As harebrained schemes go, this one’s a real winner. Let’s have an institution that can’t even cover its costs for performing its core function get involved in offering check-cashing services and making small money loans to “underbanked” people who probably can’t afford to pay them back. But hey, if they lose money on this scheme, it doesn’t matter – it’s somebody else’s money anyway, right? This is precisely what Fauxcahontas -a financial genius in her own mind- wants to have the POST OFFICE do.
This brilliant can’t fail scheme comes from the mind of the Post Office Inspector General and Elizabeth Warren. It was said of Napoleon III that insane schemes multiplied in his brain faster than rabbits. I don’t even want to picture what the inside of Elizabeth Warren’s brain looks like.
As the U.S. Postal Service continues to lose money each year, a new report suggests a way to add to its bottom line: offer banklike services, such as a check cashing card that would allow holders to make purchases and pay bills online or even take out small loans. The idea is to provide services that are now unavailable in many communities.
Sure the USPS can’t figure out how to make money on its core function, so why not have it branch out into a risky and complicated line of work that it has no experience with.