At least according to the Associated Press. And not just those nouveau TARP entities on Wall Street under Obama's watchful eye, either. We're talking state owned and operated since 1919 socialist bank that saved the entire state of North Dakota from economic ruin!! Or something.
Economy prompts fresh look at ND’s socialist bank.
Curiously, buried deep within the story was this sentence:
"The bank also pays no state or federal taxes and has no deposit insurance; North Dakota taxpayers are on the hook for any losses."
Interesting. A ’socialist bank’ playing a capitalist game on a playing field more than slightly tilted to its advantage with cumbersome rules that only apply to the other teams (banks).
Obviously, it’s good to be a socialist!
Although I’m pretty sure the taxpayers – as de facto stock holders – would prefer to also receive personal dividends, rather than just be “on the hook for any losses.”
But obviously, it’s good to be a socialist – as long as there’s other people’s money to appropriate. A glaring distinction with a huge difference that the AP can't seem to grasp.
