From the Bad Biden Idea file: The post office bank
Brent Smith predicts government loans would end up pulverizing private lenders
Recently, the leftist site Vox posted an article of 10 executive actions a President Biden (almost choked on that) can do without congressional approval.
All were lame – energy, Green New Deal stuff, etc. – but one stood out because it has so far gone relatively unnoticed by the right, yet would be a disaster in the making.
It's the creation of a U.S. Postal Service national bank. Yes, the leftist geniuses on the Biden transition team want the Postal Service, which is $160 billion in debt and lost a staggering $2.2 billion just last quarter, to create a national banking system.
The idea is also being pushed for by both the public sector American Postal Workers Union and the Biden-Sanders unity task force. If you knew no more than just this, you'd conclude, like me, that nothing good for America could ever come from a demand by a public sector union or anything involving Bernie Sanders.
"The idea is to provide free, or at least extremely low-cost, banking services to people currently outside the mainstream banking sector."
That's terrific – free banking services, like free college and free health care. Everything is free, and no one ever has to pay. Now let's all mount our winged unicorns and follow the rainbow to that secret pot of gold for some free money, too!
And of course, this being the federal government, it won't just provide checking and saving accounts to "millions of Americans [who] are un- or underbanked." We know that the purpose of government is no longer to secure the rights of its citizens, but to grow, like a Kraken.
Piddling little banking services for the underprivileged is only the beginning, just as Obamacare was always to be a transition to full government-run health care, laying waste to the private sector.
This will mean that the USPS government bank of the public sector will be in direct competition with private sector lenders. And we know it never ends well for the private sector. It just ends for most; crony corporatism assures the survival of a select "plugged-in few." And by few, I mean mega-donors to the Democratic Party.
So don't be fooled be the false premise of looking out for the poor and less fortunate.
Like all leftists, these understand the power of framework. Just get something started – get something on the books. Pour the foundation and erect the framework. Just get it started. Then give it enough time to grow into something the spineless legislature would never dare touch.
This new Postal Service bank will "progress" beyond this and venture into direct lending – mortgage, corporate, etc.
It's no different than DACA, which were both created with no more than an Obama pen. No legislation necessary.
"I'm going to do this. Now catch me if you can – stop me if you have the guts." And leftists know, as do we, that very few will muster the courage to do so.
If this calamitous idea is carried out, it will severely wound if not kill private sector banking and lending.
Just imagine government-run single payer health care as a banking system.
If you like your bank, you can keep your bank!
https://www.wnd.com/2020/11/bad-biden-idea-file-post-office-bank/
