Postal Banks

[John Galt]

[Dylan]

[Indy]

[John Galt]

i was talking about what will happen if Bernie gets his way of creating a giant bank

[Indy]

As long as the giant bank wasn't allowed to gamble with taxpayer money and be insured by us for all its gambling losses, I'm sure we could make it work.

And, like I said, tightly regulate it.

Payday loans at those rates and terms should be outlawed in a civilized society that claims to be "exceptional." But once again, the banks own your gov't so they can do anything they want from that to take a minimum $3 tax on you every time you access YOUR money via an ATM.

But the sentiment pushed by plutocrats is something along the lines of: payday loan sharks exist because black people are too dumb to understand what they're doing and who cares about them anyway? Capitalism!

My earlier statement about where so many of these places are located is easy to solve: go drive by any military base. We allow them to prey on our men/women in uniform, the ones we say are "heroes." We're not big on protecting our heroes are we?

[exploited]

[Indy]

It's true Exploited--if you drive by any military base here they are FLOODED with payday loan operations. People think they're just in the bad parts of big cities. Nope.

[John Galt]

did you read the new yorker article i posted about payday loans vs banks and their overdraft fees? overdraft fees would be like an APR of 5,000%, and banks 'bank on' recieving about $185/year in fees from its customers. they aint' going to give up that cash lightly, even though it's absolutely despicable. we already give them money they can use to lend but then they f**k over people who literally are out of money

according to some sources, 76% of americans are living paycheck to paycheck.

76% of people have a use for short term loans, in other words. and while it would be super awesome to get everyone away from that habit -- to budget better, in other words -- it would be helpful for them to have short term loans for emergency use. most people go to family if they can, but if they can't, it's off to payday loans for them. banks don't want to give out a loan for 2 weeks, that's not what they do. maybe they should, or, better, maybe that should just be part of having a bank account. you get up to X overdraft for up to Y days before Z interest/fees starts accruing. but i doubt that would ever happen. perhaps a new model of banking could fill this void though. like i said, 76% of americans would appreciate it.

as for atm fees, i don't have to deal with them as my bank doesn't charge atm fees and reimburses me for up to 10 atm fees/month from other banks because my bank doesn't have many actual buildings or atms itself anywhere. but i know other people have to deal with them, and i agree they are a bit obnoxious. what i find is obnoxious isn't really the fee for using it (makes sense to pay for it), it's the fee from your own bank for using a different atm.

[Indy]

Holy crap 76% Americans are paycheck to paycheck? That is alarming!

[John Galt]