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Read the part where he says that as long as banks have "an ATM machine attached to the Fed" they can get all the money they want at 0% for as long as they want. With that kind of a sweetheart deal why in heaven's name would they even consider raising interest rates for depositors above a paltry 1/2%?
yes, they are borrowing from the Fed for close to 0 and lending to the public at 15-20%. This is what this bailout has amounted to.
Well, the banks HAVE to do that in order to survive in the face of ever increasing losses from people who charged up way more than they could ever hope to pay back in credit card debt or got over their heads by refinancing mortgages and taking cash out for trips to Disney world or flat screen tvs, never saved a cent of their own money, and have now decided they can just walk away from it all. Just like any other business, we all pay for the deadbeats and thieves with higher prices, and in this case, close to zero interest. What else do you expect?
thrillobyte, I keep my emergency savings funds with FNBO (First National Bank Of Omaha). They were at 3.50% when I opened the account two years ago, but have steadily dropped their rate as rates in general have dropped. Still, 1.25% is about the best you can get anywhere on a savings account, and I'm sure that they will boost the rate as warranted. Their customer service is first class, and you can access your funds quickly with an ATM card if needed. Check them out, I highly recommend them. Much better than your local bank at .30%.
Folks may want to check out municipal bonds. In many states you can get close to 4%, and in-state bonds offer you a double tax-free break
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Where do I sign??!! Where do I sign??!!
