The postal savings bank: an old idea worth bringing back
October 6th, 2008 at 09:00am Chuck Sweeny
This op-ed piece in The New York Times makes a lot of sense — and cents. I had long forgotten the fact that people in my parents generation used to save money in a Postal savings account — at the post office.
Congress abolished the savings plan in 1966, the story says, but in the light of the Wall Street calamity, which shows no signs of improving, it would be wise to revisit the idea of the humble postal savings bank, especially to encourage low-income and nontraditional savers to do just that — at their neighborhood post office.
It’s a great way to begin shifting foreign control of our assets back to the American people.
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