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小蘑菇开始打怪

内容：小蘑菇开始打怪 编辑：小蘑菇开始的打怪

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Part I: Speaker

The Emmys: Past Winners Trump New Shows; 'Breaking Bad' Takes A Bow


Source: NPR
http://www.npr.org/blogs/monkeysee/2014/08/25/343278147/the-emmys-past-winners-trump-new-shows-and-breaking-bad-takes-a-bow


[Rephrase 1, 07:11]

小蘑菇开始打怪

Part II: Speed

A Short History of Postal Banking

By Mehrsa Baradaran
[Time 2]
Last week John Oliver offered up an exposé on payday loans, describing them as “the circle of debt” that “screws us all.” And at the conclusion of Oliver’s takedown on payday lending Sarah Silverman offered low-income borrowers better alternatives—including donating blood and jumping in front of rich folks’ cars. But there is a burgeoning alternative to usurious payday lending: postal banking, which allows low-income Americans to do their banking—from bill payment to small loans—at the same post office where they buy stamps. As states try to regulate away the payday-lending sector, their desperate customers may be pushed either into the black market or bankruptcy. Postal banking is a much better solution. It is time to consider a “public option” for small loans.

Every other developed country in the world has postal banking, and we actually did too. It is important to remember this forgotten history as we begin to talk seriously about reviving postal banking because the system worked and it worked well. Postal banking, which existed in the United States from 1911 to 1966, was in fact so central to our banking system that it was almost the alternative to federal deposit insurance, and served as such from 1911 until 1933. The system prevented many bank runs during a turbulent time in the nation’s banking history—essentially performing central banking functions before the Federal Reserve was up to the task. Postal banking helped fund two world wars and reduced a massive government deficit after the Great Depression.
[251 words]

[Time 3]
Postal banks started in Great Britain in 1861 and, from the outset, the primary goal was financial inclusion. But in the U.S., postal banking had other uses as well: In 1871, President Ulysses S. Grant’s postmaster general, John Creswell, proposed post office savings banks to pay for a new telegraph system. President Grant himself endorsed the postal banks as a way to free up hoarded money in far-flung regions of the country. But the nation’s bankers opposed it. They objected to the notion that all the deposits would go directly to the Treasury. Everyone feared centralized bank power, and localism in banking was as sacred as the Constitution at the time. The American Bankers Association objected to the competition with the federal government.  Ideological opponents called it communist, socialist, and paternalistic. While they claimed that the private markets and savings banks were sufficient,  in fact 98 percent of all savings banks were in the five northeastern states, leaving the South and the West virtually unbanked.

Once the idea was first proposed, nine postmasters and almost every president, except Grover Cleveland pushed the issue for 40 years. Almost 100 bills died in Congress before anything happened.

After the panic of 1907 (A panic that started on Wall Street and led to bank runs across the country) momentum finally shifted. In the 1908 presidential election, banking reform became a major issue with William Taft actually campaigning on postal banking as a way to stabilize the banking sector and help credit-starved regions like the South and the West. Taft won and his administration initiated postal banking.
[263 words]

[Time 4]
By 1934, postal banks had $1.2 billion in assets as small savers fled failing banks.

Taft’s clear support of postal banking and his electoral mandate still weren’t enough to overcome bank and Democratic opposition. The Postal Savings Bank Bill, as passed, finally acquiesced to both localism and private bankers by mandating that almost all of the postal deposits stay in the community of origin. The debate at the time over whether postal banks were needed is illuminating today. Opponents claimed that anyone with money to save was already saving it. The Boston Globe opined, “It is easy enough for anybody to find a savings bank; the trouble is to find the savings to put in it.” Others urged that the reason rural dwellers were not saving in banks was because of the “ignorance of the common people,” or because “the inhabitants of remote rural districts are not so well posted in the world’s wicked ways as those who have the opportunity of perusing the daily papers.” In other words, some people are just too dumb and too poor to bank. Today we hear similar claims that the problem with the poor and unbanked is that they “lack financial literacy” or that they just don’t have enough money to open a bank account. The truth is that they are plenty literate, but they either don’t trust banks or the banks left their neighborhood years ago, leaving only payday lenders.
[238 words]

[Time 5]
The bill eventually passed in 1910 and created what was called the United States Postal Savings System.* The interest on accounts was set by statute to a low 2.5 percent to avoid luring customers away from banks. The postmasters and supporting congressmen also called the postal banks “the poor man’s banks” to set bankers at ease. Accounts were capped at $100 deposits allowed per month and a total savings cap of $500—the limit was raised to $2,500 dollars in 1918.

By 1913 (just two years later) the banks had received $32 million—most of which came from “stocking banks,” as reported by the New York Times in 1913. The Timesreported with frustration that many larger deposits were turned away and that the current deposits likely represented a fraction of those available. Princeton University historian Sheldon Garon claims that it was these caps and concessions that ultimately doomed the postal banking system in the United States. And ultimately, it was not southerners and westerners that most needed the banks as had been expected (although they eventually came around). It was the raft of recent immigrants in urban areas who immediately took to these banks. The reason (from congressional testimony in 1913): “Hundreds of thousands of our newly made citizens distrust banks and will not patronize them. They have absolute confidence in the Government and know what postal savings banks are.” The post office offered information to customers in 24 languages and would pass out leaflets right outside the ports of entry into the U.S.

Consequently, the busiest postal banks were those right near the ports. By 1915, immigrants owned more than 70 percent of the postal bank’s deposits even though they were less than 15 percent of the population. There were accounts of deposits coming in stockings and cans with the paper money rotting and the coins rusted.
[308 words]

[Time 6]
By 1934, postal banks had $1.2 billion in assets—about 10 percent of the entire commercial banking system—as small savers fled failing banks to the safety of a government-backed institution. And this trend might have continued if President Franklin Delano Roosevelt didn’t have broader banking reform in mind. But Roosevelt chose the FDIC over postal banking as a way of stabilizing things. Paradoxically, the same Roosevelt who forged an unprecedented expansion of the federal government during the New Deal would choose a bank-funded insurance scheme as opposed to a public banking system.

But even this was not the end for postal banking. FDR used the postal banks to sell Treasury bonds in 1935 to pay off the budget deficit after the Great Depression. In 1941, the postal banks started selling “Defense Savings Stamps” to help fund the war. The campaign was a phenomenal success. By the end of World War II, the government had raised $8 billion in war funding from the post office alone.

Deposits also reached their peak in 1947 with almost $3.4 billion and 4 million users banking at their post offices. In part this was because in 1940, the post office introduced the world to banking by mail, which appealed to soldiers stationed abroad.

But it was the beginning of the end. In 1946, 68 percent of the nation’s towns and cities had both postal savings depositories and banks. And because banks could charge higher interest than the post office and were just as safe, the USPSS was no longer an attractive option for deposits. This is no longer true today as banks have been squeezed on all sides by money markets, capital markets, and foreign banks. Banks began to abandon poor areas and post offices remained, but without banking services. And once banks deserted low-income neighborhoods starting in the 1970s, the high-cost payday lenders and check-cashers flooded in.

In 1965 the postmaster generals started to endorse ending postal banking. In 1966 it was officially abolished as part of Lyndon Johnson’s streamlining of the federal government. The postal banking system died a quiet death without public discussion. The public and press failed to note the centrality of postal banking in one of the most turbulent periods of banking in our country. Postal banking was America’s most successful experiment in financial inclusion—a problem we face again today. As we contemplate whether it has a place in our future we must recall the vital role it played in our past.
[414 words]

*Correction, Aug. 19, 2014: This post originally said that the bill creating the U.S. Postal Savings System passed in 1911, but it in fact passed in 1910. (Return.)

Source: Slate
http://www.slate.com/articles/news_and_politics/history/2014/08/postal_banking_already_worked_in_the_usa_and_it_will_work_again.html

小蘑菇开始打怪

Part III: Obstacle

The U.S. Sells Green Cards, and It Should Charge More for Them

By Jordan Weissmann
[Time 7]
When demand for a product swamps supply, there are two rational responses: either you make more of it or you hike the price. So perhaps it’s time for the U.S. to charge rich foreigners more for green cards.

Since 1990, the federal government has set aside 10,000 visas for overseas investors willing to plunk a minimum of $500,000 into a U.S. development project—could be a dairy farm, or a hotel, or a water plant—that, theoretically, creates at least 10 jobs. For a long time, the so-called EB-5 program was a barely noticed footnote in the vast tome of U.S.

immigration law. But thanks to wealthy Chinese families desperate to gain permanent residency, its popularity has surged. For the first time ever, the Wall Street Journal reports, applicants have maxed out this year’s allotment of visas.

“These investors aren’t coming for the investment,” New York lawyer Yi Song told the WSJ. “They are coming here for their children to obtain a better education and to get residence as an insurance policy.” Already, there is a backlog of more than 10,000 investor petitions.

This is a good problem to have. People want to live in the U.S. and are willing to pay a half-million dollars or more to do it. One might be tempted to open the floodgates.

But the EB-5 program has problems, and simply expanding it would probably exacerbate those problems. Last December, the Department of Homeland Security’s Office of the Inspector General issued a scathing report that suggested the government immigration bureaucracy didn’t have the necessary legal power or wherewithal to properly police the program for fraud or track its impact. For example, it’s extremely difficult to tell how often the investments actually result in work for Americans. United States Citizenship and Immigration Services at one point claimed that EB-5 had attracted $6.8 billion worth of foreign cash, creating at least 49,000 jobs. Asked to verify those numbers, however, it said they were basically a guess that “assumed the minimum requirements of the program had been met.” That assumption seems shaky, considering the OIG found instances where investments were made in developments that had already been completed; the money was essentially used to pay back loans.

As the OIG put it, “USCIS was only able to speculate about how foreign investments are affecting the U.S. economy and whether the program is creating U.S. jobs as intended.” Not good.

There are reasons to doubt the economic logic of a visas-for-cash program like EB-5. If foreigners are funneling their money into the U.S. mostly for the sake of a green card, rather than to make a return, there’s a good chance they won’t be particularly careful with their investments. And as the Los Angeles Times reported in 2011, there are at least a few tales of investments gone horribly wrong. Eager foreigners sometimes get sucked into frauds, as in a massive case involving a Chicago hotel and convention center in which the SEC had to intervene.

That said, many cities have used the money attracted by the EB-5 program to good effect—building airports, for instance. The funding has been especially important to recession-racked regions where banks have been hesitant to lend. And on the whole, a program that attracts more foreign investment to the U.S. seems like a net plus.

So here’s a potential solution: Since so many foreigners—too many, in fact—are willing to pay good money for the right to live here, Washington should up the charge and use some of the extra profit to fund better oversight. Right now, applicants have to invest $500,000 in a high-unemployment area, or $1 million elsewhere, to qualify for the program. By the standards of today’s global rich, that’s nothing. Why not double it, or even triple it? Let supply-and-demand work its magic.
[635 words]

Source: Slate
http://www.slate.com/blogs/moneybox/2014/08/27/u_s_eb_5_immigration_program_the_government_should_charge_more_for_green.html

KKCarpeDiem

2.19 2.15 2.05 2.09 2.53
为什么觉得很顺但是还是很慢…

洋沫沫

2：2‘22  251
3：2’10  263
4：2’     238
5：2‘25  308
6：3’24  414
obstacle: 5'55  635
the demand of buying a green card(EB5 program) swamps supply, because of Chinese riches.
but there are some problems: government can't oversee the program well, resulting in fraud and no help for employment
however, if used carefully, EB5 program has good effect for cities.
so solution proposal: emphasis the investment go to the high-unemployment area or multiply the required investment.

Talitha

2：2‘08
-a better solution for the result of regulating of payday-lending is to offer postal banking. for lower income family to do small loan.
-postal banking existed in US history at early 20 century. It functioned as central bank. It funded WW2.

3:2'38
-How postal bank first started in British and then in US. It had other uses in US. President G proposed to free up hoard money in far flung region. However, many bankers opposed the porposal.
-proposal delayed.
-due to the recession in beginning of 20 century, people started to pay attention to banking system. WT won the election by proposing the postal banking.

4: 2'23
-WT supported postal banking. not overcoing the opposition of bankers. money should stay in the ommunity. people objected claimed that people live in rural places lack of financial literacy and other reasons for not saving $in the banks. However the truth is the bank left the community.

5:2'40
-Bill passed. USPSS formed. low interest at 2.5 % to prevent luring customer away from bank. Cap limit is low and it became poor man's bank.
-Stocking bank had low deposit. Imigrans became the largest interest group in depositing money in postal bank as they trusted government.
-Imigrant owned 70%of the postal bank deposit.

6:3'15
-President FR chose FDIC over PB as a way to stablizing the system.
-However, it was not the end for P. 1930s, pb raised $8 billion to fund WW2.at its peak, it has 3.4 billion deposit and 4 million users.
-However, bank started to offer higher interest. Bank left rural areas. Postal bank began to close.
-we should look at the vital role PB play in our history. PB is the most successful experience.

7:3'45
-many foreigners (especially chinese) are willing to pay half millions in investment to exchange for a green card. the problem with this is too many people apply and the project of investment are not supervised. author suggested to increase the amount of investment.

cyndichiang

Time2 1'46''
There is a better alternative for low-income borrowers: postal banking
Introduction of postal banking

Time3 1'52''
In 1987,postal banking was opposed to be too centralised
In 1907,postal banking was initiated to stablize banking sector

Time4 1'18''
There was also debate about the function of postal banking
Romote or  rural people had no chance or willing to put money in bank,so the postal banking helped

Time5 1'18''
Postal banking shifted from "the poor's bank" to successful bank because immigrants from urban put their money in postal bank and were confident about government.

Time6 2'12''
Roosevelt chose the FDIC over postal banking,leaing to the prospect of insurance scheme
“Defense Savings Stamps”  in Secone World War
Postal banking has been gradually replaced by capital bank

Obstacle: 2'31''
advantages and concerns abouth EB-5 program
The program is that rich foreigners can invest their money in the U.S to obtain green cards

cherry6891

40-20
Time 2
The forgotten history and important function of postal banking
Time3
Postal bank started in Britain ,function:financial
Add more functions when it started in US and it was objected at the beginning
After long time effect,postal bank was approved to stabilize bank sector and help bank-starved region
Time4
Discuss about wether we need postal bank
Opposite : the money are saved in saving bank
Problem:no money to save or they do not trust bank
Time5
Post bank interest is low enough to avoid influence the big bank
Immigrant rather than citizen in the south opened most if the account cuz they know  what it is
Time6
The died of postal bank--without public discussion
it sold treasure bond and stamps and even the deposit is as much as 3.4 b
Obstacle
U almost run out of EB-5 allocate visas
The richer who got the EB-5 visas come to US to get their children better educated and social benefit not for business revenue
Since so many richer are waiting for it,increase the amount to qualify the program

taohui2014

掌管 6        00:04:57.48        00:18:02.57
掌管 5        00:03:03.68        00:13:05.08
掌管 4        00:02:22.07        00:10:01.40
掌管 3        00:02:36.82        00:07:39.33
掌管 2        00:02:09.96        00:05:02.51
掌管 1        00:02:52.54        00:02:52.54

哎呦呦 开小差了

ghj699

time2 postal bank fund war and economic recession ,it functions as the central bank
time3 2'10"
time4 忘记计时
time5 2‘12“ attract immigrants
time6 3'00" postal bank attracts soldiers overseas by mailing,but 没落了 because it is less safe and has lower interest compared to bank
obstacle：supply-and-demand
An increasing number of Chinese rich families want to living in U.S and are willing to pay a half-million dollars or more to do it.
Rather than investment,they do it for a better education  for their children.
Those money mainly used to pay back loans but nit create jobs.