DailySurge: The left can’t help but to find ways to attack free market capitalism and grow government. The latest harebrained idea from the left is to convert post offices into a local distributor of loans. Nobody on Capitol Hill should take this idea seriously.
Socialist Senator Bernie Sanders of Vermont (I-Vt.) and lefty populist Elizabeth Warred (D-MA) have pushed the idea as a way to push consumers of small dollar lending out in the cold and reliant on the Post Office. Here is how Bernie Sanders described the idea to Fusion on October 20, 2015, “I just spoke to a postal union this morning. I want to see our post office be reinvigorated. And one of the ways that I think we can help not only the U.S. Postal Service, but help a lot of low-income people—if you are a low-income person, it is, depending upon where you live, very difficult to find normal banking. Banks don’t want you. And what people are forced to do is go to payday lenders who charge outrageously high interest rates. You go to check-cashing places, which rip you off. And, yes, I think that the postal service, in fact, can play an important role in providing modest types of banking service to folks who need it.”
But he is wrong.
Just what I want to do. Wait behind Bubba for my postage whilst he signs over his dog and shotgun as collateral for his $60 loan.
By the time the loan is delivered to the loanee (if they can even get it to the right address) he will be flat broke and into bankruptcy!
The point is that the “loans” will never be repaid.
No intention of collecting.
“Free” money for whatever bum shambles in there.
How are they gonna repo the box underneath the bridge?…
I get the idea that the P.O. wants to muscle in on the payday loans and wired cash transfer businesses so they can get a government hand in the illegal alien cash economy, with the ultimate goal of a net outflow of our money to the illegals.
I went to a post office about a month ago to get a letter cancelled. I just needed them to put the stamp on the postage. I was tried every post office between my house and about 20 minutes south. None of them opened for that kind of work before 11am. Talk about bankers’ hours.
This wouldn’t fly in my administration because I would privatize the postal service.
why don’t “we” americans borrow double the amount and see how fast it could be used to pay for the union bastards pensions
the solution is not to make it easier for poor to borrow money. The solution is to teach the poor how to better handle and budget their money. I see way too many ‘poor’ people with tats, expensive cell phones, smoking $7 /pack cigs ,and other luxuries in life. Then they say they have no money to feed their brood of kids.
Hell, start selling lottery tickets. You can buy on line, and they’ll deliver the tickets to your door.
Or maybe local Obamacare Emergency centers. Rig up some mail trucks like ambulances, teach the letter carriers CPR. Maybe even have a pharmacy besides the one on the loading dock and the one in the restroom.
They’re barely competent to deliver the mail, unlike their private-sector counterparts.
Has anyone asked UPS if they thought Payday loans fit into their business model?