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North Dakota: Difference between revisions
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===20th century=== | ===20th century=== | ||
Unrest among wheat farmers, especially among Norwegian [[immigrants]], led to a populist political movement centered in the [[Non Partisan League]] ("NPL") around the time of | Unrest among wheat farmers, especially among Norwegian [[immigrants]], led to a populist political movement centered in the [[Non Partisan League]] ("NPL") around the time of World War I. The NPL ran candidates on the Republican ticket (but merged into the [[North Dakota Democratic-Nonpartisan League Party|Democratic Party]] after [[World War II]]). It tried to insulate North Dakota from the power of out-of-state banks and corporations. | ||
In addition to founding the state-owned [[Bank of North Dakota]] and [[North Dakota Mill and Elevator]] (both still in existence), the NPL established a state-owned railroad line (later sold to the [[Soo Line Railroad]]). Anti-corporate laws virtually prohibited a corporation or bank from owning title to land zoned as farmland. These laws, still in force today, after having been upheld by state and federal courts, make it almost impossible to foreclose on farmland, as even after foreclosure, the property title cannot be held by a bank or mortgage company.<ref name="state-law">{{cite web |url= http://www.legis.nd.gov/cencode/t10c06-1.pdf |title= CHAPTER 10-06.1 Corporate or Limited Liability Company Farming |publisher= State of North Dakota |access-date= December 29, 2016 |archive-url= https://web.archive.org/web/20161222063532/http://www.legis.nd.gov/cencode/t10c06-1.pdf |archive-date= December 22, 2016 |url-status= live }}</ref> Furthermore, the Bank of North Dakota, having powers similar to a Federal Reserve branch bank, exercised its power to limit the issuance of subprime mortgages and their collateralization in the form of derivative instruments, and so prevented a collapse of housing prices within the state in the wake of 2008's financial crisis.<ref name="state bank">{{cite journal |url= https://www.motherjones.com/mojo/2009/03/how-nation%E2%80%99s-only-state-owned-bank-became-envy-wall-street |title= How the Nation's Only State-Owned Bank Became the Envy of Wall Street |journal= [[Mother Jones (magazine)|Mother Jones]] |last= Harkinson |first= Josh |date= March 27, 2009 |access-date= December 29, 2016 |archive-url= https://web.archive.org/web/20161230085936/http://www.motherjones.com/mojo/2009/03/how-nation%E2%80%99s-only-state-owned-bank-became-envy-wall-street |archive-date= December 30, 2016 |url-status= dead |df= mdy-all }}</ref> | In addition to founding the state-owned [[Bank of North Dakota]] and [[North Dakota Mill and Elevator]] (both still in existence), the NPL established a state-owned railroad line (later sold to the [[Soo Line Railroad]]). Anti-corporate laws virtually prohibited a corporation or bank from owning title to land zoned as farmland. These laws, still in force today, after having been upheld by state and federal courts, make it almost impossible to foreclose on farmland, as even after foreclosure, the property title cannot be held by a bank or mortgage company.<ref name="state-law">{{cite web |url= http://www.legis.nd.gov/cencode/t10c06-1.pdf |title= CHAPTER 10-06.1 Corporate or Limited Liability Company Farming |publisher= State of North Dakota |access-date= December 29, 2016 |archive-url= https://web.archive.org/web/20161222063532/http://www.legis.nd.gov/cencode/t10c06-1.pdf |archive-date= December 22, 2016 |url-status= live }}</ref> Furthermore, the Bank of North Dakota, having powers similar to a Federal Reserve branch bank, exercised its power to limit the issuance of subprime mortgages and their collateralization in the form of derivative instruments, and so prevented a collapse of housing prices within the state in the wake of 2008's financial crisis.<ref name="state bank">{{cite journal |url= https://www.motherjones.com/mojo/2009/03/how-nation%E2%80%99s-only-state-owned-bank-became-envy-wall-street |title= How the Nation's Only State-Owned Bank Became the Envy of Wall Street |journal= [[Mother Jones (magazine)|Mother Jones]] |last= Harkinson |first= Josh |date= March 27, 2009 |access-date= December 29, 2016 |archive-url= https://web.archive.org/web/20161230085936/http://www.motherjones.com/mojo/2009/03/how-nation%E2%80%99s-only-state-owned-bank-became-envy-wall-street |archive-date= December 30, 2016 |url-status= dead |df= mdy-all }}</ref> | ||