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Speech About Banking

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While you're still internally debating on if money is real or not, let's talk about banks. There was a time in our not too distant past that we had two types of banks, one was for boring banking. You know, checking and savings accounts, home loans, and small personal loans, maybe a few small business loans would come through every now and again, but that was about it. It was boring and it was, for the most part, safe.
The banks would issue loans, and charge interest on them to cover their expenses to keep the doors open. They issued credit only after careful consideration to make sure if someone couldn't pay them back it wouldn't take down every other person banking with them or the bank itself. And each bank had enough reserves to survives …show more content…

It has been a proposal over the years, and I agree the idea is a good one. For many in low income areas, there are no banks, of any kind in their neighborhood. These are places where check cashing services are their only option and they pay dearly for it. So, going forward, every post office will also add banking to their list of services. Nice, boring banking. You can open a checking and savings account, get small, personal loans with reasonable interest rates, and save for retirement at any post office.
No matter what city you are in, if you go to a post office, you can access your account, withdraw or deposit money or pay your bills. To help with that, each bank will have dedicated, secured computers for their customers to manage their money and pay their bills if they do not have access to a computer in their home.

Now that I've mentioned check cashing services, let's talk about them for a bit, shall we? Your freewheeling days of charging to cash checks and outrageous payday loan interest rates are a thing of the past. You have been legal loan sharks for far too long and it will end, now. You will no longer be able to line your pockets on the backs of the poor by offering them loans you know they will never be able to pay back in any reasonable amount of …show more content…

The blessing and the curse of modern money. They can be a lifesaver in case of emergency, and a life ender if squandered. You've made a great deal of money by playing fast and loose and charging excessive rates for interest. You've given out credit to those you knew couldn't pay and handed out credit limits far exceeding what you knew someone could afford.
I will acknowledge you are a necessary evil, but that doesn't make you good. So, we need some new rules governing your practices. To begin with, you cannot extend credit beyond 5% of a person's yearly salary. And no person shall be able to carry more than 20% of their salary total in credit. So, if a person makes $20,000 a year, a single credit card company could not issue a credit limit above $1000, and that person could not exceed $4000 in total credit card extension.
Nor can any credit card charge more than 5 points higher than federal interest rates. You can extend credit, but you are not going to be allowed to gouge people for the convenience of going into debt with

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