A People’s Bank at the Post Office - JSTOR Daily
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The Postal Savings System offered depositors a US government-backed guarantee of security, but it was undone by for-profit private banks.

… before the bankers who are actually in power told them off. The liberal lefty FDR removed it.

Don’t trust a liberal. Two party system, one master - the bourgeoise.

  • Dolores [love/loves]@hexbear.netEnglish
    6·
    7 months ago

    The liberal lefty FDR removed it

    there’s a lot you can say about the FDIC but it definitely was not a ‘removal’ of the Postal Savings System. it’s institution made the Postal Savings System less appealing, but it wasn’t eliminated until 1966

    • RedCheer@lemmygrad.mlOPEnglish
      3·
      7 months ago

      My statement was false, appreciate calling that out. Rather it should state that they took moves to support the return of private banks rather than use it as an opportunity to increase public banks.

      Faced with the economic suicide of capitalism, President Roosevelt’s New Deal worked to save private bankers rather than expand the Postal Savings System. Federal deposit insurance (FDIC) also helped shore up disgraced bankers and gave the public more confidence in banks