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Why Banking at the Post Office Could Be a Better Option Than Payday Loans—and Wall Street
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YES! Magazine - Economy
And that’s just one reason why postal banking, a hot idea in economic policy debates, is viable.
Former Harlem resident and public banking advocate Alexander Hamilton did not envision such an exclusive system.
This unique burden, which is not imposed upon any other government enterprise, is the chief cause of USPS’ financial woes.
As a corollary, if trauma to Main Street could be avoided via the postal banking system, the case for bailing out Wall Street would lose steam.
Although Postmaster General Donahoe is against postal banking, many of his workers, managers, union leaders, regulators, and lawyers support it.
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