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Saving the Post Office: Letter Carriers Consider Bringing Back Banking Services

WEB OF DEBT BLOG

On July 27, 2012, the National Association of Letter Carriers adopted a resolution at their National Convention in Minneapolis to investigate establishing a postal banking system.  The resolution noted that expanding postal services and developing new sources of revenue are important to the effort to save the public Post Office and preserve living-wage jobs; that many countries have a successful history of postal banking, including Germany, France, Italy, Japan, and the United States itself; and that postal banks could serve the 9 million people who don’t have bank accounts and the 21 million who use usurious check cashers, giving low-income people access to a safe banking system.  “A USPS bank would offer a ‘public option’ for banking,” concluded the resolution, “providing basic checking and savings – and no complex financial wheeling and dealing.”

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What We Could Do with a Postal Savings Bank: Infrastructure that Doesn’t Cost Taxpayers a Dime

the infrastructure in the United States is decaying rapidly, I agree that using a postal savings bank to help fund much needed improvements is a good idea.

WEB OF DEBT BLOG

The U.S. Postal Service (USPS) is the nation’s second largest civilian employer after WalMart. Although successfully self-funded throughout its long history, it is currently struggling to stay afloat. This is not, as sometimes asserted, because it has been made obsolete by the Internet. In fact the post office has gotten more business from Internet orders than it has lost to electronic email. What has pushed the USPS into insolvency is an oppressive 2006 congressional mandate that it prefund healthcare for its workers 75 years into the future. No other entity, public or private, has the burden of funding multiple generations of employees who have not yet even been born.

The Carper-Coburn bill (S. 1486) is the subject of congressional hearings this week. It threatens to make the situation worse, by eliminating Saturday mail service and door-to-door delivery and laying off more than 100,000 workers over several years.

The Postal…

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Saving the Post Office: The Models of Kiwibank and Japan Post

WEB OF DEBT BLOG

Neither rain nor sleet nor snow may have stopped the Pony Express, but the nation’s oldest and second largest employer is now under attack.  Claiming the Postal Service is bankrupt, critics are pushing legislation that would defuse the postal crisis by breaking the backs  of the postal workers’ unions and mandating widespread layoffs.  But the “crisis” is an artificial one, created by Congress itself.  

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The War on the Post Office

WEB OF DEBT BLOG

The US Postal Service, under attack from a manufactured crisis designed to force its privatization, needs a new source of funding to survive. Postal banking could fill that need.

The US banking establishment has been at war with the post office since at least 1910, when the Postal Savings Bank Act established a public savings alternative to a private banking system that had crashed the economy in the Bank Panic of 1907. The American Bankers Association was quick to respond, forming a Special Committee on Postal Savings Legislation to block any extension of the new service. According to a September 2017 article in The Journal of Social History titled “‘Banks of the People’: The Life and Death of the U.S. Postal Savings System,” the banking fraternity would maintain its enmity toward the government savings bank for the next 50 years.

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Fannie Mae projected to Fail — Livinglies’s Weblog

Editor’s Note: This article fails to raise the issue that Fannie Mae is insuring millions of loans that are defective and did not meet the PSA guidelines and are prime for default. Why Fannie Mae Will Likely Fall to $0 By Paul Price Mixing business with politics is a recipe for disaster, and that’s never […]

via Fannie Mae projected to Fail — Livinglies’s Weblog

That is good news that the courts have refused to allow the hedge fund investors to reap windfall profits.

 

Duke Law: The Bootstrap Trap

The corporate owned media is constantly repeating the mindless mantra that a person’s credit score is so important. That is only true up to a point. It is better to live as frugally as possible and to save up and pay cash for items whenever possible to avoid having to borrow unless absolutely necessary. But you will rarely, if ever, find any mention of this strategy in the major media.

Livinglies's Weblog

The Bootstrap Trap

By J. Guggenheim

Duke Law Professor Sara Sternberg Greene’s paper The Bootstrap Trap  describes the tragic oppression of consumer credit on low-income households as people strive desperately to become secure and self-sufficient and the limited influence of poverty law. Professor Sternberg Greene, a practicing sociologist, evaluates the disturbing impact of credit scores on low-income consumers’ lives- that are also applicable to the middle class living paycheck-to-paycheck.

“…..respondents referred to their credit reports or scores as “the most important thing in my life, right now, well besides my babies,” as “that darned thing that is destroying my life,” and as “my ticket to good neighborhoods and good schools for my kids.” Many respondents believed that a “good” credit score was the key to financial stability.”-Greene

“One respondent, Maria, told a story about a friend who was able to improve his score.  She said…

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The Matrix Revealed: Cartels That Run The World — Jon Rappoport’s Blog

The Matrix Revealed: Cartels That Run The World by Jon Rappoport December 16, 2017 The following information comes from insider interviews with Ellis Medavoy and Richard Bell, two people I interview extensively in my collection, The Matrix Revealed. This is just a brief taste of what they have to say… Major institutions on this planet […]

via The Matrix Revealed: Cartels That Run The World — Jon Rappoport’s Blog

Informative article.  I have heard that there about 10 or so large corporations that produce almost everything that the average person in the United States buys.

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