Here on Washingtons Blog is a chart showing that North Dakota, the only state with a Public Bank, is the only state with economic growth from February ’09 to February ’10. There is a link to a previous blog post which discusses Pubic Banking in more detail. One of our readers asked that I look into the issue and I plan to do so and offer an opinion this weekend.
But, I thought the story was very synchronous with my posted observation last night.
My inquiry will be whether credit conditions in North Dakota during this time period was a key driver of this outperformance, and if so, what does that mean in relation to our largest banks.
I have seen this synchronicity occur more than once since starting this blog.