Letters and comments for December 14, 2011

By Observer Upload December 15, 2011 04:49 pm



Create state bank

To the Editor:

Dear Governor Kitzhaber,

I am a resident of Joseph, Oregon, a former city councilor, and former mayor.  I am concerned about the present financial crisis we are facing as a nation.

Because I do not believe that Congress can reform Wall Street bankers, I suggest creating an independent bank, similar to a credit union, owned by the residents of the state of Oregon, to compete with Wall Street banks.  

It is my understanding that North Dakota has already created a publicly owned bank which may provide a suitable template for Oregon.  I believe that, across party lines, the citizens of Oregon would rally behind such an effort to free ourselves from the abuses and uncertainties of Wall Street banks.

If the state of Oregon made such a bold move in the name of circumventing a national and world banking crisis, I suspect that more states would follow, thereby deflating the power of highly centralized Wall Street banking conglomerates.  The power would return to a more evenly controlled, state-by-state authority of the people.  At this time in history, it is an easy sell.  

I understand that the interest paid by borrowers at the Bank of North Dakota is funneled into the state’s schools and infrastructure, and the deposits made by the people are not gambled in the Wall Street casinos. Because creating our own bank would provide a viable alternative to the now dysfunctional banking system, the existing banks would be forced to alter their practices in order to compete for our business.

We as a state could help lead our nation out of what many of us consider a true state of emergency.

Please consider spearheading such a move in our state and getting a proposal on the next ballot if necessary.

Shelley S. Curtiss