California, Colorado Should Establish State-owned banks

A letter sent to two governors:

Dear Governor ---:,
As a very interested observer in Colorado I seriously urge you to establish a state-owned bank similar to the one in North Dakota.
Major banks which were bailed out by U. S. taxpayers because they were too big to fail have snubbed California by not loaning it money.
Considering that California is the eighth largest economy in the world, you are too big to fail for the consequences would be devastating.
I am copying this description of how the North Dakota state owned bank works, and it seems to be a good start toward resolving your current economic crisis.
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The Bank of North Dakota was established by the legislature in 1919 to free farmers and small businessmen from the clutches of out-of-state bankers and railroad men. By law, the State must deposit all its funds in the bank, and the State guarantees its deposits. The bank's surplus profits are returned to the State's coffers. The bank operates as a bankers' bank, partnering with private banks to lend money to farmers, real estate developers, schools and small businesses. It makes 1% loans to startup farms, has a thriving student loan business, and purchases municipal bonds from public institutions.

North Dakota is not suffering from unemployment or feeling the pinch of the economic downturn. Rather, it sports the largest surplus it has ever had. If this isolated farming State can escape Wall Street's credit crisis, the world's eighth largest economy can do it too! -
end quote

The banking industry has crippled this nation with fraudulent, incompetent behavior. It is vital that we overcome the damage with decisive, logical action that will create a stronger state and economy.