Comments on: Why the Post Office needs to compete with banks http://blogs.reuters.com/felix-salmon/2014/02/03/why-the-post-office-needs-to-compete-with-banks/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: josfrick71 http://blogs.reuters.com/felix-salmon/2014/02/03/why-the-post-office-needs-to-compete-with-banks/comment-page-1/#comment-49181 Fri, 07 Feb 2014 16:27:44 +0000 https://blogs.reuters.com/felix-salmon/?p=23076#comment-49181 By the same token, the Postal Service should have been at the vanguard of email (specifically), but in providing Internet services as a ‘common good’.

Who wouldn’t have paid…say…$5/month for Internet access back in the mid-90s? And every post office could have been a digital hub.

C’est la vie.

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By: TomMariner http://blogs.reuters.com/felix-salmon/2014/02/03/why-the-post-office-needs-to-compete-with-banks/comment-page-1/#comment-49171 Wed, 05 Feb 2014 18:09:41 +0000 https://blogs.reuters.com/felix-salmon/?p=23076#comment-49171 The ONLY reason a government agency will give you money is to buy your vote.

If we really need a profitable business to keep the Post Office afloat, how about selling pot? Nope, not kidding — many states have a monopoly on liquor stores and there once was a Constitutional Amendment against consuming that.

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By: FarmerT http://blogs.reuters.com/felix-salmon/2014/02/03/why-the-post-office-needs-to-compete-with-banks/comment-page-1/#comment-49168 Tue, 04 Feb 2014 22:30:00 +0000 https://blogs.reuters.com/felix-salmon/?p=23076#comment-49168 The Post Office could survive and thrive in the financial space outlined above but it won’t. The downfall is the burdensome rules and processes it must adhere to and the attitude of its workforce to adapt to changes. The great ideas presented by the IG must be packaged with sweeping changes on how the post office finds, tests and implements new products and services. Internally, groups need to be aligned to support testing new ideas. Change the current methodology used to determine labor costs at a post office counter. The skewed cost structure makes new products look unprofitable while other retailers thrive on the cost structure. The IG’s great ideas are like putting the cart before the horse. The cart will go nowhere until a viable horse is hitched to the front.

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By: realist50 http://blogs.reuters.com/felix-salmon/2014/02/03/why-the-post-office-needs-to-compete-with-banks/comment-page-1/#comment-49160 Tue, 04 Feb 2014 05:20:40 +0000 https://blogs.reuters.com/felix-salmon/?p=23076#comment-49160 * kept it open

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By: realist50 http://blogs.reuters.com/felix-salmon/2014/02/03/why-the-post-office-needs-to-compete-with-banks/comment-page-1/#comment-49159 Tue, 04 Feb 2014 05:19:58 +0000 https://blogs.reuters.com/felix-salmon/?p=23076#comment-49159 Felix, you seem to assume that those 38% of ZIP codes are poor urban areas that have post offices and non-bank financial services but no bank branches. I’d bet dollars to doughnuts that very few of them fall into that category – even a poor urban ZIP code has at least 1 bank branch, just not a lot of bank branches – and that most of them are small towns with limited commercial buildings of any type. The post office is only there because a Congressman kept if open. Those ZIP codes would closely correlate with the least populated ZIP codes in the U.S.

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By: y2kurtus http://blogs.reuters.com/felix-salmon/2014/02/03/why-the-post-office-needs-to-compete-with-banks/comment-page-1/#comment-49158 Tue, 04 Feb 2014 03:41:34 +0000 https://blogs.reuters.com/felix-salmon/?p=23076#comment-49158 This banker is intrigued! Some questions Felix… My mutual bank has been around since the civil war and has never accepted a bailout. In that 150 year period we have scraped together a 130million dollars in capital. If the post office is to make loans where would its initial capital come from? An appropriation from congress?

Next lets ask how the postal bank you envision will succeed where 99.9% of existing banks (even my little Maine mutual or your cuddly credit union) fail… serving the poor. As you and most of your readers well know, in traditional banks the top 20% of customers heavily subsidize the cost of serving the poor and lower middle class. Unless you expect the rich and the affluent to start banking at the post office, who will pay the costs of serving the poor? Remember this is suppose to lift the dying institution out of the grave not nail the coffin shut right?

As a post script though I don’t see how it could possibly work, this banker is all for it… I say open the Postal Bank immediately! Payday lenders and 18%+ credit cards are a scourge giving all lenders a bad name. If Uncle Sam wants to get into the banking business bring him on. If we have to play by even remotely the same set of rules I don’t think I have anything to worry about.

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By: FifthDecade http://blogs.reuters.com/felix-salmon/2014/02/03/why-the-post-office-needs-to-compete-with-banks/comment-page-1/#comment-49157 Tue, 04 Feb 2014 01:23:26 +0000 https://blogs.reuters.com/felix-salmon/?p=23076#comment-49157 Looks more like an eWallet than a bank account to me…

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