AOC: We Should Have a Government Bank Run by the Post Office

Eh, not for profit banking. Didn't someone do something like that before?

Oh, yeah they've been here forever... they are called Credit Unions!

originally posted by: musicismagic
Actually in Japan the post office also has a banking system so she must have a lot of Japanese friends to know this. The problem now is, Japan post went private because Obama pushed for it to now have American life insurance companies sell in Japan. All politics here. She is up to something. Does she realize the Japan Postal system is a non govt . agency now.
The lady is not thinking the way the all americans were brought up. Yes, change will happen, its just got to be good and common sense change.

Actually, every other developed country in the world has postal banking. The US is the only one that doesn't, and we used to too. It was repealed in 1966 because FDIC had largely eliminated the major benefit it offered. Considering FDIC is more or less just for show at this point in the event of large scale problems, it makes sense to bring it back.

a reply to: ketsuko

Do I trust the US Federal government to run a fair bank?

Not so much.

The Federal Reserve does a self-servingly bad enough job already, and they are a private consortium.

The only good that could come of being able to bank at the US Post Office branches would be convenience only for those individuals who already visit the post office locations regularly.

Everyone else would probably be a net loser because of higher taxes, because the US Post Office always seems to lose money, due to the ridiculous requirements for employee benefits imposed on it by law.

Hmm. Would it be any good for me? Not so sure, and I already use the USPS regularly.

I am a skeptic!

a reply to: ketsuko

We Should Have a Government Bank Run by the Post Office

Does she have even the slightest idea how either one works?

Seriously dems...drop her like a hot rock and save some dignity while you still can.

a reply to: Vroomfondel

Yes. Both work very well. There's no reason they can't be combined.

Why do you have so little faith in American government? Every other government on the planet manages to be run competently.

a reply to: Aazadan

Been to the post office or DMV in person?

Lolololol

a reply to: Lysergic

Yes. Many times.

The DMV could be run a bit better, but that's a state thing so tends to get wrapped up in state level politics.

The USPS does an amazing job, especially given the massive budget restraints and costs Congress imposes on them. They're literally run better than any private corporation could fill the role, for less cost to the consumer, without any ability to keep any profit they make (meaning at best they can only break even in any given year), while serving all routes rather than just profitable ones, and while fully funding retirement benefits for employees that aren't even born yet... while their closest competition doesn't even give a worthwhile 401k match.

This was done in the UK. Started in 1968 as a way to enable the very poor and the young to start a bank/savings account.
At that time, lots of mainstream banks were only interested in people that had plenty of money and for the average worker, paid weekly, in cash, there wasn't anything else.

Being run by Royal Mail meant that it was easy for anyone to pay in or take out their money as each post office was also a Giro Bank branch.

It only started to go bad in the 1980s thanks to Thatcher and the (then nascent) EU insistence on breaking up state monopolies.

As well as simply paying in and taking out your money, you could draw cheques, transfer funds and buy savings bonds through it.

To be fair, there are worse ideas.

originally posted by: Aazadan
a reply to: Vroomfondel

Yes. Both work very well. There's no reason they can't be combined.

Why do you have so little faith in American government? Every other government on the planet manages to be run competently.

They don't work very well. In fact, they hardly work at all. And they are two entirely different types of businesses with different platforms. They have nothing in common.

I have great faith in American government. I have NO faith in an idiot bartender playing dress-up.

a reply to: Vroomfondel

Good thing she won’t be running it then.