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Small business rescue earned banks $10B in fees

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Re: Small business rescue earned banks $10B in fees

#51

Post by pjc50 »

pm_me_ur_fullzz wrote: post #33
pjc50 wrote: post #20

Earlier quoted context omitted.

> Because we don't trust the central bank enough What does this actually mean? "Trust" isn't a one-dimensional version. What don't you trust them to do or not do? Do people really "trust" Wells Fargo, opener of fraudulent accounts, more than the Federal Reserve? Why?

To not arbitrarily give certain citizens money. At least now they have to make a private placement offer and jump through a few hoops to get the right bond rating

That's the great paranoia about the Federal Reserve? Seems .. anticlimactic.

Besides, the agency responsible for shipping huge amounts of cash to random people in total secrecy is the DOD. All those pallets of dollars that went missing in Iraq.

Re: Small business rescue earned banks $10B in fees

#52

Post by burrows »

lordnacho wrote: post #3

Gotta ask whether the banking system makes sense in its current form. - Part of it is actually a utility. Payments, sending money from one place to another, making sure there's an account at the other end of that number. Everyone needs this, yet being a huge international network there isn't a whole lot that one bank offers that another cannot. - Part of it is deciding who to lend money to. Makes sense for the bank t…

> Part of it is regulatory. We don't want money laundering. Have to ask whether this really ought to be up to law enforcement to do, or as it is now a massive burden on the banks, which also have bad incentives.

End drug prohibition.

Re: Small business rescue earned banks $10B in fees

#53

Post by sova »

slezyr wrote: post #44
theplague42 wrote: post #6

Earlier quoted context omitted.

There have been suggestions over the years for the post office to offer banking services. They have branches literally everywhere, they're independent yet still a government agency, and have no profit motive.

In Ukraine we used mail mans to deliver pensions, that was horrible for them. Almost every year they were assaults in which they died. They represent a simple target as they don't have means to protect themselves.

Cash delivery?

Re: Small business rescue earned banks $10B in fees

#54

Post by megous »

volak wrote: post #27

Banks make somewhere around 450 billion in revenue each year. https://www.statista.com/forecasts/409713/banking-revenue-in... This program made them 1/3 of 1 month's normal revenue

That also means that they could have easily waived the fees without taking much of a hit, just out of solidarity.

Re: Small business rescue earned banks $10B in fees

#55

Post by slezyr »

sova wrote: post #53
slezyr wrote: post #44

Earlier quoted context omitted.

In Ukraine we used mail mans to deliver pensions, that was horrible for them. Almost every year they were assaults in which they died. They represent a simple target as they don't have means to protect themselves.

Cash delivery?

Yes, direct to the person at the post office and between the cities.

Re: Small business rescue earned banks $10B in fees

#56

Post by i_haz_rabies »

drawkbox wrote: post #14

Anytime needed stimulus goes through banks, don't be surprised if it never makes it out of said bank or to the intended locations as they are self-preservation first as expected. Banks should help the river and get access to the flow, they shouldn't be a dam that holds back the flow, filtering only for their customers or large companies masquerading as "small business". Had policy sent the money directly to companies…

Can someone who downvoted this explain why you did so?

Re: Small business rescue earned banks $10B in fees

#57

Post by joering2 »

pstrateman wrote: post #35
Bombthecat wrote: post #28

Earlier quoted context omitted.

Germany did that (post bank) didn't want so well...

What went wrong?

Something must have gone wrong. I know for fact that in Poland you can bank at post office at least since 90s. Its still common think for seniors to have no bank account because there is no need to. They typically get pension in form of a government check that they cash at "Poczta Polska" and then use cash to shop. Post office also pays all the bills, utilities etc, so long as you know corporation/receipient bank number.

Re: Small business rescue earned banks $10B in fees

#60

Post by anonAndOn »

theplague42 wrote: post #6
lordnacho wrote: post #3

Gotta ask whether the banking system makes sense in its current form. - Part of it is actually a utility. Payments, sending money from one place to another, making sure there's an account at the other end of that number. Everyone needs this, yet being a huge international network there isn't a whole lot that one bank offers that another cannot. - Part of it is deciding who to lend money to. Makes sense for the bank t…

There have been suggestions over the years for the post office to offer banking services. They have branches literally everywhere, they're independent yet still a government agency, and have no profit motive.

I believe Japan Post offers(ed?) this service. They had the best FX exchange rates, as well.
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