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The Big Benefits of Postal Service Banking Print
Written by <a href="index.php?option=com_comprofiler&task=userProfile&user=7122"><span class="small">Elizabeth Warren, Reader Supported News</span></a>   
Monday, 07 July 2014 13:18

Warren writes: "More than a quarter of all American households - about 68 million people - rely at least in part on nonbank financial services like check cashing or payday lending. These unbanked and underbanked households pay more - a lot more - for the kinds of basic financial services the rest of us take for granted."

Senator Elizabeth Warren. (photo AP)
Senator Elizabeth Warren. (photo AP)


The Big Benefits of Postal Service Banking

By Elizabeth Warren, Reader Supported News

07 July 14

 

ore than a quarter of all American households - about 68 million people - rely at least in part on nonbank financial services like check cashing or payday lending. These unbanked and underbanked households pay more - a lot more - for the kinds of basic financial services the rest of us take for granted. In 2012, the average income for these families was about $25,500, and they spent an average of $2,412 just on interest and fees for nonbank financial services. That was just under 10 percent of their annual income - or about the same amount as they spent on food.

Think about that: The average underbanked family spends roughly the same amount on getting checks cashed, bills paid and the occasional short-term loan as they do on food for an entire year. These families aren't looking for mortgages and business loans that require more business judgment. They just need access to basic banking services.

Why aren't these families using traditional banks to cash their paychecks and pay their bills? Many have been shut out of traditional banking. Banks are rapidly abandoning low-income and rural neighborhoods. SNL Financial documents a shift in banking, with banks opening new branches in areas where the median income is over $100,000 while simultaneously closing branches in areas where the median income is under $50,000, shutting out families of modest means.

Luckily, there is an organization with the public mission, the infrastructure, the experience and the well-trained employees needed to help address this problem: the U.S. Postal Service. A recent report from the USPS inspector general found the Postal Service already has the statutory authority it needs to partner with banks and credit unions to provide basic, affordable financial services like check cashing and small-dollar savings accounts at post office branches. The services could be offered to customers at much lower prices than expensive private alternatives. The Postal Service could partner with community banks and credit unions to help train workers and provide back-office management.

With nearly 60 percent of post office branches in ZIP codes where there are either one or no bank branches, postal banking could fill the void banks have left by closing branches nationwide. The Postal Service already has a presence in low-income and rural communities, and it could leverage that infrastructure to provide access to lower-cost basic banking services. This idea is a win-win: The Postal Service could offer affordable financial services for underserved families and, at the same time, shore up its own financial footing. The inspector general estimates the USPS can generate billions of dollars in new revenues by offering these services for modest fees.

Postal banking is not a new or untested idea, either. The USPS already provides some financial services, like international money transfers to certain countries and domestic money orders, and it used to provide small-dollar savings accounts as recently as the 1960s. Moreover, the postal services in a number of other countries - from Germany to Japan to Brazil - have been offering basic financial services for some time.

A number of steps must be taken to protect people from financial tricks and traps in the marketplace and to expand families' access to lower-cost banking services. This innovative and creative approach is one such step. It will help strengthen the finances of the Postal Service and help struggling families to build economic security.

Read the op-ed at the U.S. News website here.



Reader Supported News is the Publication of Origin for this work. Permission to republish is freely granted with credit and a link back to Reader Supported News.

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Birthed by the Revelations of Edward Snowden Print
Written by <a href="index.php?option=com_comprofiler&task=userProfile&user=11104"><span class="small">Charles Pierce, Esquire</span></a>   
Monday, 07 July 2014 13:14

Pierce writes: "Over the weekend, The Washington Post produced yet another story birthed by the revelations of Edward Snowden, International Man Of Luggage. As is customary in such things, the story immediately was drowned out by usual Glenn Greenwald: Threat Or Menace? arias from most of the usual suspects."

Edward Snowden. (photo: SXSW)
Edward Snowden. (photo: SXSW)


Birthed by the Revelations of Edward Snowden

By Charles Pierce, Esquire

07 July 14

 

ver the weekend, The Washington Post produced yet another story birthed by the revelations of Edward Snowden, International Man Of Luggage. As is customary in such things, the story immediately was drowned out by usual Glenn Greenwald: Threat Or Menace? arias from most of the usual suspects. ("Inadvertent" apparently has a shiny new meaning in this context.)  However, the story itself remains fairly significant.

Nine of 10 account holders found in a large cache of intercepted conversations, which former NSA contractor Edward Snowden provided in full to The Post, were not the intended surveillance targets but were caught in a net the agency had cast for somebody else. Many of them were Americans. Nearly half of the surveillance files, a strikingly high proportion, contained names, e-mail addresses or other details that the NSA marked as belonging to U.S. citizens or residents. NSA analysts masked, or "minimized," more than 65,000 such references to protect Americans' privacy, but The Post found nearly 900 additional e-mail addresses, unmasked in the files, that could be strongly linked to U.S. citizens or U.S.residents...Many other files, described as useless by the analysts but nonetheless retained, have a startlingly intimate, even voyeuristic quality. They tell stories of love and heartbreak, illicit sexual liaisons, mental-health crises, political and religious conversions, financial anxieties and disappointed hopes. The daily lives of more than 10,000 account holders who were not targeted are catalogued and recorded nevertheless.

I am sure that all of these useless-but-strangely-retained conversations were never passed around for shits-and-giggles by the folks in the cubicles. I'm sure that the high priests of the surveillance state never would stoop to profane the temple in such a skeevy fashion. And I am the Tsar of all the Russias. One of the prime arguments from the people who Know The Way The World Works is that we all should have assumed this was going on anyway, and, anyway, Target has your information, too, y'know? Look, we have a gigantic surveillance state now, one that was created largely beyond the reach of public debate, and anything that shows me how that surveillance state, the one that was created on my dime, works is valuable information. I also am tired of being lied to.

Ever since Snowden took off with his flash drive, the all-too-human, but curiously error-prone, heroes of our intelligence community have maintained that Snowden did not have access to actual intelligence intercepts. As hard as it is to believe at this point, they appear to have been dealing in barefaced non-facts again. Kevin Drum does due diligence and provides the NSA's latest bullshit alibi.

Robert S. Litt, the general counsel for the Office of the Director of National Intelligence, said in a prepared statement that Alexander and other officials were speaking only about "raw" intelligence, the term for intercepted content that has not yet been evaluated, stamped with classification markings or minimized to mask U.S. identities. "We have talked about the very strict controls on raw traffic..." Litt said. "Nothing that you have given us indicates that Snowden was able to circumvent that in any way."

There is absolutely no reason to believe anything these people say any more. Any story that assumes the NSA is telling the truth is prima facie flawed.

SEE ALSO: NSA Dragnet Data Mostly Collected From Ordinary Americans


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Beliefs, Facts and Money Print
Monday, 07 July 2014 13:12

Krugman writes: "On Sunday The Times published an article by the political scientist Brendan Nyhan about a troubling aspect of the current American scene — the stark partisan divide over issues that should be simply factual, like whether the planet is warming or evolution happened."

 Paul Krugman. (photo: Getty Images)
Paul Krugman. (photo: Getty Images)


Beliefs, Facts and Money

By Paul Krugman, The New York Times

07 July 14

 

n Sunday The Times published an article by the political scientist Brendan Nyhan about a troubling aspect of the current American scene — the stark partisan divide over issues that should be simply factual, like whether the planet is warming or evolution happened. It’s common to attribute such divisions to ignorance, but as Mr. Nyhan points out, the divide is actually worse among those who are seemingly better informed about the issues.

The problem, in other words, isn’t ignorance; it’s wishful thinking. Confronted with a conflict between evidence and what they want to believe for political and/or religious reasons, many people reject the evidence. And knowing more about the issues widens the divide, because the well informed have a clearer view of which evidence they need to reject to sustain their belief system.

As you might guess, after reading Mr. Nyhan I found myself thinking about the similar state of affairs when it comes to economics, monetary economics in particular.

READ MORE


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NYT Dishes More Ukraine Propaganda Print
Monday, 07 July 2014 13:10

Parry writes: "As you read or watch the mainstream U.S. media’s accounts of the Ukrainian government’s military offensive against ethnic Russians in East Ukraine, it’s worth remembering that these MSM outlets have been feeding Americans a highly biased narrative of the crisis non-stop from the beginning."

New York Times correspondent David M. Herszenhorn speaking on PBS NewsHour. (photo: YouTube/PBS)
New York Times correspondent David M. Herszenhorn speaking on PBS NewsHour. (photo: YouTube/PBS)


NYT Dishes More Ukraine Propaganda

By Robert Parry, Consortium News

07 July 14

 

s you read or watch the mainstream U.S. media’s accounts of the Ukrainian government’s military offensive against ethnic Russians in East Ukraine, it’s worth remembering that these MSM outlets have been feeding Americans a highly biased narrative of the crisis non-stop from the beginning.

For instance, New York Times correspondent David M. Herszenhorn included in a largely celebratory account of the Ukrainian blitzkrieg that overwhelmed ethnic Russian positions in the town of Slovyansk on Saturday this summary of the conflict’s background:

“The separatist rebellion is the latest, bloodiest chapter in a crisis that began in November after Viktor F. Yanukovych, then Ukraine’s president, rejected a trade accord he had promised to sign with the European Union in favor of closer ties with Russia. Protesters took to the streets of Kiev, eventually driving Mr. Yanukovych from office. Within a week, Russia invaded Crimea, then annexed the peninsula.”

Herszenhorn, like nearly all his MSM colleagues, simply can’t find it within himself to display the journalistic integrity needed to present an evenhanded and unbiased explication of how this crisis unfolded. Instead, it’s all about blaming Ukraine’s elected President Yanukovych and Russian President Vladimir Putin for everything.

Always absent is the fact that the EU’s trade accord came with a draconian International Monetary Fund austerity plan attached, a prescription to inflict even more pain on the people of Ukraine who have suffered under a post-Soviet economic system dominated by a handful of corrupt oligarchs. The IMF plan would have simply hit the average Ukrainian even harder — with elimination of heating subsidies and devaluation of their currency – while the Ukrainian oligarchs and their Western financial backers would have escaped the pain, as usual. In rejecting the IMF scheme, Yanukovych opted for a more generous $15 billion loan deal from Moscow.

Blind to the Neo-Nazis

Herszenhorn’s narrative also excludes the key role of neo-Nazi militias that were organized in 100-man units to serve as the tip of the spear in the Feb. 22 coup that drove Yanukovych and his government from power. In recognition of their key role in the coup, the neo-Nazis were awarded several ministries in the new government, including the office of national security.

Then, there is the cherished MSM tale of the Russian “invasion” of Crimea, which – unlike every other “invasion” in history – did not involve military forces crossing an international border. Russian troops were already stationed in Crimea under an agreement with Ukraine’s government. And, the impetus for Crimea’s secession from Ukraine and rejoining Russia came from the local government and the Crimean people, not from Russian military force. But repetition of the words “invasion” and “annexation” is needed to elicit the desired revulsion from the American people.

It’s also never noted that after the Feb. 22 coup, the new regime dutifully approved the harsh IMF austerity plan that even Prime Minister Arseniy Yatsenyuk – the new leader hand-picked by U.S. Assistant Secretary of State Victoria Nuland – acknowledged was “very unpopular, very difficult, very tough.”

All in all, the Ukraine case has been a curious example of U.S.–backed “democracy promotion” – overthrowing a democratically elected leader so a coup regime could impose a “very unpopular” austerity plan on an already suffering population. [For details, see Consortiumnews.com’s “Ukrainians Get IMF’s Bitter Medicine.”]

Among the Worst

The Times’ Herszenhorn has been among the most biased of a long list of biased MSM correspondents who have enforced the false narrative about Ukraine. Indeed, the oppressive “group think” – blending State Department propaganda with its amen chorus of the MSM – has made formulating any rational policy toward Russia and Ukraine politically impossible in Official Washington.

It seems that the safe career play is always to go for the most extreme examples of Russian perfidy. For instance, in mid-April, the Times published a front-page story by Herszenhorn excoriating Russian Prime Minister Dmitri Medvedev for engaging in clumsy propaganda.

In the article entitled “Russia Is Quick To Bend Truth About Ukraine,” Herszenhorn mocked Medvedev for making a Facebook posting that “was bleak and full of dread,” including noting that “blood has been spilled in Ukraine again” and adding that “the threat of civil war looms.”

The Times article continued, “He [Medvedev] pleaded with Ukrainians to decide their own future ‘without usurpers, nationalists and bandits, without tanks or armored vehicles – and without secret visits by the C.I.A. director.’ And so began another day of bluster and hyperbole, of the misinformation, exaggerations, conspiracy theories, overheated rhetoric and, occasionally, outright lies about the political crisis in Ukraine that have emanated from the highest echelons of the Kremlin and reverberated on state-controlled Russian television, hour after hour, day after day, week after week.”

This argumentative “news” story spilled from the front page to the top half of an inside page, but Herszenhorn never managed to mention that there was nothing false in what Medvedev wrote. Indeed, as the bloodshed has grown worse and a civil war has become obvious, you might say Medvedev was tragically prescient.

It was also the much-maligned Russian press that first reported the secret visit of CIA Director John Brennan to Kiev. Though the White House later confirmed that report, Herszenhorn cited Medvedev’s reference to it in the context of “misinformation” and “conspiracy theories.” Nowhere in the long article did the Times inform its readers that, yes, the CIA director did make a secret visit to Ukraine.

Now, as the Kiev regime celebrates its bloody conquest of the eastern Ukrainian city of Slovyansk, it might be advisable for Americans who don’t want to continue being deceived by U.S. government/media propaganda to recognize – and reject – these one-sided and false narratives. [For more details, see Consortiumnews.com’s “Ukraine, Though the US ‘Looking Glass’” or The Nation’s “The Silence of America’s Hawks About Kiev’s Atrocities.”]


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Punching Gloria Steinem: Inside the Bizarre World of Anti-Feminist Women Print
Written by <a href="index.php?option=com_comprofiler&task=userProfile&user=30488"><span class="small">Jessica Valenti, Guardian UK</span></a>   
Monday, 07 July 2014 13:09

Valenti writes: "Every so often, one woman engages with me on Twitter who is against women's suffrage. That's right - she believes women shouldn't have the right to vote. I always hoped it was a fake account, but no - this anti-suffrage enthusiast runs a blog where she writes about religion alongside recipes."

Sarah Palin. (photo: Saul Young/AP)
Sarah Palin. (photo: Saul Young/AP)


Punching Gloria Steinem: Inside the Bizarre World of Anti-Feminist Women

By Jessica Valenti, Guardian UK

07 July 14

 

How do you make sense of women who think the Hobby Lobby decision is 'great', college rape is 'inflated' and pay gaps don't exist? Just don't let 'em stop you

very so often, one woman engages with me on Twitter who is against women's suffrage. That's right - she believes women shouldn't have the right to vote. I always hoped it was a fake account, but no - this anti-suffrage enthusiast runs a blog where she writes about religion alongside recipes. It seems the only thing we have in common is a love of beets.

When men are against feminism, it's frustrating, if ultimately predictable - groups with power have always been loathe to give it up. But when women come out against gender justice, it feels worse: no matter how fringe, the rise of the anti-feminist woman is not just baffling but a betrayal.

Obviously "women" aren't a monolith, and neither are the issues that they care about or believe in. But anti-feminist organizing is based on a deep hypocrisy and selfishness - an ideology built to assure conservative women that as long as they are doing just fine, other women will make do. And they're putting up roadblocks to progress right in the middle of a renewed feminist awakening, with retrograde sexism that's ultimately not too different than that of their male counterparts.

Last week, for example, the US supreme court's Hobby Lobby decision left most women's groups livid. Terry O'Neill, president of the National Organization for Women, called it "a shocking disregard for women's health and lives." The co-president of the National Women's Law Center, Marcia Greenberger, said the ruling gave companies "a license to harm their female employees in the name of religion."

But the Independent Women's Forum (IWF) - a conservative women's group with at least a quarter-million dollars in financial ties to Rush Limbaugh - called the decision "undoubtedly good news". The group's director of cultural programs, Charlotte Hays, told a crowd outside the court, "This is a great day," and called the ruling a victory "for anyone who believes in freedom of conscience." This from the same woman who has written that women shouldn't be astronauts and that rape culture on college campuses is all "inflated numbers" and "hysteria".

This latest crop of female anti-feminists - powerful, Washington-based organizations like IWF and Concerned Women for America - want to repeal the Violence Against Women Act and argue that pay inequity doesn't exist. These organizations, along with a handful of popular writers and authors, want to convince women that it's men who are the underserved sex. They want to convince you that inequality is just a trade-off.

And as much as feminists are accused of obsessing over women's sexuality - as if by putting so much effort into abortion and birth control, we're reducing women's issues to those below the belt - it is the well-funded, poorly researched anti-feminists who can't seem to get their minds off sex.

The Clare Boothe Luce Policy Institute, for example, had a campaign to "bring back the hope chest", and published a short booklet for college women called Sense and Sexuality, which doles out advice – in pink cursive writing – like this: "The rectum is an exit, not an entrance." (As you can imagine, neither of these campaigns went viral.)

And IWF, a group that claims not to take a stance on social issues, runs a campus program dedicated to shutting down performances of the Vagina Monologues and funds research into how "hooking up" hurts women.

Ronnee Schreiber, author of Righting Feminism: Conservative Women and American Politics, thinks the anti-feminist focus on sexuality is a throwback to the issue of "respect". "The idea is that men will treat women better if we present ourselves respectfully," Schreiber tells me. In fact, much of the anti-feminist work – new and old – has been based on the idea that if women aren't on a pedestal - sexual and otherwise – then men will act out.

As for all those rights won by so many feminists on behalf of so many more American women, the sad truth is that they fought other women every step of the way. Indeed, we live in a country with a long history of anti-feminist women: Before we had women like Christina Hoff Sommers and Katie Roiphe arguing that feminism was hurting men and that date rape wasn't real, respectively, women were leaders in in the anti-suffrage movement of the early 1900s. And it was a woman - Phyllis Schlafly - who led the charge against the Equal Rights Amendment in the '70s. Schreiber points out that some of the debates against the ERA were about "masculinity run amok": "Phyllis Schlafly said if we were are treated as equals, then men will shirk their responsibilities," she notes.

Remind me: Who are the man-haters again?

Between the last presidential election and the next one, between the feminist social media explosion and even Beyoncé coming out in our corner, right now is one of the most exciting times for feminism in decades. Yet here we have female anti-feminists - emboldened by Sarah Palin's faux-feminist movement - raining on our progress parade. And it is especially irritating given that they're using their gender as part of their organizing strategy. "It's an identity politics angle that they criticize but often invoke," Schreiber says.

Women stopping the progress of other women – especially those who don't have the power and prestige to work for DC think-tanks or pen anti-feminist books - stings much more than when men do it. That may be a double standard, or naive - I don't believe in an all-encompassing sisterhood, after all – though it does remind me of how powerful feminists really are: we've taken on not just the men in our way, but the women as well.

"If I saw Gloria Steinem," the Fox pundit Andrea Tantoros likes to say, "I don't know if I'd hug her or punch her." I don't know about you, but I’m putting my money on Gloria.


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