State Banks, North Dakota was the only one for a while, Vermont just voted one in and Hopefully soon Michigan gets one. It is rumored it will spawn a new generation of Community Banks after it is established. Their is hope against Dodd Frank as the expert that spoke to our group noted they would be exempt from that lunacy...
North Dakota weathered the 2008 financial collapse better than other states because of their state bank. You see, the North Dakota bank acts like a bank from the good old days. It loans money to build infrastructure and businesses that benefit the state at reasonable interest rates over reasonable time periods. It is not trying to be a high end profit center but is instead a source of stable capital investment. It isn’t tied to derivative gambling with Grandma’s money or over leveraging 100 to 1 like the big six banks that get bailed out by the FED and TARP (so they can continue misbehaving).
If the other states clue in and follow North Dakota, it could completely decentralize the oligarchy banking system that we currently suffer from thanks to the FED and TBTF/TBTJ policies.