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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]
Post any news from Paul you want! I'll be listening to him & CSpan, HELP?
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