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Why not a Post Office bank?

I'd sure rather put my money in the Post Office bank as opposed to a den of thieves and CEO snakepit like Bank of America:

On July 27, 2012, the National Association of Letter Carriers adopted a resolution at their national convention in Minneapolis to investigate the establishment of a postal banking system. The resolution noted that expanding postal services and developing new sources of revenue are important components of any effort to save the public post office and preserve living-wage jobs; that many countries have a long and successful history of postal banking, including Germany, France, Italy, Japan and the United States itself; and that postal banks could serve the nine million people who don't have a bank account and the 21 million who use usurious check cashers, giving low-income people access to a safe banking system. "A USPS [United States Postal Service] bank would offer a 'public option' for banking," concluded the resolution, "providing basic checking and savings - and no complex financial wheeling and dealing."

Gee, you'd think the Democrats and The Greatest Orator of Our Time would be pushing this; it saves a great -- and Constitutionally established -- American institution, it helps preserve unions and good jobs, and it would give hundreds of millions of Americans a place to put their money where Lloyd and Jamie and Michael couldn't out their trotters on it.

BWA-HA-HA-HA-HA-HA-HA!!! Who am I kidding? I crack myself up, sometimes....

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Submitted by Lex on

rotten, and such a good microcosm of the modern American system.

I think a postal bank would be an excellent idea. As noted, they're common elsewhere and because of the USPS's geographical spread it really would be able to serve everyone. But i believe that the last Congressional decision on the USPS said that it couldn't branch into other areas of potential revenue.

What we are seeing is a concerted effort to destroy the USPS. This is an excellent rundown of the politics and economics of the situation.

What i'd like to see is that if the USPS has to prefund its retirement obligations on such a short time line, then all the federal agencies should have to as well. Let's see what it does to the DoD budget. Why doesn't Congress have to prefund its retirement program. Granted they're mostly under FERS or whatever, but it's curious that the USPS was singled out for doing what no one else in the federal system has to and no private company would willingly do. Even stranger given that the USPS doesn't operate on tax dollars, generally speaking and except when it can't make the onerous payment schedule Congress structured for it.

Submitted by MontanaMaven on

I just heard that SS service will no longer send checks. Seniors and disabled have to have a bank account. So it makes even more sense to have a postal bank. Here in a small town going to the post office is a ritual. For a government hating town I wonder what they think of TPTB going postal?
But the whole push is to destroy it in order to privatize it, so we are doomed unless senior conservatives as well as liberals chain themselves to the doors. That would be a sight to see.

Submitted by JuliaWilliams on

The attack on the PO by the kleptocrats has multiple prongs-one is that they get to destroy the largest union of federal workers left, and the other, (in addition to throwing the meat of the business to the privateers), is to stripmine the legacy of old buildings and property and assets, including art, that was disproportionately (oddly enough, or not) created during the heyday of the New Deal. It's a win win win for them.

Submitted by jawbone on

Obama admires those "savvy businessmen."

So, he will never make returning to post office banking a priority, nor will he fight to save the US Post Office. Even if the Constitution does state that Congress shall provde for a postal service.

Our Constitutional law professor, Nobel Peace Prize laureate doesn't hold all that much truck with, well, laws or the constitution. Funny, that.

But the Mercedes drivers have done very well by him, so he's sticking with them and what they want. Whether he's bought in or sold out, either way they get their way with him and from him.

I almost can't believe I'm living through this social, governmental change in my country. I never dreamed, even with St. Ronnie running rough shod over so many things, especially unions, that things would come to this.