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Ocasio-Cortez: We Need A “Public Option” For Banking — Modeled On The US Postal Service Rate Topic: -----

#1 User is offline   Liz 

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Posted 09 May 2019 - 11:34 PM

Ocasio-Cortez: We Need A “Public Option” For Banking — Modeled On The US Postal Service

HotAir
Ed Morrissey
Posted at 8:01 pm on May 9, 2019

Excerpt:

I’m confused. Didn’t Twitter suspend the AOC satire account? The idea that the US Postal Service is a good model for any kind of “public option, let alone banking, is an absolute riot. Get a load of the Bernie Sanders look-alike the producers used here too, nodding along and saying “that’s right” to this nonsense. Whatever else is wrong with our politics, at least it produces first-rate comic acts.

Wait, what? This is for real? Come on, man:

.@RepAOC "We should have a not-for-profit public option for basic banking services, and we should be piloting these projects through the @USPS" #postalbanking

pic.twitter.com/dobyU4hdT2

— Take On Wall St (@TakeOnWallSt) May 9, 2019

Just how successful is the USPS in its “public option” model for the mail? It lost money for at least the twelfth straight year in 2018, with losses increasing by nearly a third from 2017. Those losses came despite a revenue increase and a significant uptick in its package-delivery service:

The U.S. Postal Service on Wednesday reported a financial loss for the 12th straight year, citing declines in mail volume and the costs of its pension and health care obligations, as the agency braces for an upcoming report ordered by President Donald Trump to address its “unsustainable financial path.” …

The Postal Service reported a loss of $3.9 billion for the budget year that ended Sept. 30, compared with a $2.7 billion loss the year before.

A nearly 7 percent increase in package delivery was unable to offset drop-offs in letter mail, which makes up more than 70 percent of total revenue. First-class mail volume fell by roughly 2.1 billion pieces, or 3.6 percent, as people in the digital age rely more on email for online bill payments.

Revenue was $70.7 billion, compared with $69.6 billion last year, but there were higher transportation and labor costs from delivering more packages.

Note well the irony in the explanation for the decline in first-class mail. More people would rather go online to do their banking and bill-paying than rely on the Post Office. How many of those people would expect to get better banking services in a USPS model?

*snip*

Full Story
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#2 User is online   erp 

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Posted 10 May 2019 - 04:02 AM

Lemme guess. She can’t balance her checkbook and wants more government involvement?
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#3 User is offline   Ben Cranklin 

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Posted 10 May 2019 - 07:15 AM

Like socialism, itself, another old idea that's already been tried
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#4 User is offline   Ben Cranklin 

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Posted 10 May 2019 - 07:19 AM

View Posterp, on 10 May 2019 - 04:02 AM, said:

Lemme guess. She can’t balance her checkbook and wants more government involvement?


She probably wants a lower interest payday loan. Problem is, people who take out those loans really are such bad credit risks and default so much that the only way to make that system sustainable actually is to charge the interest rates payday lenders charge.

Imagine the government taking on all that risk without pricing it into interest rates. What could possibly go wrong?

This post has been edited by Ben Cranklin: 10 May 2019 - 07:22 AM

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#5 User is offline   Ben Cranklin 

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Posted 10 May 2019 - 07:25 AM

https://www.barrons....king-1525092593
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#6 User is offline   USMCforever60 

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Posted 10 May 2019 - 07:54 AM

Fauxahauntess tried this approach a few years ago, pre CFPB. Stupid idea then, retard stupid now!
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#7 User is offline   Confessor 

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Posted 10 May 2019 - 08:00 AM

Yep, the sooner they can bankrupt the country, the sooner they can rebuild it in their communist image. So her thoughts are actually quite revealing.
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#8 User is offline   gravelrash 

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Posted 10 May 2019 - 08:37 AM

The Brooklyn Bimbo just discovered that food grows in soil and garbage disposals are scary. Just... I can't today...
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#9 User is offline   RedSoloCup 

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Posted 10 May 2019 - 09:04 AM

View Posterp, on 10 May 2019 - 04:02 AM, said:

Lemme guess. She can’t balance her checkbook and wants more government involvement?


:yes:
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#10 User is offline   RedSoloCup 

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Posted 10 May 2019 - 09:07 AM

Modeling the banking industry after the postal service is only new because we have never had such a stupid person in Congress.
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#11 User is offline   Severian 

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Posted 10 May 2019 - 09:39 AM

She's the type who'd stick her hand down a garbage disposer, turn it on, then insist that all garbage disposers be banned because they're dangerous. Same for stoves, only trained professionals should use them, you can get burned!
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#12 User is offline   Tikk 

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Posted 10 May 2019 - 09:45 AM

View PostSeverian, on 10 May 2019 - 09:39 AM, said:

She's the type who'd stick her hand down a garbage disposer, turn it on, then insist that all garbage disposers be banned because they're dangerous. Same for stoves, only trained professionals should use them, you can get burned!


Her ilk are why there are warning labels on lawnmowers.
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#13 User is offline   corporal_little 

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Posted 10 May 2019 - 09:47 AM

This woman has to be a GOP plant. I'm not sure anyone could be this stupid.
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#14 User is offline   Natural Selection 

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Posted 10 May 2019 - 09:57 AM

View PostBen Cranklin, on 10 May 2019 - 07:15 AM, said:



Thanks for that link. I have never heard of that before. I've reached that point in my life where it's a treat to hear something I've never heard before. :lol:

According to your link "the program was initially used by non-farming immigrant populations". I suspect AOC wants to do this for illegal immigrants. Most of them use the Currency Exchange for check cashing and pay fees to cash their checks. I have no doubt that a democrat-proposed government banking program would not require account applicants to prove their citizenship. This is just another attempt by the left to normalize life for people in the US illegally. They can already get drivers licenses, send their kids to school, receive welfare for their kids, rent apartments, etc. Now the illegal immigrant sympathizers want to give them bank accounts and credit cards.
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#15 User is offline   Severian 

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Posted 10 May 2019 - 10:38 AM

View PostTikk, on 10 May 2019 - 09:45 AM, said:

Her ilk are why there are warning labels on lawnmowers.

And on irons saying to not iron clothes while you're wearing them. :rolleyes:
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#16 User is offline   stick 

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Posted 10 May 2019 - 11:20 AM

View Postcorporal_little, on 10 May 2019 - 09:47 AM, said:

This woman has to be a GOP plant. I'm not sure anyone could be this stupid.


But she's a progressive socialist who's been in her NYC cocoon her entire life - of course she can be this stupid. She's also paranoid and has a mean authoritarian streak. She'd make a perfect dictator.
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#17 User is online   johnnybravo 

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Posted 10 May 2019 - 11:33 AM

Democrat socialism is different than socialism. It really is! Trust me!
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#18 User is offline   DJGoody 

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Posted 10 May 2019 - 12:22 PM

View PostBen Cranklin, on 10 May 2019 - 07:15 AM, said:




Well, it didn't work because everyone wasn't in the system. Think of all the benefits. We could eliminate the income tax, because now the Feds could just tap into our accounts when they need money for Health Care for the poor, unfunded wars, school funding, welfare, etc..etc! What a wonderful system! I am sure the interest rates on loans would be super low, and interest back on our savings super high! YEAAAAAAAA, the Federal Government solves yet another problem!!
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#19 User is offline   JerryL 

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Posted 10 May 2019 - 12:42 PM

View Postcorporal_little, on 10 May 2019 - 09:47 AM, said:

This woman has to be a GOP plant. I'm not sure anyone could be this stupid.

She sure shows what a degree from an expensive Eastern seaboard university is worth.
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#20 User is offline   Liz 

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Posted 10 May 2019 - 01:07 PM

View Postgravelrash, on 10 May 2019 - 08:37 AM, said:

The Brooklyn Bimbo just discovered that food grows in soil and garbage disposals are scary. Just... I can't today...

Excuse me if I take umbrage at that remark. The bimbo is from the Bronx, not from Brooklyn. :P
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