Posted on 01/31/2006 7:02:38 AM PST by SoFloFreeper
NEW YORK (AP) -- A private research group says consumer confidence rose in January to its highest level in more than three years.
I would find it troubling if people were putting their money into that type of savings account.
That would explain the low savings rate IMO..another bogus statistic to hang Bush with.
"This won't change the Dems response to the speech tonight."
I wonder why Tim Kaine was chosen to give the response?
I do not believe investments into equities like stocks and mutual funds are considered "savings". If I'm right (and I could be wrong, but I don't think so), this panic about a low savings rate is garbage.
Since interest rates have been so low for so long, most smart people have had their savings in the equity in their homes, why put your money in the bank at 1% when home prices are going up 15-20%.
Now with interest rates going back up and the housing market cooling off, expect things to start turning around. Right now I am getting 4.5% interest on my saving account... not great, but not so bad to encourage me to put it elsewhere quickly.
For a realistic picture, shouldn't contributions to retirement instruments be considered "savings"? I know if they just looked at what I have in "savings" accounts, they would see a bleak picture. But if they look at the places where I am actually "saving" money for the future, it would tell a far different story.
Savings accounts only. Not included are stock, bonds, mutual fund, real estate or any other assets. It is just about the most useless and deceiving statistic the government puts out.
If memory serves me right, ING just bumped my rate to 4.75% on one of my accounts. Try finding that at your bank.
Frankly, the "poll numbers" are low, in my opinion, because media outlets do these polls to find a predetermined result. The economic numbers are not done by ABC or CNN or NBC or PMSNBC or the Washington comPost or any of the media leftist lapdogs....the economic numbers are crunched by big research groups and economists...generally speaking, they don't have an agenda to push.
That is my opinion.
Thank you.
According to Medved on the radio, when asked how thier PERSONAL economic situation was doing, most people answered quite positively. When asked how they believed others were doing, they answered negatively. The only explanation I can think of, is that the MSM brainwashing is working.
Just savings accounts, CD's, etc. Those are "M2" money supply, "checking" accounts are "M1" for example. An investment in stocks is an investment, not "Savings"; the government's statistic is accurate but flawed. They're still living in the pre-Reagan days when only one-half of one percent of people: "wealthy Republicans"; owned stocks, bonds, and other investments. The world has changed. Almost all of my "savings" is invested in the market or gold coins. I have a savings account at a bank, but it is for 'petty cash' only; a basic emergency fund of about one-month's take-home pay, at an excruciating interest rate of 1.5% . I suspect that many other people 'save' the same way. A better indicator is "Household Wealth" which is at an all-time record, (yes, even higher than in the pre-"crash" days of February 2000).
Just another way for the media to selectively use a small sliver of truth to lie to you.
Reagan80
Media polls are very biased... just like the media. They often poll 10 percent more Democrats than Republicans. Despite the fact that Republicans won the presidency the last two times, hold the house and the senate, and just added two more conservatives to the Supreme court. That would seem to say that there are more Republican voters than Democrats.. but not according to the media.
The real Bush job approval numbers are likely in the 51 to 53 percent range. They are a tiny bit better than they were on Election day 2004.
One of the reasons Democrats have been unsuccessful is the media lies to us and the Democrats believe them.
Did they count 401K, IRA and other vehicle moneys? I have substantial money in a 401K, a def.comp. program and my company retirement, but with the taxation on savings and bonds, I invested and have very little banked.
Personal savings =
(Wages + dividends + interest + rental income + employer contributions to health and retirement plans (401(k)s)) - Income taxes - employee's share of payroll taxes - living expenses - consumer debt interest payments - rent - mortgage interest - property taxes - insurance
So it does include savings put into 401ks, but it does neglect capital gains in 401k accounts, if I understand it properly. However, the beauty of compound interest can get lost without regular contributions.
I wonder if savings accounts (as defined by the media) are those accounts considered liquid and not used for retirement purposes?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.