U.S. Postal Service has exausted its $15b credit line with Treasury, set to default

Discussion in 'Wall St. News' started by bond_trad3r, Jul 9, 2011.

  1. Good grief, motherfuckers.


    Postmaster General Patrick R. Donahoe is on a talking points tour to implore Congress and Washington opinion-makers to save his troubled business.

    The chief of the U.S. Postal Service, facing $8.3 billion in losses at the end of the fiscal year in September, told the Washington Post editorial board Tuesday that his agency could default this year on a $5.4 billion payment in health benefits for retirees. With first-class mail volume plummeting , USPS could soon exhaust a $15 billion line of credit with the Treasury Department, Donahue said...
  2. Founder


    I already know that US will default and people will revolt once food becomes difficult to obtain in the cities.

    It doesn't matter if they raise the debt ceiling this time, default is guaranteed under current Fed monetary system.

    When that days comes, people like Martinghoul and Asiaprop and Random.Capital won't show up on ET to spin doctor the information.
    And if they do
    They'll say how they knew it all along and how they are "with the people" :p

    This site is pretty addictive and just like real life, I already can't stand a number of you :D
  3. Cheers! :D
  4. Lucrum


    I can understand the idea behind a USPS 200 yeas ago.

    I don't understand why we still have one now.

    And I also think we're heading for a default or some similar financial calamity/break down of society.
  5. US Govt is sooooo behind times, it is just sad.

    USPS, Amtrak, defense agency cia fbi local police not to mention local govts, county offices, irs, fire trucks, airports

    I mean go to any of these buildings offices and it is like 3rd world country. Everything is outdated and not consumer friendly. Why are we having so much govt involvement in such a capitalist country?

    Waste of money is everywhere

    Back in 2005 I went to this Harris County office in Houston and they made me wait in a line with 5 people. Only 1 out of 2 people were helping customers and people were frustrated and pissed off on the line while over the same counter, right in front of us we all see an officer was reading a newspaper. WTF?????

    2 years ago, I am in an USPS office and as usual 15 people are on the line. It was my turn to be called but the this old black USPS guy was chatting with this customer whom you can tell know each other for years and there were 15 people waiting in the line behind me. So I walked up to the counter and tried to tell him I am waiting!!!!! He goes "I know sir, we are talking business here.!!!!! What is your personal car's front fender got to the with USPS? WTF??? And what is that attitude for?

    He was so comfortable because it is a government job. Hard to be fired I guess

    US is a 3rd world country
  6. Exactly right, it mirrors every one of my experiences at a local courthouse or USPS location. The people working at most of these locations are literally bottom of the barrel. I'd be far less critical if they made an appropriate wage relative to their lack of skills, but no, can't have that. They have to be paid an obscene salary, full benefits and a retirement package on top of it.
  7. Illum


    Let private companies take over. No one needs usps with fedex or ups.
  8. Convert USPS into a Bank.
  9. :D

    Don't give them any ideas.