Replace payday lenders with the post office?

[Luddly Neddite]

It's the tactic of the progressives (especially on the left) to use saving people from themselves as a ruse in order to control them.

Sacagewea Warren is a statist ****, and pretty fucking stupid too.

No, but seriously, what do you really think?

Obviously, he doesn't.

 

[Quantum Windbag]

Elizabeth Warren Proposes Replacing Payday Lenders With The USPS

The Postal Service (USPS) could spare the most economically vulnerable Americans from dealing with predatory financial companies under a proposal endorsed over the weekend by Sen. Elizabeth Warren (D-MA).

“USPS could partner with banks to make a critical difference for millions of Americans who don’t have basic banking services because there are almost no banks or bank branches in their neighborhoods,” Warren wrote in a Huffington Post op-ed on Saturday. The op-ed picked up on a report from the USPS’s Inspector General that proposed using the agency’s extensive physical infrastructure to extend basics like debit cards and small-dollar loans to the same communities that the banking industry has generally ignored. The report found that 68 million Americans don’t have bank accounts and spent $89 billion in 2012 on interest and fees for the kinds of basic financial services that USPS could begin offering. The average un-banked household spent more than $2,400, or about 10 percent of its income, just to access its own money through things like check cashing and payday lending stores. USPS would generate savings for those families and revenue for itself by stepping in to replace those non-bank financial services companies.

Needless to say, some will be against this for no other reason than Elizabeth Warren's name being on it but we need more people like her working for the benefit of the poor and working class. Whether or not Hilary is our first woman president, Warren could and should be considered in the future.

Where the fuck does this bitch live. There are 6 banks on a two block stretch of a street less than a mile from where I live. If I go about 3 miles there are even more banks, and at least 10 payday lenders. People don't go to payday lenders because they don't have access to a bank, they go to payday lenders because they are open 24/7 to give them money in a fucking emergency.

 

[Quantum Windbag]

The probably won't sit well with many conservatives and neoliberals since they want to privatize the USPS and sell it off to their buddies in the private sector.

We can't go having such services become profitable ventures now can we?

UPS
FedEx
DHL

etc...

The USPS isn't supposed to be profitable, nor is any part of the public sector for that matter.

I like the fact I can send a letter anywhere in the US or its territories for 46 cents. Or the fact I can mail out packages - up to 70 pounds - in flat rate boxes. Don't you?

Also, using the USPS as a service to replace the pay-day lending crowd is an AWESOME idea. These predatory outfits needs to go anyway.

I can send the same package, for less, using FedEx.

 

[Quantum Windbag]

The probably won't sit well with many conservatives and neoliberals since they want to privatize the USPS and sell it off to their buddies in the private sector.

We can't go having such services become profitable ventures now can we?

UPS
FedEx
DHL

etc...

The USPS isn't supposed to be profitable, nor is any part of the public sector for that matter.

I like the fact I can send a letter anywhere in the US or its territories for 46 cents. Or the fact I can mail out packages - up to 70 pounds - in flat rate boxes. Don't you?

Also, using the USPS as a service to replace the pay-day lending crowd is an AWESOME idea. These predatory outfits needs to go anyway.

\It actually is supposed to be profitable, but Congress wants it to do things there way, not the way the post office knows will make money.

 

[Quantum Windbag]

So do I. Again, we're talking USPS, they aren't supposed to be run for profit, since the government doesn't need to make a profit off its own fiat. We're talking public purpose, not a for-profit enterprise.

Using your argument, we should also privatize the DOD and military since they lose $$$$ left and right.

Using your argument stamps should be free. I understand what you are saying but saying that a federal service must charge less than cost does not make sense.

They can, though, that's the point. For example, it's like the federal government charging interest on student loans, which makes zero economic sense. We have the government charging interest on its own fiat. It's a baffling and nutty policy.

You are right, the government should never seek to make money off of anyone. We should abolish taxes, and demand the government give everything away. So what if they go broke, its only money, they haven't run out until they can't print anymore.

See how stupid you sound when we boil your argument down to the basics?

 

[Quantum Windbag]

They can, though, that's the point. For example, it's like the federal government charging interest on student loans, which makes zero economic sense. We have the government charging interest on its own fiat. It's a baffling and nutty policy.

This is far from a complete explanation of the logic behind charging for federal services but two examples are: 1) To restrict usage. The post office should not put U-Haul out of business because everyone starts sending their household goods through the mail. 2) Benefit added. Where the basic service is free but above and beyond that has a fee. Such as getting a printed copy of an online document or insurance on a postal package. (Well the basic service is not fee either on that one.)

Oh, I know why USPS charges fees, that wasn't my point. My point is, besides my little tangent, that USPS offering banking services is a great idea. If pay-day loan operations (legal loans sharks) go out of business, so be it. They're predatory lenders and shouldn't exist to begin with.

Personally, I think USPS has a rich history and it's worth expanding the services they offer. USPS could offer financial services to roughly 68 million Americans. They could even get into small business loans, start their own credit union, all with minimal fees. It's a tremendous opportunity in my opinion.

Yeah.

If poor people need money they can earn it, just like rich people.

 

[Quantum Windbag]

The USPS isn't supposed to be profitable, nor is any part of the public sector for that matter.

I like the fact I can send a letter anywhere in the US or its territories for 46 cents. Or the fact I can mail out packages - up to 70 pounds - in flat rate boxes. Don't you?

Also, using the USPS as a service to replace the pay-day lending crowd is an AWESOME idea. These predatory outfits needs to go anyway.

Right, the USPS is supposed to lose billions annually

It basically doesn't matter. The military loses billions annually. I don't see the Paultards and other reactionaries calling for the privatization of the DOD and military. It's the public sector, not the private sector, which means public purpose is the name of the game.

That is because you don't pay attention, they have plenty to say about military spending and interventionism.

 

[Quantum Windbag]

Remember that government is to serve. The people come first, business second. Always.

Does this make sense to anyone?

 

[RandomVariable]

Wow quantum. That must be the greatest display of stupidity I have ever seen in my life. Thank you. That was thoroughly amusing, and shocking.

 

[Dot Com]

I would consider voting for her for higher office if she could prove to me that she isn't bought-off like the majority of the pols in D.C.

 

[Dot Com]

Actually, it's not a bad idea. They can use the NSA to verify the payee and payee, see if they're legal, any outstanding warrants and they'd have to produce ID too, amiright?

better yet, lets just all get a gov't chip implant & retinal scans

 

[RandomVariable]

I would consider voting for her for higher office if she could prove to me that she isn't bought-off like the majority of the pols in D.C.

She is the only person in Washington I trust unequivocally. Representative David Price (D-NC) is a close second.

 

[Quantum Windbag]

Wow quantum. That must be the greatest display of stupidity I have ever seen in my life. Thank you. That was thoroughly amusing, and shocking.

You can take your mirror down now.

 

[Quantum Windbag]

I would consider voting for her for higher office if she could prove to me that she isn't bought-off like the majority of the pols in D.C.

She is the only person in Washington I trust unequivocally. Representative David Price (D-NC) is a close second.

That is so sad.

 

[SwimExpert]

I rather like this idea. It's a win-win with no substantial down side.

 

[JimmieD]

Link? I swear, some of you people sound like you have a person interest in misrepresenting the facts.

I thought saying I was looking at the payday lenders QC Holdings and Cash America would have been enough for someone interested in checking their 10-Q's. Do you need me to guide you to their investor relations site and SEC filings?

 

[Politico]

I like free enterprise and the profit motive.

The "Forever" stamp is now 49 cents...

USPS lost $16 billion in FY 2012

They are abandoning architectural treasures across the country, only to be snapped up by Nancy Pelosi's husband.

So do I. Again, we're talking USPS, they aren't supposed to be run for profit, since the government doesn't need to make a profit off its own fiat. We're talking public purpose, not a for-profit enterprise.

Using your argument, we should also privatize the DOD and military since they lose $$$$ left and right.

Using your argument stamps should be free. I understand what you are saying but saying that a federal service must charge less than cost does not make sense.

Especially since the USPS is not a government service. You folks should pick up a book.

 

[SwimExpert]

Link? I swear, some of you people sound like you have a person interest in misrepresenting the facts.

I thought saying I was looking at the payday lenders QC Holdings and Cash America would have been enough for someone interested in checking their 10-Q's. Do you need me to guide you to their investor relations site and SEC filings?

If you've got something to say, then say it. Otherwise, shut up.

 

[RandomVariable]

Link? I swear, some of you people sound like you have a person interest in misrepresenting the facts.

I thought saying I was looking at the payday lenders QC Holdings and Cash America would have been enough for someone interested in checking their 10-Q's. Do you need me to guide you to their investor relations site and SEC filings?

Cash America has $2 billion in assets, a debt to equity ratio of 64.5%, and is sitting on $820 million in working capital. Yeah, my heart bleeds for them too.

(A link would have been nice. Form S-4)

 

[Kimura]

We can't go having such services become profitable ventures now can we?

UPS
FedEx
DHL

etc...

The USPS isn't supposed to be profitable, nor is any part of the public sector for that matter.

I like the fact I can send a letter anywhere in the US or its territories for 46 cents. Or the fact I can mail out packages - up to 70 pounds - in flat rate boxes. Don't you?

Also, using the USPS as a service to replace the pay-day lending crowd is an AWESOME idea. These predatory outfits needs to go anyway.

I can send the same package, for less, using FedEx.

No you can't, it depends. USPS Priority Mail, and it's other delivery options, are some the best priced in the business compared to FedEx, UPS, and DHL.