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Kirsten Gillibrand proposes Postal Banking

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    The reason you would use post offices is they have land and a physical presence across the country. And it’s a policy choice among many options. Yes, you would have to revamp the post office and direct resources to that. Seems like the existing thousands of designated govt agents with retail stores, ie banks, should be compelled by regulation to offer low cost/easy to use checking accounts to every American.

    I’m more in favor of state banks than this, but I understand why progressives would want this bc nobody understands what so called private banks really are (and the left and right are on the wrong side of their stated ideologies w.r.t. reality) and generally see this as a positive development.

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    Schmidt Wrote: "Borrowing money to live" -- but with little or no hope of ever paying it back? Poor people are in need of welfare payments, food stamps, free medical care, education assistance, job retraining assistance and a bunch of other things including a Job Guarantee, but getting loans for day to day subsistence when they have no means of paying it back doesn't seem to me a solution.
    Absolutely correct. They are predatory loans of a one time nature. I know many people who lost cars worth many times the real loan value. If a person has no other recourse than title or payday loans they have no money and will usually default immediately . These loans serve absolutely no purpose and simply are of the last resort. They place desperate people in an even worse predicament. People will borrow what they need or can get not considering that the interest payment is due almost immediately and the interest payment is probably the largest bill they now have. There is no logical defense for payday or title loans. None.
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    ""In studying payday loans in North Dakota, the Center for Responsible Lending found that nearly half of all borrowers default on a loan within their first two years of borrowing. The number — 46 percent — is attributed to borrowers who took out multiple payday loans within that two-year period or renewed just one loan.Mar 31, 2015""