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News Link • Economy - Economics USA

How the Nation's Only-State-Owned Bank Became the Envy of Wall Street

• Mother Jones

1 Comments in Response to

Comment by Mike Renzulli
Entered on:

While in his heart of hearts, I do not think Jean is promoting socialism. However, stories like this are another example of slanted journalism, a lack of economic knowledge on the part of reporters, or an attempt by mags (like Mother Jones) who have an agenda to highlight and promote socialistic ideas.

The only reason why this bank is "profitable" is due to its quasi-monopoly status. The whole banking system itself is a fraud and at least with the banks going under, it is a healthy way to clean out insolvent lending institutions.

State banks become immune to such market forces and, hence, are shielded from any kind of downturns in the marketplace which proves their overall strength.

For me personally, given the choice, I will take a private bank over a state-run one anytime.

With private banks I can buy stock and vote out board members who screw up. State banks have few checks and balances to make them accountable to their customers.

Just my $.02.

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