The Soapbox

Joined: 11/04/2004 Posts: 1833
Likes: 2054

What's this?

Heck, it woud be hard for any individual to get an unsecured loan for rate

better than that from any bank. And how does this eliminate payday lending? It just give people up to $1000 (or however much) at a low rate then they can go get more payday loans at a high rate. Folks living in poverty, paycheck to paycheck just getting by are unlikely to be helped by $1000 loan at a low rate which they probably can't pay back regardless.

Maybe these post office loans will be non-dischargeable like student loans - those seems to be working well and not causing any issues right now.

The idea of deposit accounts is a bit more interesting. Lack of access and knowhow about banking is a big problem for very poor communities. I don't like government solutions - especially when the goal is making money for the government (which this is because they want funds to fix the post office, instead or you know, just fixing the post office) but allowing given access to those in real poverty access and some knowledge about basic banking could be a positive.

(In response to this post by TpkeHoo)

Posted: 04/25/2018 at 2:16PM

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Current Thread:

Intriguing proposal from Kirsten Gillibrand, turn Post Offices into banks -- WahooMatt05 04/25/2018 1:17PM

Great idea, but not new. First established in 1910. -- DanTheFan 04/25/2018 3:58PM

We don't want to copy what undeveloped countries do. This is 'Murrica. -- HowieT3 04/25/2018 4:06PM

Good spot for Obama-Phone distribution as well :>) ** -- Tuckahokie 04/25/2018 2:50PM

Speaking of Obamaphones, did you ever go to Mt. Tremblant? How was it? -- hooyorkcity 04/25/2018 8:48PM

Except they're Reagan/Clinton/Bush phones. -- HowieT3 04/25/2018 2:56PM

I know...but there is no great video with a Bush-Phone woman ** -- Tuckahokie 04/25/2018 3:01PM

Repeal of the GOP's forcing them to put up pension money would stop ... -- HowieT3 04/25/2018 2:08PM

That ... doesn't sound like a good idea -- Beerman 04/25/2018 1:55PM

Yeah this would be a money loser (if your goal was to make money) -- Hood 04/25/2018 4:05PM

You mean "With Mulvaney in the tank to let banks do anything they want ..." ** -- HowieT3 04/25/2018 4:07PM

Okay, that is a solid point ** -- WahooMatt05 04/25/2018 2:11PM

Bad business model -- Stimp 04/25/2018 1:42PM

Payday lending is designed for high risk borrowers though. -- hoolstoptheheels 04/25/2018 2:20PM

If there was any money to be made at all charging a lower rate and fees, le -- RML Hoos 04/25/2018 2:42PM

Yes, you have to charge a lot to make up for the fact that half your -- WahooRQ 04/25/2018 3:14PM

Yeah, I'm sure that's true. ** -- hoolstoptheheels 04/25/2018 2:48PM

No -- Stimp 04/25/2018 2:40PM

Ahh. And it's up to the borrower to pay? Nevermind. ** -- hoolstoptheheels 04/25/2018 2:47PM

And she spent 6-7 years at Davis Polk. Guess she didnt learn much -- TpkeHoo 04/25/2018 1:44PM

Something for poor people only? ** -- Charleston Cav 04/25/2018 1:31PM

Not sure. Possibly anyone needing less than $1k. -- WahooMatt05 04/25/2018 1:45PM

3-4% unsecured loans to people with poor credit. Sounds like a business -- TpkeHoo 04/25/2018 1:22PM

Heck, it woud be hard for any individual to get an unsecured loan for rate -- RML Hoos 04/25/2018 2:16PM

Why bother even calling it a loan? Just stroke them a check. -- PalmyraHoo 04/25/2018 2:16PM

The wide lending pool should help absorb the costs of failure -- WahooMatt05 04/25/2018 1:26PM

If you are losing money left and right, you don't make it up in volume ** -- Tafkam Hokie 04/25/2018 7:19PM

Nope. The "wide lending pool" won't absorb the cost of failure of a -- BocaHoo91 04/25/2018 6:42PM

That’s not really how it works. Seems like a terrible idea to me. ** -- KCHoo 04/25/2018 2:02PM

When it goes to shit i know where the money is coming from to bail it out ** -- HokieDan95 04/25/2018 1:47PM

Same place that bailed out the private banks -- Shenhoo 04/25/2018 2:05PM

The saddest part is you and others think that started with W ** -- HokieDan95 04/25/2018 2:16PM

Net you lived his 'ownership' society plan. -- Shenhoo 04/25/2018 2:43PM

If your posting history is any indication i'm not missing out on much ** -- HokieDan95 04/25/2018 2:52PM

Likewise. Yours sucks. As many have said. ** -- Shenhoo 04/25/2018 4:28PM

GOVCO could offer this service, and price it on a break even -- Stimp 04/25/2018 1:53PM

Gotcha--let's increase other folks' borrowing costs to help these guys out -- TpkeHoo 04/25/2018 1:27PM

The post office is already running in the red -- WahooMatt05 04/25/2018 1:34PM

Only becuase the GOP has saddles them with retirement payments. -- HowieT3 04/25/2018 3:18PM

That's for healthcare, not retirement. And for employees that don't pay in -- Hoodafan 04/25/2018 4:26PM

Interesting. I knew benefits were the problem -- WahooMatt05 04/25/2018 3:33PM

Or do away with the postal service altogether? ** -- TpkeHoo 04/25/2018 1:37PM

Yeah. Let's make FedEx, UPS, and DHL provide universal service ... -- HowieT3 04/25/2018 3:15PM

If they cant cover their costs, they shouldnt be doing it. -- TpkeHoo 04/25/2018 3:23PM

I don't see a constitutional obligation to cover costs. -- Shenhoo 04/25/2018 9:46PM

Empowers or mandates? -- TpkeHoo 04/25/2018 10:07PM

The postage costs are fine to cover delivery anywhere. -- HowieT3 04/25/2018 3:28PM

Sounds like another housing crisis waiting to happen ** -- Tuckahokie 04/25/2018 1:25PM

Notice how every one of your creative solutions involves growing govt -- TomKazanski 04/25/2018 1:22PM

When was the last time you assholes had any idea theat would benefit -- WaxHoo 04/25/2018 3:09PM

LOL! It's sad that you probably actually believe that. ** -- Hoodafan 04/25/2018 4:01PM

Can you name one? Details, please. ** -- WahooRQ 04/25/2018 9:56PM