ICYMI, or maybe ICIMI: there’s a petition going around for a great idea that was brought to our attention today in a newsletter from populist Jim Hightower. The Campaign for Postal Banking is pushing for local Post Offices to also provide banking services. As Jim Hightower states:
“Millions of Americans live in areas that now have no alternative to the Wall Street-backed predatory lenders and check-cashing chains that rip them off. We can change this. The Campaign for Postal Banking has started a petition to the US Postmaster General to make postal banking a reality. With postal banking, folks that don’t have access to good banks or credit unions can go to their community post office for non-profit, consumer-driven financial services — getting their basic banking needs met without being gouged by Wall Street profiteers.”
From an article by Ralph Nader at Huffington Post yesterday discusses the topic as well:
“According to Bloomberg, from 2008 to 2013: “Banks have shut 1,826 branches…. and 93 percent of closings were in postal codes where the household income is below the national median.”
“Last year, the office of the USPS inspector general released a report detailing the ways in which postal banking would be beneficial to both the public and the USPS itself, which has been made to endure an unprecedented advanced payment of $103.7 billion by 2016 to cover future health benefits of postal retirees for the next 75 years. No other government or private corporation is required to meet this unreasonable prepayment burden.”
An article at OurFuture.org from May of this year has more, including this excerpt:
“For millions of underserved families, the Postal Service is already a part of their financial lives,” the report said, noting that post offices sold $21 billion worth of money orders in 2014. Yet, “in order to get the funds to purchase those money orders, many families likely first went to expensive check cashers to convert their paychecks into currency. What if those consumers could instead cash their paychecks at a post office for a lower fee? What if they also could pay bills, buy low-fee prepaid cards, and maybe even get affordable small-dollar loans, all in one convenient location? This could help consumers save money and time, and it would help the Postal Service fulfill its mission to facilitate commerce and serve citizens.”
An idea that’s a total win-win for poorer Americans; empowers “Main Street”; helps to save the U.S. Postal Service from its deliberate destruction by Congress; that keeps and creates jobs, thereby improving the economy; and helps to break the chokehold of Wall Street and the too-big-to-fail banks that WE THE TAXPAYERS bailed out? Every politician who’s in bed with the Wall Street/big bank cabal will be fighting this with every bit of power they have. This is an idea worth fighting for, and one that should show any non-1%er-American who still has a functioning brain exactly what “populism” means and what Democratic Socialist Presidential candidate Bernie Sanders is standing for.
Let’s all say a big, loud “FUCK YOU” to the real “takers” in our country, and make something happen.
This is our daily Open Thread – feel free to talk about this topic or anything else on your mind.