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

originally posted by: sligtlyskeptical
I believe she is spot on. I also think social security should be the primary mortgage provider for first time buyers instead of "loaning" the money to the government. No better security for a loan than a social security payment. I can also see them allowing mortgages to transfer to new buyers to let defaulters off the hook. There are lots of things that can should be done for the benefit of the people, where any profits are transferred back to the people.

Socialism for our needs.

Capitalism for our wants.

originally posted by: stosh64
a reply to: Lumenari

LoL

"Like mail, from a Box, it's like magic!"

SMH

originally posted by: CIAGypsy
The level of stupidity coming from this woman is mind blowing.... Do you think its an act???

originally posted by: FlyingFox
I have a lil feud going with the local PO. Just to say; they are lazy, like to blame others for their own ineptitude, LIE, obstruct govt services and generally act like spoiled children....perfect role model for AOC.

I just want my mail.

originally posted by: luthier
a reply to: Wardaddy454

Marxist? That seems a bit more philosophical than the Twitter personality sensation of topic.

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.

originally posted by: adjensen
As much as I think Alexandria Ocasio-Cortez is a nitwit, a Postal Banking system isn't that odd of a suggestion, mostly because we've actually had banking through the Post Office in the past.

The United States Postal Savings System was a postal savings system signed into law by President William Howard Taft and operated by the United States Post Office Department, predecessor of the United States Postal Service, from January 1, 1911 until July 1, 1967.

The system paid depositors 2 percent annual interest. Depositors in the system were initially limited to hold a balance of $500, but this was raised to $1,000 in 1916 and to $2,500 in 1918. At its peak in 1947, the system held almost $3.4 billion in deposits. The system originally had a natural advantage over deposit-taking private banks because the deposits were always backed by "the full faith and credit of the United States Government." However, because the establishment of the Federal Deposit Insurance Corporation gave a guarantee to depositors in private banks, the Postal Savings System lost its natural advantage in trust. The rise of United States Savings Bonds during and after World War II also drew funds away from the Postal Savings System.

(Wikipedia: United States Postal Savings System)

It makes some degree of sense because the infrastructure is already there -- post offices all over the place, already staffed and so this would just be another service that they could offer without much expense. People who don't like or don't trust banks or don't have one convenient to them would have another option.

I'm sure that's not why she is suggesting it, of course, because she's not the sharpest knife in the drawer. For her, it's the first step on a path to get rid of banks and payday loan places.

originally posted by: links234
Honestly not the worst idea in the world.

Seems to work pretty well in North Dakota.