Backed by the full faith and credit of… us.

Reviving California’s economy: Meg Whitman versus Jerry Brown
Ann Kramer • blueoregon.com • August 27, 2010

Recent headlines indicate that the State of Oregon faces another $1 billion in deficits. The trickle-down effect of the financial crisis that started with Wall Street banks has now come to all our Main Streets across Oregon.

Another billion in budget cuts in addition to the $2.3 billion last January results in a huge retraction of our lives. We keep acting as if there is no other option than this when in reality there’s a far better option available to us and that’s to create a State Bank of Oregon. Based on the 90 year, successful model of the Bank of North Dakota (BND), a State bank offers a way for us to recharge Oregon’s economy. The Bank of North Dakota model works: they have the lowest unemployment rate in the country (3.6%) and the only state in the country with NO DEFICIT. Right now 11 states are exploring the creation of a State bank as a way to untangle s from Wall Street and build thriving States backed by the full faith and credit of its citizens. Oregon should be the first to lead the way!

Read the entire article here.

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