendly_iconoclast]

11. THIS X1000!

Abso-fucking-lutely.

[bemildred]

5. Watch the Congress outlaw this in a midnight voice vote. nt

[valerief]

6. I'm a MA resident, so I just sent a 'thank you and do it' email to Sen. Murray.

Hope it's not another carrot.

[webDude]

7. Oh yea! This is great! ALL states should to store their "money",...

...if nothing else. Check out the North Dakota State Bank!

[varelse]

8. Exciting

I hope they do it :)

[No Elephants]

9. K & R for an overwhelmingly Democratic state legislature!

[yurbud]

10. great news! Starve the Wall Street beast!

[twiceshy]

12. One of the few good ideas I've seen in a while.

Most of our banks (MA resident) are out of state holdings or small credit unions.