[BilLies]

For the last 18 months or so the banks have been giving almost no return on their saving and checking accounts and the short term CDs were even worse.
Those living primarily on their savings, mainly the elderly, are in deep trouble; of course almost no mention on the ABCCbSNBCNN channels

[evaporation-plus]

I guess savers are not ordinary Americans, they must be evil and punished.

[evaporation-plus]

I guess savers are not “ordinary Americans”, they must be evil and punished.

[Venturer]

I get 10% of a penny on my CD’s.

Government agencies are telling their employees to save their money in 401ks so they can retire. Boy: Is that a joke.

Every day I watch advertisements for Reverse mortgages on homes. The homes of people who retired on their savings interest income and have had the principle eaten so they could survive.

These are ordinary people too.People forced to work at McDonalds and as Walmart greeters to eat.

Meanwhile the cost of gas and heating fuel is soparing and state taxes are rising.

Then I read that under Obamacare the Government will have the power to go to my bank account and draw out money to pay for their crooked insurance they want to force me to buy.

They can take my money that I might need to buy food and pay their stinking assed crooked Obamacare with it.
I no longer have a choice between health insurance and eating. I will have health care , but I might not eat, and what happens when that money they steal from me is gone.

It makes me think that maybe I would be smart to start slowly taking out my funds now and burying them in the back yard. Better that than wait for the Fourth Reich to break me.

[blueunicorn6]

If you like real-world lessons, take out a ten thousand dollar loan for a month and put the money into a savings account at the same bank. Look at the percentage difference. Not the percentage rates of the loan and the savings account, but the amount you receive in interest from the savings account as a percentage of what you pay in interest for the loan. The banks always win.

[Mich Patriot]

Ahhhhh, the unintended consequences of gubermint meddling in the economy. No return on savings = no savings (or find another place to invest)...this will hurt the banks long-term because it dries up the reserves they need to make loans. I already cashed in my CDs...it wasn’t even paying enough to offset the risk of bank failure.

[9422WMR]

Best rate out there I have found is INGdirect.
It pays a measly .08, but that is better than the other banks.
Never thought I would recommend a bank paying .08 on savings accounts.

[rbg81]

This is a TAX on savers—plain and simple. Why? So the Government can borrow at close to zero interest rate. It basically keeps the cost of Federal interest payments down so the goodies (entitlements) can keep on flowing.

In addition, real inflation is probably closer to 10%—another hidden tax.

[rbg81]

I should also add that this isn’t going to end anytime soon. In fact, wouldn’t be surprised if (in ten years) you have to PAY for the priviledge of keeping your $$ in a bank. Why? Basically, they’re offering a wealth preservation service. Because, by that time, everything else will be a losing proposition.