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Showing posts from September, 2011

A path to restructuring the financial industry: State Banks

[For those not aware, the steady deregulation of the financial industry since the 1980's basically gave the big banks and associated industries (insurance, credit rating, etc) the freedom to do whatever the hell they want, which pushed us back into the situation of the 1920's, where there was zero regulation of anything financial -- ie, recreating conditions that led to the Great Crash of 1929 due to a huge asset bubble (that time in stock prices, this time in housing prices), and inducing the Great Depression...which we only narrowly averted reenacting in 2008, and are still experiencing. A big area of interest in how to restructure the financial industry landscape is state banks, in which we have a living, breathing example in North Dakota. A great article was recently published on this very topic, and I have taken the liberty of reproducing the key excerpts from it...which I hope convey its vital essential message that this is a HUGELY GOOD IDEA to put our support behind. -…