Could Public Banking Be The Answer To Questions Occupy Raised? (w/Phoenix Goodman)

[thomhartmann]

Currently states give billions of dollars to Wall Street to handle their banking and this money is then used to fuel the ever growing divide between the Rich and workers.

[winetourdriver01]

1. There is

The post offices are the obvious choice.

[KPN]

4. Yup. Most of the public postal services throughout the globe provide banking services. It's an

idea that has been around for as long as payday lenders have been recognized as parasitic exploiters of those who can least afford interest payments. But do or can we do it here in the great US of A? Hell no! It makes too much sense. Because it violates the basic tenets of capitalism: competition is the key ingredient to efficiency (for everyone and everything); private services are always better than public services because they are "more efficient"; and it's socialism not capitalism which better inspires personal responsibility and effort. All bullshit arguments for which there is plenty of proof.

Numerous think tanks and scholars have explored and pushed the concept in recent years. Elizabeth Warren and Bernie Sanders began openly pushing USPS banking service in 2013-14 which resulted ultimately in its making its way into the 2016 Democratic Party platform.

[Bfd]

7. Yes. Hillary Clinton would have made it possible & protected it from privatization.

She had a 55 page policy plan in hand.

I believe this is one reason that the Republicans & Trump have mentioned privatising the USPS.

They can't allow competition of their mega banking system & once USPS is privatized, it would be a mega bank that would step in to create a USPS bank.

Nothing is done for the public without profit for themselves 1st.

There were so many public policy benefits to HRC's Dem platform, that she became a big threat to the Republican capitalists .

Her policies benefitted the well being of the public, and that had to be silenced & prevented from ever reaching the power of the Presidential Office.

They have tried to do the same to E warren. Silence her & smear every inch of her name & see that media repeats it until it is believed.

Swiftboating is their firewall when there's a threat to their private profits.

[KPN]

8. Key words: "would have"

I understand your enthusiasm but I also wishg you would keep in mind that it was the Democratic Party Platform.

[Bfd]

12. I did include The Dem platform. The Dem platform & Hillary Clinton's platform were the same thing.

I wish she would be given credit.

The silencing & smearing of her enormous worth to this countries future continues until some finally start saying the truth about her.

I will always note her well detailed policies, her forethought, her wish to govern as a leader of all races, genders, beliefs & dreams.

Pity that right here, her enormous value is again asked to be moved out of the way.

[Bfd]

2. Publuc banking through the Postal Service, for instance, was on HRC's Dem platform

https://www.google.com/amp/s/www.cnbc.com/amp/2016/07/24/why-hillary-clinton-thinks-making-the-postal-service-a-bank-too-is-a-good-idea.html

Why Hillary Clinton thinks making the Postal Service a bank too, is a good idea
July 2016

The Democratic platform laid out some of the party's main talking points for the general election, but also included one that may seem unusual, even bizarre, to some.

The 55-page platform said that a Hillary Clinton administration would work to let the U.S. Postal Service offer "basic financial services," including cashing checks and giving USPS more flexibility in choosing with services it provides, in an effort to revitalize the government service.

SNIP
The United States Postal Service (USPS) is a national treasure. That is why Democrats embrace a vibrant, public Postal Service that offers universal service, and reject any effort to privatize or marginalize it," the Democratic platform, released July 21, said.

Earlier this year, the House introduced a bill that, if made into law, would grant USPS similar powers. In fact, the bill goes a step further and would give USPS with the ability to provide "small-dollar loans" and "services relating to international money transfers."

The Democratic platform also talked about enacting a "modernized" version of the Glass-Steagall Act. The original version, signed into law in 1933 and repealed in 1999, basically created a wall between commercial and investment banking.

"Banks should not be able to gamble with taxpayers' deposits or pose an undue risk to Main Street. Democrats support a variety of ways to stop this from happening, including an updated and modernized version of Glass-Steagall as well as breaking up too-big-to-fail financial institutions that pose a systemic risk to the stability of our economy,"

More at Link.
Excellent Read.
Of course the conversation was met with cries of "too costly", but that too was addressed in the Dem Platform of 2016.


Public banking was once implemtnted but was challenged, as the article addresses

I believe President Obama also had apprpached the issue of public banking.

[zipplewrath]

3. Reviving

This would actually be a revival of a previous practice. My fathers first savings account was with the post office.

[Bfd]

5. Yes. It was a much used function of the postal service until 1966

"Granting USPS the ability to execute basic financial services, however, is not a new idea.

USPS used to take deposits from clients until 1966 and, in 1947, had nearly $3.4 billion in deposits. USPS became a popular deposit home for people who didn't have confidence in banks in the early 20th century."


FROM THE LINK
https://www.google.com/amp/s/www.cnbc.com/amp/2016/07/24/why-hillary-clinton-thinks-making-the-postal-service-a-bank-too-is-a-good-idea.html

[zipplewrath]

15. It makes alot of sense

It allows the government to provide financial services to people who the banks wouldn't touch. They had an upper deposit limit in the past and by setting that usefully low, there'd be no real competition with banks.

[alwaysinasnit]

6. Please check out Dr. Ellen Brown's website

Last edited Thu Nov 1, 2018, 05:40 PM - Edit history (1)

https://ellenbrown.com/author/

She has been working for this for a long time.

Edited to add a current article link

https://www.truthdig.com/articles/how-america-can-free-itself-from-wall-street/

[KPN]

10. Yep. It's not a new concept.

We just strayed from it long ago -- to the detriment of many who can't afford the fees and/or credit interest rates available through private-for-profit banks (and even some CUs these days IMO).

Re: in the 2016 Dem Party Platform: there's no question that it should have been. It should have been in 2012, 2008, 2004, 2000, 1996 ... etc., as well.

[alwaysinasnit]

11. It amazes me that the various States haven't moved toward the example set by North

Dakota, especially given that ND was the only State to survive the Great Recession relatively unscathed.

[KPN]

13. I agree.

[stuffmatters]

17. TY for citing Ellen Brown. She even ran for Ca State Treasurer championing a Ca state bank..

Unfortunately it got zero attn then (2014) . Glad Los Angeles has it on their ballot Tuesday. I'm bringing it to my nieces & nephews attn.in L.A.

[alwaysinasnit]

18. Yeah. I voted for her but knew that she would not be elected. Not enough people understand about our

monetary system and how we are currently chained to Wall Street. TY for reminding me of that election.

[stuffmatters]

19. I didn't even realize Brown was running until I saw her name on the ballot as I was voting.

Came home & posted on DU but it was already afternoon of voting day. So, so glad it's on the ballot in Los Angeles now. However much of Ca can be insulated from Wall Street predation/roulette by a city,county or ideally state bank, the better. North Dakota certainly escaped in large part the 2008 crash fall out by having the ND State Bank such a bulwark of their State economics.

Just noticed your moniker, alwaysinasnit. Love it & profoundly identify.

[alwaysinasnit]

20. Yes, I guess the use of my moniker means that I can laugh at myself. BTW, if most people knew how

much a State can save by having a State bank issue bonds instead of Wall Street, they would hit the roof. The interest paid on these bonds would stay with the State instead of going to investors and we would have protection from a lot of the fallout of financial crisis.

[stuffmatters]

21. Once people hear about how state banking benefits them & their state, they are like "yes,yes."

I classify it as one of those commonsense solutions that the PTB have in the past given/allowed very little exposure. Another is scrapping the cap for Soc Sec. Absolute no brainers IMHO.

[alwaysinasnit]

22. Totally agree.

[Bfd]

9. History of the Postal Saving System. President Taft in 1910

passed the 1910 Postal Savings Depository Act and the establishment of the Postal Savings System.

http://m.american-historama.org/1881-1913-maturation-era/postal-savings-system.htm


Public banking via the postal system ended in 1966 due to the emergence of community banks.

Good read. The concept, implementation, & popular success of public banking has existed since 1910.

It is not a new concept however, Big Banks & Payday Loan behemoths have fought against the reimplementation of Public & Postal banking, as their huge profits are at risk with public banking.

[zipplewrath]

16. The "public option" of banking

It's a bit odd because a bit like the insurance companies, the banks should love this idea. It provides banking services to people the banks find unprofitable and risky. I suspect they fear it because there would be the constant threat that the government would encroach on their customer base over time.

[Bfd]

14. 2016 Bill Introduced into Congress by Rep. Richmond, Cedric L. [D-LA

https://www.congress.gov/bill/114th-congress/house-bill/4422/text

Sponsor Rep. Richmond, Cedric L. [D-LA-2] (Introduced 2-01-2016
Committees: House - Oversight and Government Reform
Latest Action: House - 02/01/2016 Referred to the House Committee on Oversight and Government Reform.

Guess it got stalled somewhere.

Until we have a majority to bring these bills to the floor, & a President to sign on, and a SC that won't deny it in a challenge, then it will continue to be stalled.