Posted on 09/19/2011 5:04:13 PM PDT by fight_truth_decay
NEW YORK (MainStreet) – After seven straight months of improvement, the consumer interest climate took a turn for the worse in August as deposit rates dipped sharply below already-historic lows.
Certificate of deposit rates across the board fell significantly in August, according to the Credit Power Index, produced by RateWatch and MainStreet. As of the end of the month, interest paid on 12-month CDs had fallen four basis points to settle at 0.43%, 36-month CDs dropped 12 basis point to fall below 1%, and 48- and 60-month CDs saw similar big drops. CDs and other deposit products seemed to be leveling off in recent months, but this most recent drop suggests that the bottom is lower than previously thought.
If you’re looking for someone to blame for the dismal state of deposit rates, look no further than the government. The Federal Reserve announced in early August that it planned to keep the key interest rate at rock-bottom levels through 2013, and this assurance of low rates for the next two years has driven CD rates even further south.
(Excerpt) Read more at mainstreet.com ...
Obama Administration to Start Buying in Bulk:
Starting this week, the Departments of Commerce, Defense, Homeland Security, Justice, and Treasury, as well as the Social Security Administration, are reported to begin buying these items in bulk from 11 firms.
“One of the things we’ve discovered is that agencies don’t have a clue what they have,” Dan Gordon, the Obama administration’s top federal contracting official, told The Post. “They don’t realize how many cellphones and BlackBerrys they have.”
Still not knowing what they have in stock, they will start spending this week in bulk...stocking up from sources [11] including veteran-or minority-owned suppliers.
They continue to spend "in bulk", we continue to try to preserve what we have.
Banks now own the printing presses.
Why would they want peoples worthless savings?
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