OT US Postal Service has $2.2 bln loss, warns of Sept insolvency

[cubical]

http://www.reuters.com/article/2011/05/10/postalservice-earnings-idUSN1012797120110510

"The U.S. Postal Service posted a $2.2 billion net loss in its second quarter and said it might be unable to pay its debts by September.

The agency, which has been battling falling mail volumes and competition from FedEx (FDX.N) and United Parcel Service (UPS.N), said it expects to hit its borrowing limit by the Sept. 30 end of the fiscal year, and will have to default on payments to the federal government unless Congress intervenes."

We need to get out of this business.

[Vessol]

End the government-created monopoly on mail delivery!

http://en.wikipedia.org/wiki/American_Letter_Mail_Company

[schiffheadbaby]

Is this bearish or bullish for USD?

Ha jk, it's like every piece of news I read reminds me to keep recycling my fiat checks into bullion.

[jrskblx125]

Congress is the one taking their money and throwing it into other retirement funds. Theyll get taken care of. The rest of the government does.

[Mani]

I don't get the concept of mail 6 days a week.

Is it really necessary anymore?

Nowadays if you need a package/letter delivered on a specific day you have several options from different carriers, but including USPS with Priority Mail.

Do we need mail on Saturday? How about you pay extra if you want something delivered on a Saturday.

Do we need mail the other 5 days a week? Why isn't once or twice a week enough? If everyone got mail twice a week, I think that's MORE THAN ENOUGH. You could change the routing system for Postal workers to only hit certain neighborhoods on certain days. I.E. (I get mail on Monday and Wed in my area.) Just like the garbage pickup is twice a week. Do we really need garbage pickup 6 days a week?

You'd save on gas and expenses. And I think people would adjust pretty quickly to the concept. And AGAIN, if you NEED a package more quickly, just pay Priority Mail or add a couple new special services to receive mail on your "off days".

Why is that so complicated? With EMAIL the need for daily mail is GONE. And if you DO NEED mail (to sign an official document) or something, people send it registered/Fedex/UPS/Priority ANYWAY.

6 days a week mail seems like such an old archaic concept.

Is that such a crazy idea?

[guitarlifter]

I don't get the concept of mail 6 days a week.

Is it really necessary anymore?

Nowadays if you need a package/letter delivered on a specific day you have several options from different carriers, but including USPS with Priority Mail.

Do we need mail on Saturday? How about you pay extra if you want something delivered on a Saturday.

Do we need mail the other 5 days a week? Why isn't once or twice a week enough? If everyone got mail twice a week, I think that's MORE THAN ENOUGH. You could change the routing system for Postal workers to only hit certain neighborhoods on certain days. I.E. (I get mail on Monday and Wed in my area.) Just like the garbage pickup is twice a week. Do we really need garbage pickup 6 days a week?

You'd save on gas and expenses. And I think people would adjust pretty quickly to the concept. And AGAIN, if you NEED a package more quickly, just pay Priority Mail or add a couple new special services to receive mail on your "off days".

Why is that so complicated? With EMAIL the need for daily mail is GONE. And if you DO NEED mail (to sign an official document) or something, people send it registered/Fedex/UPS/Priority ANYWAY.

6 days a week mail seems like such an old archaic concept.

Is that such a crazy idea?

I'd say that 7 days a week is necessary. Time is money.

[Mini-Me]

End the government-created monopoly on mail delivery!

http://en.wikipedia.org/wiki/American_Letter_Mail_Company

Oh, but we can't have that! Then rural people would have to pay rates reflecting the extra time it costs to deliver mail for them!

[Vessol]

I don't get the concept of mail 6 days a week.

Is it really necessary anymore?

Nowadays if you need a package/letter delivered on a specific day you have several options from different carriers, but including USPS with Priority Mail.

Do we need mail on Saturday? How about you pay extra if you want something delivered on a Saturday.

Do we need mail the other 5 days a week? Why isn't once or twice a week enough? If everyone got mail twice a week, I think that's MORE THAN ENOUGH. You could change the routing system for Postal workers to only hit certain neighborhoods on certain days. I.E. (I get mail on Monday and Wed in my area.) Just like the garbage pickup is twice a week. Do we really need garbage pickup 6 days a week?

You'd save on gas and expenses. And I think people would adjust pretty quickly to the concept. And AGAIN, if you NEED a package more quickly, just pay Priority Mail or add a couple new special services to receive mail on your "off days".

Why is that so complicated? With EMAIL the need for daily mail is GONE. And if you DO NEED mail (to sign an official document) or something, people send it registered/Fedex/UPS/Priority ANYWAY.

6 days a week mail seems like such an old archaic concept.

Is that such a crazy idea?

I've got a simpler answer.

Let the free market decide what is effective and not effective.