01/06/2016 – In a speech given just blocks from Wall Street, Sen. Bernie Sanders promised to implement postal banking as one of the ways to fix the country’s broken and corrupt financial system.
“If elected president, I will rein in Wall Street so they can’t crash our economy again,” Sanders said on Jan. 5.
Sanders vowed to break up banks that are deemed “too big to fail,” pledged to provide Americans with affordable banking services, and offered several other solutions, including:
- Taxing Wall Street speculations
- Reforming credit rating agencies
- Capping credit card interest rates and ATM fees
- Reforming the Federal Reserve
- Implementing postal banking
Regarding postal banking, he said, “The reality is that, unbelievably, millions of low-income Americans live in communities where there are no normal banking services. Today, if you live in a low-income community and you need to cash a check or get a loan to pay for a car repair or a medical emergency, where do you go?
“You go to a payday lender who could charge an interest rate of over 300 percent and trap you into a vicious cycle of debt,” Sanders said. “That is unacceptable.
“We need to stop payday lenders from ripping off millions of Americans. Post offices exist in almost every community in our country. One important way to provide decent banking opportunities for low income communities is to allow the U.S. postal Service to engage in basic banking services, and that’s what I will fight for,” Sanders said.
source: American Postal Workers Union
really a communist? we need a new UAC committe two sweet! postal workers=IQ 20
Any serious hopes for Bernie..,should also include his placatious attitude towards Hillary in all of the thus far Democrat debates. A self portrayal as an outsider to Wall Street..,is a bit hard to believe when he spends so much energy advocating for his opponent …,who is absolutely relished and adorned by the “money” within the American power structure ! !
Bernie could very well be the knowing tool..,that instills the drama the Clinton’s require to create the illusion of Hillary’s victorious struggle within her party.
at out plant the fanooks go to the in-house loan shark and pay a 12% vig……..even the mismanagers use him. God are 99% of postal employees dumb as dirt. I would bet you that over 95% have less than a thousand in the bank and live pay check to pay check. these dummies need dave ramsey’s book “total money makeover” and need to stop living like a rockstar. debt makes you slave to the lender. slave away children.
No one is getting “ripped off” by payday loan and check cashing companies. People are just too stupid to make good choices anymore. Setting up a bank account would be cheaper than going to any non-banking facility, including the Post Office. The USPS cannot do a good job at banking, as they would be competing with non postal sites, who would probably sue, based on us being competition, and the PO would be forced to offer the service at rates higher than what they charge. As far as cashing checks and offering small loans, how would the PO pursue those who cash bad checks and do not repay loans? The clerks would be understaffed, and would not be allowed to have enough cash on hand to do any real banking business. This all sounds good, but management would screw it up, as they do everything else.
“Post offices exist in almost every community in our country”. Not if the Postal Service has its way.
Well Burnie you must be getting a hell-uva-lot of $ from the unions now. Why would anyone put $ into this organization? Banks are FDIC insured. Is the PO? Plus Bernie the PO won’t loan $. People can cash a check at a grocery store too. Alot of what you said is straight union speak. Enjoy your PAC $
Local post offices don’t retain cash. It all goes to the bank at the end of the day.
We would have to hold over a ton of money to do basic banking at over 30,000 post offices.