More states may create public banks

By 2011, only one state will have escaped the credit crunch that is pushing other states toward insolvency: North Dakota. North Dakota is also the only state that owns its own bank. The state has its own credit machine, making it independent of the Wall Street banking crisis that has infected the rest of the country.

Now, several states are either studying the prospects of a state-owned bank or are considering legislation to make one possible.

2 Responses to More states may create public banks

  1. DJ Mon, May 24, 2010 at 9:59 pm #

    I had to chuckle a little at a recent headline noting that Utah faces a shortfall of $100 million. California would burn through that in a little over 2 days.

    • Bob Morris Tue, May 25, 2010 at 7:11 am #

      $100 million is a rounding error for the California deficit!