Political Crossfire Forums

How has this not been done yet? *cough* CORRUPTION!*cough*

Pretty simple. The government gives everyone a checking and savings account at birth. No overdraft or anything wild, no credit, just a checking and a savings account, along with a debt card for transactions. Savings accrues interest at federal funds rate, or you could bump it up for certain groups like the young to encourage saving, and obviously cap it for the little richards who will try to abuse it. Hell, you could just administer most welfare though the account.

I'm sure reptiles will go bonkers but basic banking services really are a necessary utility in the modern world. And it's not like you have to use the account if you are worried about ur guns n freedums. Of course, this would suck deposits out of the current banking industry and the rentiers would have to find another basic service to monopolise and overcharge for. Would provide some really interesting data too about actual purchasing power of some of the poorer communities in the country, and even longitudinal studies about wealth and class mobility. This is the sort of "big idea" we would have done on 2 weeks notice back when we were great, when we built highways and went to the moon.

Yup. I heard it somewhere that the postal service should provide this. Makes sense to me.

I don't want the US Gov any more entangled in my finances then they already are.

Nightmare: The IRS says I owe X. It's a mistake by them but they freeze my checking and savings accounts until the "hearing" findings anyway. No thanks.

I'm sure we'd have to figure out specifics but in general i favor this idea. i've said as much before.

i get annoyed when i hear people say that poor people can't get a bank account. it's not that they can't, its that they won't -- and i don't blame them. banks abuse the poor more than anyone else. the banks like to accuse payday loans as being predatory but in truth, it's the banks. payday loans are filling a niche that banks won't: short term, small loans. when someone is living paycheck to paycheck and the car breaks down, they need a short term, small loan. banks dont do this nonsense. instead they have things called "overdraft fees" which work similarly but basically charge about 5000% interest rate http://www.pewtrusts.org/en/research-an ... t-a-glance

overdraft fees, and charging to get your own money out of the bank, are obnoxious. in addition to what you outlined above, there should be at least a 7 day, if not 2 week, grace period for overdrafting before fees are applied

For it. Bring it.

http://www.blockchain.gov

I can see it happening.