Posted on 10/20/2009 11:04:37 AM PDT by TigerLikesRooster
Uncle Sam's gift to the prudent saver: Less money
By Allan Sloan
Tuesday, October 20, 2009
This is a quiz. What do the record-high Wall Street bonuses have in common with the record-low yields for savers? Answer: They show yet another way that prudent people, especially those living on fixed incomes, are being cheated by the government's bailout of the imprudent.
Here's the deal. The government is spending trillions to keep interest rates down to support the economy and prop up housing prices, and those low rates have inflicted collateral damage on savers' incomes. "It's a direct wealth transfer from savers and retirees to overly indebted borrowers," says Greg McBride, senior financial analyst at Bankrate.com.
(Excerpt) Read more at washingtonpost.com ...
Ping!
Jeez, the class envy around here reeks.
The grasshoppers voted to tax the ants.
A wolf, a lion and a lamb voted on dinner.
The Japanese bureaucrats have been doing this via the banks, to the Japanese people for 20 years.
And the people meekly accept it.
As have the American people.
In Japan, you can borrow for 5% to 120% (!!!!!)
and deposit your money in the bank and get 0.001875% ...
Whoopeeeeeeeeeeeeeeee
Here America, is your future.
I don’t think it is class envy when the article is talking about people that diligently saved money getting screwed by government policies that keep rates low.
It ain't envy if it's the truth. Senior fixed income savers have taken a bath.
This guy gets it. The whole system is a sham. The prudent people are getting shafted beyond words.
“Jeez, the class envy around here reeks.”
When you become super rich by robbing, cheating, and thieving.
I’m sure if they’ve done anything illegal, they’ll be prosectued. As for the rest, they’re just playing by the rules and reaping the benefits. No sense in being jealous... pull yourself up by your bootstraps and join their club. (Sometimes I crack myself up).
“I’m sure if they’ve done anything illegal, they’ll be prosectued. As for the rest, they’re just playing by the rules and reaping the benefits. No sense in being jealous... pull yourself up by your bootstraps and join their club. (Sometimes I crack myself up).”
Yeah, well you don’t crack me up. You tell me how senior citizens, living on fixed incomes, too old to work anymore, or have health problems that come with age, or disabilities that come with age (you too shall pass this way) are supposed to “pull themselves upo by their bootstraps, pray tell. Would like to see your comments in about 25 years, when you too will be on the receiving end of depleted resources brought on by bad policymaking in Wash. DC that affects your retirement income. Bet you’ll sing a very different tune than the one you are spouting right now.
This is the leftist ideology in a nutshell -
punish the prudent
reward the foolish
It’s in EVERY policy they have.
And just why didn’t this kind of article come out while Obama and Pelosi were having their spending spree’s????
Nary a word then, eh?
“I’m sure if they’ve done anything illegal, they’ll be prosectued.”
Rarely....LOL
You really need to go somewhere and learn about the financial world. You need to learn about how the big banks make there money. Such as borrowing from the taxpayer at zero percent and charging the taxpayer back at 30%+ for there own money. And that is legal.
And how about writing mortgages that they knew would fail and then selling them to everyone else. At this point we the taxpayer are on the line for those too. The Fed is buying them. The money is being printed from nothing, and the value of the dollar is diving. Further destroying savings. This is all to bail out the crooked bankers. You think I am jealous of that. I want them all thrown in Jail is what I want.
I’m aware of all that Revel, but my sarcastic responses are pretty damn close to those you’ll find from FReepers who think that big business (and big banks) can do no wrong.
Tight regulation is what we need, but perish the thought.
It is a sad thing. But the fox is guarding the hen house, and there seems to be little that we can do.
Sorry. I did not realize that you were being sarcastic.
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.