Adventures in Nationalization with the Central Bank of North Dakota
http://www.freerepublic.com/focus/f-news/2475881/posts
Crony Capitalist tendencies do not discriminate with respect to “side of the aisle.” The left has been as busily handing out delicious treats to its favored students as the right. Tacking on a reverse bill of attainder cleverly (or not so cleverly) disguised in prose designed to deter key word searches and in order to slip cash to a friend of a friend is as American as reality shows. Accordingly, the somber faces of Zero Hedge readers should register exactly no surprise whatsoever on learning that the Health Care Swill harbors a series of such glory hole surprises. Consider this...
Please, God, save us from these tyrants. A bill needs ‘bolstering’ by a fiat EO that can just as quickly be removed by caprice or design? Are these people sucker bets?
Make plain what the deep, dark secrets are, and confuse those who wish to enslave us. I call on the mighty Hand of the Almighty to clear the field for righteousness, and to cover the Hill with his presence. May he send throngs of guardian angels to defend our country from these thieves., and confuse and confound the enemy of the innocent.
Luke 23: 29-31 (KJV)
29 For behold, the days shall come, wherein they will say: Blessed are the barren and the wombs that have not borne and the paps that have not given suck.
30 Then shall they begin to say to the mountains: Fall upon us. And to the hills: Cover us.
31 For if in the green wood they do these things, what shall be done in the dry?
In the Name of Christ.
Amen
Continuing where post 1879 left off ...
The article goes into great detail about the Bank Kickback of North Dakota [all part of Obama-care]. After showing the specific legislation:
[Quote]
The Bank of North Dakota is a curious beast. All state agencies and appendages are required to deposits their funds at the bank, giving it a captive depositor base. All tax collections and fees are also deposited with the bank, which amounts to an interest free loan to the bank by taxpayers in the amount of any pending refunds. The state treasury can adjust this dial at will by modifying the amount of withholding. Of course, taxpayers will be pleased to learn that profits on their interest free loans to the state are funneled back into the general fund to increase the amount North Dakota spends on... well, whatever it wants. In addition, the bank makes loans to state agencies and appendages authorized (read: mandated) by statute, permitting a rather recursive bit of factoring by the entire state government without even a hint of underwriting diligence. The bank itself was created in a near populist uprising in 1919 by farmers tired of eastern whipper-snappers and their underwriting standards and played a central part of a then byzantine foreclosure process that effectively made it impossible to foreclose on a farm in North Dakota. No foreclosure means no loans in most circumstances, unless you have a captive bank mandated by statute to be the lender of only resort, that is.
As one might easily guess, the bank also lends based on the political dictates of North Dakota and plays a key role in permitting the state government to command and control the local economy via selective lending. Obscured as it may be, the bank is actually just another tax on North Dakota citizens, and is just a dividend to the general fund away from supplementing the state budget with bailout money when things start to go south. Of course, it also helps when you are running as a wholesale bank and processing most of the payments through and in North Dakota for those private sector banks that service the state and acting as a market maker in the secondary market for residential loans.
No surprise at all then that the somewhat parasitic Bank of North Dakota would find friends in a democratic congress to throw it a particular bone, hidden, as it were, in the thick syrup of the Health Care Morass. [snip]