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Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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Best Bank Account Interest Rates - Summary for Week Ending February 16, 2013

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If you have money in the stock market, you probably have seen some nice gains so far in 2013. The S&P 500 had its 7th week in a row of gains, and it's now just 4% below its record high set in October 2007. This news would also be good for conservative savers if the new highs were being driven by solid economic growth. However, the data continues to only point to sluggish growth. The political uncertainty this year is also adding risk to economic growth.

Much of those recent stock market gains can probably be tied to the Fed's zero interest rate policy. Investors don't have many alternatives for their money if they want some decent returns. Chairman Bernanke did admit last year that part of the reason behind the zero interest rate policy was to move people into riskier investments. We are still waiting for this to spark real economic growth, and once it becomes clear to everyone that it's not working, the stock market gains can quickly change to big stock market losses.

The signs of sluggish growth this week were enough to raise Treasury yields. Yields for all maturities rose this week. The Treasury yield changes over the last week and the expectation of future Fed funds rates are shown below. Numbers are based on Yahoo bond rate data and the CME Group FedWatch.

Treasury Yields:

  • 6-month: 0.11% up from 0.09% last week
  • 2--year: 0.26% up from 0.25% last week
  • 5--year: 0.86% up from 0.82% last week
  • 10-year: 2.00% up from 1.95% last week
  • 30-year: 3.19% up from 3.16% last week

Fed funds futures' probability of rate hike by:

  • Jan 2015: 61% up from 56% last week
  • Apr 2015: 73% up from 68% last week

After four weeks with no bank failures, one small Chicago bank was closed by regulators on Friday. That's only the third bank failure of the year. By this time last year there had already been nine bank failures. Bank failures are becoming rare, but they're still not as rare as they were before the financial crisis. At this time in 2008, there had only been one bank failure.

Savings & Checking Account Rates

There were quite a few rate cuts this week on my list of nationally available savings and money market accounts.

Salem Five Direct cut its new-customer promo yield from 1.25% to 1.00%. However, Salem Five Direct customers who had opened this savings account with a 1.25% APY will continue receiving 1.25%, at least for now. As many Salem Five Direct customers learned last year, you'll have to regularly check your statements to find out when the promo rate ends. Several readers reported last year that it took them months before they realized Salem Five Direct had cut their rates.

We now have only one money market account with a 1.05% APY. Union Federal Savings Bank reduced its money market account yield this week from 1.05% to 1.00%. So the only bank with a 1.05% APY money market account is MyBankingDirect. This is now the highest non-promo rate without a balance cap and without checking requirements.

There were also small rate cuts at American Express Bank, ableBanking and GE Capital Retail Bank (formerly MetLife Bank).

On the plus side, Connexus Credit Union raised the rate on one if its money market tiers. The top yield for a $100K balance remains 1.15% APY, but for balances of $50K to under $100K, the yield was increased from 1.00% to 1.10% APY. Don't forget this requires an active checking account with direct deposit.

Reward Checking Accounts

This was a quiet week for reward checking accounts on my list with no rate or balance cap cuts. However, I did add one institution to the list. It's Belvoir Federal Credit Union, and it has a reward checking account called CUXcel Checking that pays 3.25% APY for balances up to $15K. I first reviewed this account in 2008, but in 2009 I learned that the credit union was allowing only local members to open the CUXcel Checking. That appears to have changed. People in any state can qualify for membership via an association. Once your association membership has been completed, you can join the credit union and open the CUXcel Checking account (see review). Belvoir FCU is now the rate leader, even when compared against institutions with smaller balance caps.

To find the highest reward checking rates and balance caps in your state or nationwide, please refer to our reward checking rate table. If you're new to these tables, my rate table guide should be useful. If you're new to reward checking, please refer to my blog post, 10 Common Traits of High-Yield Reward Checking.

New Additions

  1. Belvoir FCU CUXcel checking (reward) - 3.25% (up to $15K) 0.05% ($15K+)

Rate Hikes:

  1. Connexus CU YES MMA - 1.15% ($100K) 1.10% ($50K) 0.75% ($20K) [was 1.15% ($100K) 1.00% ($50K) 0.75% ($20K)]

Rate/Balance Cap Cuts:

  1. Salem Five Direct savings promo - 1.00% [was 1.25%]
  2. Union Federal Savings Bank MMA - 1.00% [was 1.05%]
  3. ableBanking MMA - 0.92% [was 0.96%]
  4. American Express Bank savings - 0.85% [was 0.90%]
  5. GE Capital Retail Bank savings/MMA - 0.85% ($25K) 0.80% ($10K) [was 0.85% ($10K)]

Certificate of Deposit Rates

My recap of CD rate changes and the list of CD deals will now be in my survey of the best CD rates. This recap will now focus on banking news of the week and liquid accounts.

Recap for the Week - Links to This Week's Posts

Banking News/Resources Savings/MMA - National
  • No new posts this week
CD Deals/Resources - National Checking/Savings/CC Bonuses Reward Checking Accounts CD and Money Market Deals - Local Posts from Previous Weeks The rates listed below are based on Annual Percentage Yield (APY). No minimum balances are required unless noted. MMA next to the rates indicate a money market account. Most MMAs have check writing and ATM cards. Online savings accounts usually lack both of these. Previous weekly summaries are available at this page.

Rates as of February 16, 2013

Checking/Savings/Money Market Accounts:

  • Noteworthy Accounts Available Nationwide:

Reward Checking Accounts:

  • Noteworthy Accounts Available Nationwide:

Certificates of Deposit:

Various Deposit Account Deals

Bank Account Alternatives - NOT FDIC Insured

Historical Rates from the Federal Reserve (Federal funds, Treasury bills, CD's)


Related Posts

Comments
30 Comments.
Comment #1 by Anonymous posted on
Anonymous
When you say:"once it becomes clear to everyone that it's not working, the stock market gains can quickly change to big stock market losses," I could not agree with you more. Meanwhile, however, those of us who took on those riskier investments have seen our portfolios more than double in value over the last 3-4 years. Now that the stock market is at the same peak it reached in 2007, I for one am intending to cash out of almost all risk, and be content with whatever interest scraps the Fed is willing to toss me. I'll stay with a few dividend producing blue chip issues, but only those I can live with through through the next downturn.

 

6
Comment #2 by scottj posted on
scottj
Great, Fed pushing people to take their savings and put it into the risky market. So now if market crashes they can say bye bye to their savings. Then we will see same problems as 5-6 years ago, because people don't have that money many could lose their houses and default on cards and other loans. Also while markets come back over time this could destroy seniors who don't have the luxury of time.

8
Comment #3 by ytytytyt posted on
ytytytyt
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.

Dear Mr Tumin,

>> Much of those recent stock market gains can probably
>> be tied to the Fed's zero interest rate policy.

How recent?  ... FOMC's near zero rate policy is in play for more than a year, so which "recent" gains can probably be tied to ZIRP?

>> Investors don't have many alternatives for
>> their money if they want some decent returns.

No ... Investors have a large number of alternatives, unless what you mean is tha only alternatives you are considering are ones that involve no risk to principal.  Buy actually even with that consideration, there are quite a few alternatives.  As an example:

http://wealthdom.com/mlcd/2013%2002%207US%20JPM%20Term%20Sheet.pdf

Yours Truly,
- Anonymous

 

4
Comment #4 by Wanderer (anonymous) posted on
Wanderer
ytytyty,

Ken Tumin is correct. Investors do have very few options. The stock market is bloated by the ZIRP policies of the last 4 years, and valuations are way beyond the ability of most companies to produce maintain earnings. The Fed keeps pumping more and more funny money into the economy which will continue to support the market, but all of it is a fantasy. And, now, as Hayek taught so many years ago, the Fed is in a trap. It has no choice but to continue pumping out the counterfeit cash. The moment it stops, now, is the moment that everything comes crashing down.

I have listened to Mr. Bernanke, and his mentor, Professor Barry Eichengreen, for many years, and most of their thinking on these matters is lazy, to put it nicely. They have not, will not, and cannot "save" the real economy in this manner. They can only kick the can of reckoning down the road, and steal value from the mom & pop savers to give to the likes of the casino banks, like GS, JPM, MS, Citi and their comrades in Europe. In my opinion, the reason that their arguments are illogical is that zero rate policies were never intended to save the economy, regardless of what they publicly claim. Zero rates were designed to save the casino banks, and continue to allow those banks to offload otherwise worthless assets, like mortgage secured bonds, and assets worth much less than they are currently selling for, like treasuries, at par.

There is only one question. Will the Fed continue this madness until it is forced to stop by runaway rates of inflation? Or, will it stop of its own accord because it doesn't care about imploding Main Street, but only about Wall Street. The latter, I suspect, is the more likely. But, stopping to print, however it occurs, will cause the Federal Reserve, itself, to become insolvent, now, because the worthless and worth-less assets it has purchased will tumble down to their real value. That amounts to only a small percentage of what it paid for them. An attempt is surely going to be made to revalue the Fed's gold certificates to market, and to balance the other half of the balance sheet, that is going to need to be a valuation in the high 4 or, possibly, 5 digits. So, logic and reason tells me that gold and precious metals assets that are tied to the gold price (silver and platinum) are the only viable long term investments at this point.

11
Comment #5 by Kaight posted on
Kaight
It also should not be forgotten or overlooked, by those hoping Bernanke shortly will depart (his term ends in less that one year), that his most likely successor, Janet Yellen, is actually worse than Bernanke himself.  And in fact, no sane individuals are likely to be appointed to the Federal Reserve Board of Governors in the next four years.  It's a frightening thought.  But Bernanke, bad as he is (and he is), actually is more responsible than anyone likely to be appointed by the present POTUS.  Inflation is an ally of redistributionism.  And as the burden of rising interest rates commences to threaten the integrity of the country itself, they will merely print money faster.  America is in process of being hollowed out.  Soon enough, as their progress continues, only a shell will remain.

12
Comment #6 by ytytytyt posted on
ytytytyt
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Dear Wanderer #4,

I had 2 points in my earlier message.

In the first point, I am inquiring how many months/quarters/years Mr Tumin had in mind when he used the word "recent". After I know that, I'd be able to decide for myself how correct or otherwise he is.

In the second point, I already know Mr Tumin is not correct. Investors have a large number of alternatives.  In the "alternatives" he has given, he is pointing out merely three notes over and over. One by Ally, second by Duke, and third by Ford. Without takeing too much effort, I can easily point out many more.  (And new Notes will be available in subsequent months.)

http://secfilings.nyse.com/filing.php?doc=1&attach=ON&ipage=8690146&rid=23
http://secfilings.nyse.com/filing.php?doc=1&attach=ON&ipage=8690151&rid=23
http://www.sec.gov/Archives/edgar/data/312070/000119312513030399/d476804d424b2.htm
http://www.sec.gov/Archives/edgar/data/312070/000110465913007559/a13-4357_5424b2.htm

Now coming to the point you've raised about the inflation and PM. 

>> So, logic and reason tells me that gold and precious metals assets
>> that are tied to the gold price (silver and platinum) are the only
>> viable long term investments at this point.

I cannot completely disagree without first knowing what your approximation of long-term is, within the year (not decade). What do you mean is the long term? In next 5,6,7,8... how many years? ... In other words gold is at 1610. From what you've indicated I gather you're expecting it to get at 6440 to 8050 (correct?). My question is approximately when? (And the apprxomation need not be accurate to the day, or to the month, or to the quarter, but let it be accurate to the year.)  If the logic/reason is unable to put an approximate time-frame, then I guess it has questionable practical usage.

BTW, as I indicated elsewhere, I am not averse to gold at all. I intend to buy some at/near 1540, if it falls to that level, with stop-loss of 7%.  If the support breaks and gold starts to tank, then I'll use GLL to benefit from its downturn.

Yours Truly,
- Anonymous

3
Comment #7 by ytytytyt posted on
ytytytyt
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Dear Kaight - #5,

And what absolutely must not be overlooked is that our elected representatives in act of 1977, called "The Federal Reserve Act" have given the FOMC a dual mandate quoted below.

"The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices and moderate long-term interest rates."

Since 1977, there have been absolutely no bill, neither in house nor in senate to alter this mandate in any way, shape or form.  As against that there have been numerous bills to overturn Affordable Care Act aka Obamacare. ... So the country as a whole supported the dual mandate when it was given, and the country as whole has taken no action to make any changes to it.  Since we are the land of law, this existing law stands, unless it is changed by actions in house, senate and finally a signature by the President.

Yours Truly,
- Anonymous

3
Comment #8 by ytytytyt posted on
ytytytyt
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Dear Readers,

I've observed a common trait in the inflation-fearmongers.  It is common to read questionable predications of dire economic future.  Predications about triple digit inflation, predications about collapse of American economy/society, predications about demise of US Dollar.  Such predications are made with massive gusto, plenty of enthusiasm, even I suspect a little delight!  :-)

What is lacking in the predications is any sort of specificity about the time-frame as to when the respective author of such a predication is willing to state that his/her predication will come true!  And the time need not be accurate to the day, week, month, quarter.  But let it be approximate to the year.  Hesitation to putting the time-frame next to each predication, I suspect, is an indication about the authors own self-doubt, in his/her ability to predict the future with any level of certainty! :-)

Once we know time-frame for each predication, it is easy to measure how wrong the inflation-fearmonger was! :-)

Yours Truly,
- Anonymous

4
Comment #10 by Wanderer (anonymous) posted on
Wanderer
No one can predict the future of the Federal Reserve, in the absence of special contacts within the organization. I happen to believe they will stop the printing voluntarily in a year or two, after stealing some more value from the existing money belonging to mom and pop savers. I do not believe in the honesty or veracity of Mr. Bernanke.

But, Bernanke and his most probable successor, may just be very misguided academics, living in ivory towers, out of touch with reality. If they are not the outright stooges of the casino bankers, which I suspect they are, they will follow the views of the academic who gave them their alleged theoretical foundation, which is Barry Eichengreen. He believes that the printing must be 3x what is has already been, and, once it is 3x, he will probably say it needs to be 3x that. So, Bernanke and/or Janet Yellen, will continue to print ad infinitum if they are true to their erroneous views.

That is not to say that there won't be temporary stops and restarts. There will be, because they'll want to trick the markets into accepting the madness. But, in any case, the timeline would dramatically change in the two different scenarios. But, assuming honesty on the part of the Fed mandarins, they will print to "infinity and beyond". That means the Fed won't become insolvent until late 2016 or early 2017. However, gold will go up dramatically far in advance of that. In spite of the current private manipulation event that is currently afflicting precious metals, the precious metals are on the cusp of a huge upward movement within 6-12 months.

The impending huge upward move, in fact, is the entire reason for the manipulation. The casino bankers want to instill fear in the market, which allows them to shed short positions, while buying long. They do this by distributing bogus analysis predicting doom, and creating huge numbers of transient short positions concentrated at particular minute intervals. This drops prices for paper gold, silver and platinum suddenly and inexplicably, because it triggers margin call selling and stop loss order automatic triggers. It is important to remember, however, that it is all fake, and such manipulation events are ideal times to buy.

The next move, which will happen by or before next February, is a move to $2,500 for gold and similarly much higher prices for the metals to which it is tied by cross commodity trading. It will be preceded by some big news that the casino bankers already know about, such as the exit of Greece from the Eurozone, an Israeli or American attack on Iran, etc. But, fundamentally, the reason for the move will have nothing to do with the news. The news is only the catalyst. In the long run, there is nothing the government can do about the upward movement of gold. The market will move as it must move, for if the casino bankers and their government guarantors were to try to oppose it completely, they would end up losing all their physical gold, and the game would be over.

They know much better than you and I or Ben Bernanke, for that matter, what real money is, and is not. Thus, the best they can do is "manage" the price of gold, silver or platinum, restraining it or pushing it upward, as it pleases their needs, at politically sensitive times, using paper gold manipulations. Thus, gold rises in the long run, so long as paper money is being debased, as now, regardless of the desires of western central bankers.

4
Comment #11 by ytytytyt posted on
ytytytyt
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Dear Wanderer,

Excellent ... Now you've posted a little text that is concrete, rather than something that was vague.

>> The next move, which will happen by or before next February, is a move to $2,500 for gold and
>> similarly much higher prices for the metals to which it is tied by cross commodity trading.

Before this, if gold makes a visit to 1540 then I will be glad to come along for a ride.  (Else I'll be a spectator).
 

>> This drops prices for paper gold, silver and platinum suddenly and inexplicably, because it
>> triggers margin call selling and stop loss order automatic triggers. It is important to remember,
>> however, that it is all fake, and such manipulation events are ideal times to buy.

Yes, I've seen the rather sharp drops, and perhaps they can be attibuted to shorting/covering.  But there is nothing fake about it ... It is very real ... The prices indeed are at whatever they are at ... If required real bullian can be acquired at those prices  ... Traders are able to make (or lose) large sums of paper currency based on this. ... Going foraward, most likely, I'll be one of them.

You (and others) tend to do critique of the public servants, whose job it is to try to fulfil the dual mandate.  Tell us how would you go about doing the dual mandate?  What action(s) can/should/must the FOMC take so that dual mandate will be met?  I never see you (or others) do any critique of our duly elected representatives 1977 ownards, and the voters who put them in there in the first place.  Why?  If the public servants are so very wrong, then whose responsibility it is to make changes?  That of the elected representative? That of the voters?  ... Whose?

Bottom line Wanderer: I am glad to note that you've stuck your proverbial neck out, to make a concrete prediction "Gold at 2500 before February 2014", which we will revisit in next 12 months!

Yours Truly,
- Anonymous

3
Comment #12 by Wanderer (anonymous) posted on
Wanderer
ytytytyt

One more thing. When I people invest, I am not looking for an absolute guaranty. But I am looking for reasonable safety. That is what is absent here, and why Mr. Tumin is correct in his assertion. The uninsured notes of Ally Bank, Ford, and Duke Energy are not  safe. One of two future scenarios is going to unfold. Either the printing is going to end abruptly, and then we will enter temporary deflation, to be followed by a long term deep stagflationary period, or, if the printing orgy doesn't end voluntarily, the Fed goes insolvent and we will be in hyperinflation.

With such probabilities, a reasonable rate of return is in the 15-20% range, to offset the risk. These notes pay next to nothing, just like CDs. Meanwhile, if Bernanke/Yellen are both corrupt sellouts, as I believe they are, they will ignore the theoretical foundation of their ridiculous neo-Keynesian view, and, instead, please their casino banker masters by ending the printing before hyperinflation. The moment that happens, the Main Street economy will implode, because the debt was never allowed to clear, and the economy is now dependent upon the steady flow of new counterfeited money. In that scenario, only Duke Energy will survive temporary deflation The others will end up in Chapter 11 bankruptcy.

Perhaps, a viable alternative might be natural gas, because the price of that is so depressed, and can be viewed as "bound to go up" so long as "all other things remain the same". This is especially true when hundreds of percentage points worth of monetary inflation converts to price inflation. But, unlike precious metal, natural gas takes up a huge amount of storage space and that space must be paid for. So, it is not economic to hold large positiions in natural gas. And, if you do it by rolling over futures contracts, the fees and premiums you will pay every few months will exceed the cost of storage. Beyond that, large new shale gas fields have been discovered and are being developed in Ukraine, Poland and elsewhere, by US companies skilled in fracking. So, the outside-America gas price will decline somewhat from its current dizzying heights. That means that plans to export cheap US liquified gas won't pan out. Again, not a viable alternative.

Agricultural land is a possible alternative, but it is not liquid. Beyond that, it is already way up in price because it does not have the overhead inventory of the housing market, and the ZIRP policies of the Fed mandarins have made ag-loan financing ultra-cheap. Prices will collapse if there is temporary deflation. Again, not a viable alternative.

So, I am quite interested in finding out what you believe are the "viable alternatives" out there, other than precious metals?

1
Comment #13 by Wanderer (anonymous) posted on
Wanderer
ytytytyt,

Of course I blame the politicians for incurring ridiculous levels of debt. I also blame them for enacting ridiculous statutes that encourage bankers to make loans to unqualified buyers with little to no money down, for allowing unregulated and essentially fraudulent issuance of derivatives promises that casino banks cannot possibly keep, for  guarantying oppressive student loan burdens for students in fields that have few or no jobs, and so on.

But, most importantly, I blame the politicians at the turn of the 20th century, for allowing themselves to be paid off by Wall Street bankers in that day and age, to breaking the gold specie standard in 1914. They created a monster called the Federal Reserve which created a debt-money system that is essentially a Ponzi scheme, and which a small number of insiders can now control. This monster continues to support and feed the bottomless pit of irresponsible government spending and socialism with monetary debasement, and the issuance of irredeemable paper money. It is the reward that casino banksters give our government for allowing them to have what they want, which is a taxpayer and currency-holder subsidized slush fund to support them in times of need. I only hope that their eventual attempt to revalue gold certificates, and feign solvency, will fail, and that the Fed will be closed down, once and for all.

 

2
Comment #14 by ytytytyt posted on
ytytytyt
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Dear Wanderer,

You did not include the scenario of "soft-landing" - where the job-market and housing-market improve gradually and FOMC tightens gradually.  Do you believe that there is zero possibility of this?

One more time ...  Yes, yes, we have heard of the critique of public sevants ... Do you have any critique of elected reps who appoint/confirm the public servants and/or voters who elect reps in the first place?  ... Or the elected reps and voters are totally blameless?  Mere victims of the public servants?

My laundry list of viable alternatives in no particular preference order:

1) REITs (especially one where I get to become the landlord for the Government.)

2) Structured CDs/Notes.

3) TIPs, Sovereign/Sub-Sovereign Bonds, Junk Bonds, Corportate Bonds, Inverse of long-term bonds (like TBT, TBF)

4) Miners, Crude, Utilities (electrical, water, and waste-disposal not telecom), Cattle, Sugar, Coca, Wheat etc.

5) Almost all of the Mutual Funds by Pro/Rydex, almost all of Exchange Traded Funds for short-term trading

Yours Truly,
- Anonymous

3
Comment #15 by ytytytyt posted on
ytytytyt
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Dear Wanderer,

I did not see your post blaming the elected reps before making the earlier post.

BTW, what about the voters?  Any blame goes to them (us)?  Are they (we) mere victims?  Are they (we) too lazy to make any change? or Are they (us) quite happy with the status quo, and believe no change is necessary?

... What's the record? ... Did the voters make FOMC, an issue in even one single house race since 1977 (more than 2 decades)?  No?  ... If the significant majority is for "change" then can the politicians afford to ignore it?

My suspicion is that a fringe minority cares for the alleged mismanagement at FOMC. (Personally I believe that departments like FOMC, US Treasury, SEC, BLS and SSA are doing just fine.)  Fringe minority can crow all it wants, but as long as as they remain a fringe minority, they will continue to be ignored by significant majority!

Yours Truly,
- Anonymous

2
Comment #16 by Wanderer (anonymous) posted on
Wanderer
To some extent, the voters are ultimately responsible, but that is because most people know very little about how finance works. Thus, they are easily fooled by the propaganda fed to them by the statists and those who benefit from statist policy (e.g. the casino bankers).

But, no, I don't believe there is any possibility of a soft landing. This is all going to end very badly. Things have gone too far. The Federal Reserve, is in the type of trap that Hayek and Von Mises discuss in their work. There is a possibility to avoid hyperinflationary collapse, if action were taken immediately, but not more than that.

3
Comment #17 by Anonymous posted on
Anonymous
The current news on bank account interest rates is not too good, but more important was the recent news that they are not going to water down my Makers Mark Whiskey.

4
Comment #18 by ytytytyt posted on
ytytytyt
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Dear Wanderer,

I like your admission that voters are ultimately responsible. (If the voters are indeed fooled for more than 3 decades, then seriously they are fools and perhaps deserve what they've gotten themselves into!)

I will not push you today to put a time-frame for the prediction about the collapse of FOMC.  If you choose to do it voluntarily, then I'll hear you out. :-)

... Anyways ... we will wait and watch how the future unfolds ...

Yours Truly,
- Anonymous

2
Comment #19 by Anonymous posted on
Anonymous
Yours Truly............What was the ticker symbol for the REIT that you're referrin to ?

 

1
Comment #20 by ytytytyt posted on
ytytytyt
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Dear #19,

Ticker: GOV
Site: http://www.govreit.com/
Dividend History: http://www.nasdaq.com/symbol/gov/dividend-history

Yours Truly,
- Anonymous

2
Comment #21 by Anonymous posted on
Anonymous
Nobody knows the future, just look at Japan, 21 years with interest rate of 0-1%.

It can happen here too, so relax and count your pennies from the interest received.

8
Comment #22 by Anonymous posted on
Anonymous
ytytytyt

When you say "If the voters are indeed fooled for more than 3 decades, then seriously they are fools..." you are  mistaken. The voters are not fools. They are simply ignorant of macro finance. A properly run society does not expect its citizens to extensively read the works of great economists, or become experts on economic theory. Once it does require that, no one is left to do the work necessary to bind society together. There is no one to build bridges, roads, mines, dwellings, airplanes, spaceships et. al. 

Many of those you call "fools" are simply bad speculators, and uneducated in economics, but they make contributions to society that are far more important and useful than those of any financier. The more successful seek financial security through federally insured bank accounts because they are either at an end to their working life, or that security allows them to concentrate on their work.

A society under seige by its financial class, like ours, decays, eventually dies, and, often, gives birth to terrible things. Weimar Germany, from 1919-23, required citizens to become economic experts in order to understand who to vote for and to survive. Its cruel financial leaders pursued their own private interests, essentially punishing the innocent with poverty, deprivation and dispair. Adolf Hitler was born out of those ashes and was popularly elected, by those who suffered this punishment, in full and fair elections. He was the reward to those who disrespected the rights of the general citizenry, and, in the end, destroyed that nation, including its financiers.

3
Comment #23 by ytytytyt posted on
ytytytyt
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Dear #22,

It was rhetorical.  I do not believe anyone (singular) can be fooled for a long time, surely not for 3 decades.  But assuming that the masses (a big plural) can indeed be fooled for more than 3 decades, then I am left with no choice but to draw conclusion that such masses perahaps deserve the elected reps they get, and must keep tolerating the system of allegedly corrupt "casino" bankers and must keep paying salaries of the allegedly bad/worse public servants their elected reps impose upon them.

Actually I believe that masses cannot be fooled for long, certainly not for more than 3 decades.  I believe our citizenary is well informed, and is not stupid.  I believe our voters like our system, and are open to make changes when they find it necessary.

Fringe minority find FOMC and the elected reps who gave it the original dual mandate in 1977, and the subsequent elected reps after 1977 who made no attempt to make any changes whatsover, as "corrupt" and crows about it.  As long as this insignificant minority stays on the fringes, as long as I see no bill at all (neither in house nor in senate) making any attempt to change the current "dual mandate", as long I do not see even a single house race where "dual mandate" is an election issue, I have no choice but to draw conclusion that majority finds the existing system/law perfectly acceptable, therefore are quite disinterested in making any changes.

Yours Truly,
- Anonymous

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Comment #24 by ytytytyt posted on
ytytytyt
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Dear - #21,

>> Nobody knows the future,

Are you sure about that? 

The inflation-fearmongers here predict (a) Triple Digit Inflation (b) Collapse of American Society/Economy (c) Demise of reserve currency of the world - US Dollar, with complete certainty!

Yours Truly,
- Anonymous

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Comment #25 by Anonymous posted on
Anonymous
What a bunch of morons.  Triple digit inflation.  I don't think so.  Probably at least Quadruple digit inflation.  The only thing that will have any value is well stored corn, gasoline in 5 gallon drums, and silver. 

Then we will all be put in comas and have our minds controlled so we do not "panic".  Everything will be fine in this new world.

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Comment #26 by ytytytyt posted on
ytytytyt
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Dear 25,

Indeed ... The Matrix, The Matrix Reloaded and The Matrix Revolutions ... ?

Yours Truly,
- Anonymous

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Comment #27 by Anonymous posted on
Anonymous
There is no room for the rates to go up, otherwise we are all doomed as a nation.

Who is going to pay the interest on the national debt?

Stop speculating and get the real numbers first, before saying stupid things.

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Comment #28 by Anonymous posted on
Anonymous
"There is no room for the rates to go up, otherwise we are all doomed as a nation."

Really, this would seem a bit narrow-minded.  We are doomed if rates go up, down, right or left.  The end is nigh.  Hi-ho silver away.

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Comment #30 by Anonymous posted on
Anonymous
#28 said:

" Really, this would seem a bit narrow-minded."

If you can mutipy 16 trillions with current blended interest rate of 2.5% and the future assumed rate of lets say 5%, can you tell me if that number will come close to the yearly national budget or not?

#21 is closer to the truth than yours assumption.

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Comment #29 by Anonymous posted on
Anonymous
Going down hill is always easier.  Relax and enjoy the ride.  Don't worry about the sudden impact at the bottom.  You will never feel it!

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Comment #31 by Anonymous posted on
Anonymous
The website rates are wrong for Connexus CU YES MMA rate hikes. I tried opening an account and the rep said those rates hikes are a mistake.

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