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One idea of Bernie Sanders that hasn't gotten much airplay is postal banking--post offices running savings accounts, cashing checks and performing other basic financial services. It's a practice that is common in most of Asia and Europe. In fact, only about seven percent of the world's national postal systems don't offer some bank-like services.
The advantage of postal banking is that it allows people who don't have access to standard banking, which includes many low-income people, a way to cash checks and other banking transactions without the big fees they are forced to pay through check-cashing places or through payday lenders who charge outrageously high interest rates. Right now in the U.S. alone it's estimated that between 20 and 40 percent of the population relies on these kinds of services on a regular basis because banks don't offer these services for them.
Mehrsa Baradaran, a professor at the University of Georgia School of Law, talks about the promise of postal banking in his book, How the Other Half Banks.
Quote:
"The basic idea of modern postal banking is a public bank offering a wide range of transaction services, including financial transactions, remittance, savings accounts, and small lending. These institutions would remain affordable because of economies of scale and because of the existing postal infrastructure in the U.S. Plus, in the absence of shareholders, they would not be driven to seek profits and could sell services at cost."
I suspect this idea would not get the support of the powerful Chamber of Commerce lobby. They do not want government to compete with the private sector.
Government loans work so well with student loans, they just want to cover all the other types of loans. Make sure people can buy everything they can't afford.
One idea of Bernie Sanders that hasn't gotten much airplay is postal banking--post offices running savings accounts, cashing checks and performing other basic financial services. It's a practice that is common in most of Asia and Europe. In fact, only about seven percent of the world's national postal systems don't offer some bank-like services.
The advantage of postal banking is that it allows people who don't have access to standard banking, which includes many low-income people, a way to cash checks and other banking transactions without the big fees they are forced to pay through check-cashing places or through payday lenders who charge outrageously high interest rates. Right now in the U.S. alone it's estimated that between 20 and 40 percent of the population relies on these kinds of services on a regular basis because banks don't offer these services for them.
Mehrsa Baradaran, a professor at the University of Georgia School of Law, talks about the promise of postal banking in his book, How the Other Half Banks.
right....because the postal service is just rolling in capital do be able to do this
btw the postal service DOES ALREADY do a few financial services like issue money orders (ie a form of a certified check)
as usual senile Bernie doesn't understand the LOGISTICS of the situation
1. lines are already too long at the PO
2. PO are already understaffed and have a high level of incompetence
3. po already cant meet its pension needs, ie it would be too costly to higher more government workers
4 PO's don't have the security (ie vaults and safes) to handle a lot of cash
5. they already do issue checks (money orders), but they don't have the capital on hand to cash checks
6 to do banking needs, they would then need to be FDIC backed and then would make them already ""way to big to fail""
I don't think making another money pit to tax the people is a very smart idea...then again we are talking about socialist bernie
Last edited by workingclasshero; 01-02-2016 at 11:15 AM..
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