Not hardly. Try for the last 4 years, easy. This has been going on for a long time. It is what brought back the stock market and keeps propping it up.
What the banks are naively admitting...is that they are as close to failure....as they were in 2008. Nothing has changed.
The government is just standing there with no idea of how to recover from the illogical Fed rate. The journalists are doing their best not to investigate the banks. Bank CEOs just sit and grin during interviews and avoid clear answers. We are still at the front door of 2008....nothing changed...just waiting for the collapse to come sooner or later.
At this point, it seems a good place to put some money is in stuff....homegoods, clothing, long-term repairs, a new car, appliances, to create a situation in which no purchases are necessary in the forseeable future.
Must register to read the article.
Get out the jars and start burying it in the back yard.
Bad enough getting no interest when they star charging my money is coming out.
Reminds me of when Jeb Clampett’s banker kept all Jeb’s millions in his bank for free, didn’t dharge old Jeb a dime.
So banks return zero interest but lend money at 4% for 30 year mortgages? Wow.
The Zero Interest Rate Policy (ZIRP) shortchanges savers by providing cheap $$ to the Government and Business at the expensive of interest payments on Mom & Pop deposits. Negative Interest Rate Policy (NIRP) is just a continuation of the same policy, with the illusion of interest totally stripped away. Both are wealth taxes, but the latter is nakedly so.
The best part for the politicians is that this is being done without any explicit action on their part—thus they still have plausible deniability.
So, depositors take their money out of savings accounts, banks further tighten mortgage requirements, resulting in fewer mortgages, less income for the banks.
The banks begin to fail, and obama nationalizes the banks.
Another notch in his pistol.
I’m not an economist, but I did stay at a Holiday Inn Express.
Isn’t that interesting.
Consider that moving your money to a bank outside the US is near impossible now due to all the laws and regulations placed our Congress.
Foreign banks won’t consider an American depositor.
Consider the bail-in’s and the template proposed by the IMF, already seen in Cyprus.
Consider the fact that your money is not considered your money. We have heard from various members of Congress that money is theirs, not yours, “The bottom line is were not broke, theres plenty of money, its just the government doesnt have it, Ellison continued.”
Where do you put money to work? Why, the equities.
They rise, until of course, they don’t.
What about credit unions?
The elevator charges me money to store my grain that really isn’t there. Why shouldn’t the bank not be able to charge me to store my money that really isn’t there?
Galactic historians will reflect on this era as the last besdt chance at turning around this solar system,, but with a dying sun (albeit slowly) and an acidifying ocean of water and a sea of vapious beliefs. But, sometimes even the gods know when they are licked and its time to move on.
We could have been contenders, instead, we will likely never even make it out of the celestial race gate formative years.
GiDDyUP!
Do that and I will stop depositing. Of course that means the police will take my cash and accuse me of dealing drugs, but at least that it open corruption.