No, you did not read the title of this post incorrectly, I totally agree with Elizabeth Warren. Not on everything. I don't even agree with myself on everything, from day to day. I still don't like her much, don't agree with her on most things, and think she is an over all danger to the future of our country, but on this one thing, at this time, I agree with her.
So, what is this magical thing she said or did that I agree with? Allowing the United States Postal Serivice to be a bank/credit union.
Exhibit One
Exhibit Two
Exhibit Three
Yep. That's it. Here's why. She, they, make a good point that the poorest of us, what ever number of income you wnat to go with, I don't care. They, spend a good amount of their money, getting their money. They, use check cashing services and pay day loans just to operate in life. I don't know if they actually have other options, but lets just say they don't. They, spend like 10% of a paycheck just to cash a paycheck. That is a little high. They, spend double and some times triple digits on interest for a few hundred dollar loan, due in a few weeks. That, is semi criminal high. Now, imagine if they, could go to the post office and chash their checks. Maybe for free, maybe for 1%. Now imagine if they, could get that $250 loan for 5% or 10%. They, have a fairly good rate of paying back the pay day loan people. You can only burn the bridge once, why not. If you don't pay, then the next time you want your check cashed, you would, and the next time you wanted a loan at a reasonable rate, you would. Why no let the USPS get that 1% fee and that 5% interest. Why not let the USPS shine a little by helping out those in our nation that could use some help to conduct business of life? I see no down side to this, but I am sure there are some.
Now, for all you who are like the USPS is going broke, loosing money all that. I agree. I agree 110%. But, the idots we contiue to elect over and over are going to keep the USPS alive. They will pour, dump, trickle, shovel money to keep it alive. They will not let it die. It is going to stay around. So, while it is here, why not let it try to make some money some other proven ways? Then instead of trying to regulate the check cashing and pay day loan people out of bussines, give the people a viable alternative. Then the shady guys might have to change their rates and or bussiness practices. Could happen.
Again, the USPS is going to be around, regardless if they are raking in the profits or bleeding our tax dollars. They missed the boat on email. A your.name@usps.com could have been on par with yahoo.com and gmail.com, but they missed that boat. This is something that could turn the Titanic that is the USPS around. I might just be heading toward another iceberg, but at least we could get a few more people off before then.
Peace, and buy forever stamps, because regardless, the price of a stamp is only ever going to go up.
