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More Falling Savings Account Rates - Big Drop at OneUnited

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I guess we knew it was going to happen sooner or later. OneUnited Bank finally slashed the rate on its UNITY Gold E-Savings account today. The new yield is 4.60% APY (down from 5.15% APY). OneUnited held on longer than all the other online banks. The bank kept the savings account yield at 5.30% APY for all of 2007 and through January of this year. It was cut to 5.15% APY early this month. Even with this 55 basis point rate cut, the 4.60% APY yield is still the top yield for an online savings account. So perhaps OneUnited is intent to stay in the lead of online savings accounts. The other possibility is that this rate cut is just part of a planned gradual rate reduction that'll continue in the weeks to come. For more info on this savings account and a $50 bonus, please refer to this OneUnited post.

OneUnited is not alone in cutting savings account rates this week. Some of the other online banks to also cut include:

In the latest news revised data published today by the Labor Department indicates wholesale price inflation was less at the end of 2007 than previously thought. So this makes another 50-basis-point rate cut at the March 18th Fed meeting more likely. This New York Times article echoes the view that we'll see another rate cut on March 18. It also looks at the problems the Fed may soon have in containing inflation. But don't expect inflation concerns to prevent more rate cuts in the near term. According to the article, "Like the Fed, economists generally remain more concerned about the immediate threat of recession than the more distant fear of higher inflation."
Related Pages: Savings Square, Oklahoma City, Colorado Springs, OneUnited Bank, Boston, Miami, Los Angeles, iGObanking, New York, AmTrustDirect, New York, Philadelphia, Cleveland, Miami, Tampa, West Palm Beach, Ft. Myers, Phoenix, savings account

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Comments
moonimus
moonimus (anonymous)   |     |   Comment #1
Yeah I guess it was bound to happen but I'm still happy that it's at the top of the food chain.
The Cleaner
The Cleaner (anonymous)   |     |   Comment #2
I am the one who a while ago posted a comment how I am close to someone who is related to someone who works at OneUnited, and I posted that she said OneUnited will gradually lower their rate.

And also, Banking Guy predicted it as well.

With OneUnited's policy of only crediting interest quarterly, their account is even less attractive now.

And I assure everyone that after the Fed cuts rates again in March, OneUnited's rate will drop even more. I am sure they will try and keep their rate at 4% or higher, while it seems everyone else will eventually be under 4%, as most are now. (I pray it never falls below 3%.)

I think Rewards Checking might be the way to go for the near future, and I hope like that posting of yesterday to see a list soon by Banking Guy divided up into who has the highest balance caps.

Thanks to Banking Guy! Please put up a link on your main page when you find the time to post the balance cap Reward Checking list.
Anonymous
Anonymous   |     |   Comment #3
One United is the scariest bank I've ever deposited money with ever. 30 minute hold times, no email responses, their website is down half the time I log on to it. Not to mention they totally ****ed up when I tried opening accounts with them. I say don't bother to anyone thinking about going with them, lots of headaches.
Anonymous
Anonymous   |     |   Comment #4
If the fed continues to cut interest rates inflation is going to soar. Not that Americans save much, but to get 2-3% on their savings when real inflation is 5%+, why bother. It has not affected the loan rates, mortgage rates are up to over 6% in my area. It only affects savers.
King Of Wishful Thinking
King Of Wishful Thinking (anonymous)   |     |   Comment #5
Happiness with OneUnited Bank is hit or miss. You can read reviews on Bankaholic's site and see that many reviews are negative, while some are positive.

I assure you it has been reported that some depositors are finding success with opening up an account at OneUnited. Of course, I am sure most are upset today with the big interest drop.

For me personally, I'd rather put my money into a Reward Checking account and make 5% or more, knowing that my money is fully liquid, and interest is credited monthly. My biggest fear, of course, is that the high interest rates offered with the Reward Checking might drop below 5%, especially after the Fed cuts the rate again. My second biggest fear is that my Credit Union might institute a balance cap at any time. Of course, if the above happens, I can just move my money elsewhere.
Anonymous
Anonymous   |     |   Comment #6
The fed is cutting rates to bow down to Wall Street even though these cuts have yet to stop the selling and probably won't until we get a good old fashion panic selloff. Its like 2001-2003 all over again I'm afraid. Get ready for 1% money market rates.
Anonymous
Anonymous   |     |   Comment #7
There is no way online savings and money market account rates will ever fall that low to 1%. No way! If that happened, there would be so much money withdrawn from banks, it would be a disaster.

And if that happened, we all could just switch over to Reward Checking, since for that to work, the banks and credit unions must keep those rates higher than online savings and online money market accounts.
mark
mark (anonymous)   |     |   Comment #8
RateEdge has now dropped once more, this time to 4.20%.

Rats.
Anonymous
Anonymous   |     |   Comment #9
Quote: "There is no way online savings and money market account rates will ever fall that low to 1%. No way! If that happened, there would be so much money withdrawn from banks, it would be a disaster."

And just where would the people put there money?

I feel that is just what the Fed wants. Get the interest rates soo low that we savers give up, take our money out of the banks and put it into the stock market looking for a decent return. Then Zap...have it all disappear into the hands of the Big Boys on Wall Street. No more middle class!
Anonymous
Anonymous   |     |   Comment #10
Feds are trashing the Dollar for
the benefits of the rich and Wall
Street Sharks and then, they complain
nobody saves anymore.

Next, the inflation rate will eat up
whatever savings we have.

And at the end, they will blame
baby boomer's for using the social security as retirement income.

Finally, we all end up broke.

If you think this scenario is
base less, comment with facts only.

Cindy M.
Anonymous
Anonymous   |     |   Comment #11
Comment to 5:32 PM post.
The rate is already bellow 0% if you count taxes and inflation.

Saving rate no need to be 1%, it is
already negative 1 or 2% in real money.

Bank rates could be 10%, but if the
inflation is 10%, you are negative
saver after the taxes. It is all
relative.
Anonymous
Anonymous   |     |   Comment #12
Low interest rates got us in housing trouble on the first place.

Going there again, will not solve the problem, but will put more fuel on the fire.

Ben is playing with fire and we will all burn at the end.
Anonymous
Anonymous   |     |   Comment #13
Recessions are good for the economy.
Every 5-7 years, we should clean and
weed out all the bad companies and
corrupted entities.

Pouring money to save them will create disaster on long run.

Bad business practices are being
encouraged when the Feds are trying
to keep them in business.

Pouring good money after bad is near sightness and will back fire.

Is Ben pleasing wall street or American people like you and I?
It is obvious, he is pleasing
the big bosses on our expense.
SVG
SVG (anonymous)   |     |   Comment #14
 

Cindy,

    >>If you think this scenario is base less, comment with facts only.

Interesting that you are wanting facts, for your comments are nowhere close to facts ! *smile*


    >>Feds are trashing the Dollar for the benefits of the rich and Wall Street Sharks and then, they complain nobody saves anymore.

How is the Federal Reserve 'trashing' the Dollar ? On what factual basis do you feel the Federal Reserve is doing, whatever it is that they do, for the benefit of the rich ? Please give some names/positions of the so called Wall Street Sharks and throw-in a few additional facts like such and such Shark made so much dollars on such and such date.

(Oh and since you claim that FED is trashing the dollar ... whatever dollars these Sharks are supposed to be making are trash ... Isn't it ? ... So why bother ? *smile* )


    >>Next, the inflation rate will eat up whatever savings we have.

Nope ... If you have savings of say $100 today and you've kept it under the mattress, and no matter what the rate of inflation is, by the time you wake up tomorrow and look under the mattress, the $100 still will still be there !


    >>And at the end, they will blame baby boomer's for using the social security as retirement income.

End of what ?


    >>And at the end, they will blame baby boomer's for using the social security as retirement income.

Who ? The Federal Reserve ?

Federal Reserve and the Social Security Administration are two distinct departments.


    >>Finally, we all end up broke.

Well Cindy ... speak for yourself. Don't include all, for some of us won't. *smile*

- SVG

 
Anonymous
Anonymous   |     |   Comment #15
RateEdge is great...except one must live in New York to be able to open up their 4.2% APY savings account!

If the rates dropped to 1% for the online savings and money market accounts (and I referring to predominantly ONLINE accounts, like ING), those entities would suffer a disaster since there would be no reason to put your money in an online account. (This is what I meant.) If people kept their money in a bank that paid 1%, they would keep it in their local bank for the convenience.
The Beav
The Beav (anonymous)   |     |   Comment #16
One could also put their money in cash management accounts at the brokerage firms, like Schwab and Smith Barney. They could get you more than a 1% return in a relatively safe account.

I agree though that the online savings and money market rate will never get down to 1%.

And I agree with the above poster that there will always be a Reward Checking account that will pay more than 1%.
Anonymous
Anonymous   |     |   Comment #17
SVG, this is Cindy,
replying to your comments:

You said:" Interesting that you are wanting facts, for your comments are nowhere close to facts ! *smile*"

I'm smiling at your answers, 'cause
you are not following the economy.

You said:" How is the Federal Reserve 'trashing' the Dollar ? On what factual basis do you feel the Federal Reserve is doing, whatever it is that they do, for the benefit of the rich ? Please give some names/positions of the so called Wall Street Sharks and throw-in a few additional facts like such and such Shark made so much dollars on such and such date."

SVG, Feds are trashing the Dollar
because they are increasing the money supplies on daily bases, ie
printing money without accounting for it.
SVG, Rich are profiting by betting against the Dollar with derivatives
and ripping huge benefits knowing
that Ben will continue to trash the dollar in near future.
SVG, Wall street made puppet out of Ben by make him lower the fed funds
just to help the greedy Banks who
lend money to speculators for corporate buy outs and real estate
adventures.

You said:"(Oh and since you claim that FED is trashing the dollar ... whatever dollars these Sharks are supposed to be making are trash ... Isn't it ? ... So why bother ? *smile* )"
SVG, you are wrong, the money of the rich are out of USA, for every penny the Dollars falls against
those currency, they rip huge profits. Do you know how currency derivatives work?

You said:"Nope ... If you have savings of say $100 today and you've kept it under the mattress, and no matter what the rate of inflation is, by the time you wake up tomorrow and look under the mattress, the $100 still will still be there !"
Are you kidding me!, you must live
in 18th century. That $100 is worth
less and less every day, unless you
do some sort of value return to it
every day to counter the inflation.
Do you know the real inflation or
you fall for Ben's fuzzy mathematics.

You said:" >>And at the end, they will blame baby boomer's for using the social security as retirement income.
End of what ?"

When the Dollar is threshed to a point of increased money supplies and when hyper inflation hits,
then there will be worthless money
floating and SS payments will not
be able to cover basics neccessity
of life.

You said:" Who ? The Federal Reserve ?

Federal Reserve and the Social Security Administration are two distinct departments."

Feds are part of money supplies,
SS recipients will receive less worth of retirement income in real money, because printing worthless money will double the inflation at no time, but SS income will not be
increased proportionally to inflation because food and energy
are excluded as inflation flags.
Do you make the connection know?

You said:" >>Finally, we all end up broke.

Well Cindy ... speak for yourself. Don't include all, for some of us won't. *smile*"

-We- is meant most of us, you may be exception or you may think so now without knowing all the facts.

Cindy
Miami Causeway
Miami Causeway (anonymous)   |     |   Comment #18
Cindy, SVG--while always calm and respectful--is fully set in his ways. Nothing you write will ever sway him from his opinions.

Of course, all opinions are welcome on this board.

It doesn't take a Mensa member to see that the actions of the Fed are not helping either side, and that the outcome would have been the same eventually even if the Fed left the interest rate the same (or just lowered it a small amount).

The economy is cyclical. So are the stock markets. So is the housing market.

Good luck to all the savers out there that just want to be in Federally insured accounts. We can ride this out together. And having a great resource like this blog can help a lot.

I, myself, have been forced to jump on the reward checking bandwagon. So far, so good. I am worried like the rest about the very high rates staying as high. But, should the reward checking bubble burst, I will be forced to search for the next best thing.
Anonymous
Anonymous   |     |   Comment #19
Is the end really near? After reading these posts one would think so. If the end is near why do we care how much interest we are receiving. We should be spending what we have before it's too late. We should be glad we have money to draw interest on and not ****ing about the interest rate we are receiving. I know there are some people who depend on interest income to help pay their everyday living expenses and lower rates actually hurt them. However, I am guessing that does not apply to most of the people who have posted here.One person is worried about account caps so I doubt he needs the interest for everyday living. Cindy and a couple of other posters want to blame the stock market when in fact the market hit its high in oct long after the housing bubble burst. And now we come to the Fed Res and gentle Ben. We get to blame him for trying to clean up the mess Alan G left him. If we still need to spread the blame around a little more we still got George Bush or the oil companies or the home builders. And if this whole interest rate mess gives you a headache we can blame the drug companies for not finding a pill we can take that prevents headache caused by falling interest rates. Theres a saying in the midwest about farmers having a lunch pail under each arm and they **** all the way to the bank. Does that saying apply here. The stock market goes up and down and has for over 100 years. Interest rates go up and down and have for many years. Housing has always had its up and down cycles. As for me, I would sooner be receiving interest than paying it out no matter what the rate is.
SVG
SVG (anonymous)   |     |   Comment #20
 

Cindy,

Please do sprinkle what you write with a few Facts please.

    >>SVG, Rich are profiting by betting against the Dollar with derivatives and ripping huge benefits knowing that Ben will continue to trash the dollar in near future.

Huge benefits ? Okay ... How about giving some factual details ? Give a few Names of the rich and the respective Dates and the corresponding Amounts (in whichever Currency) when they ripped the supposedly huge benefits.

(Who is rich ? A few names that quickly to mind are Mr Bill Gates, Mr Warren Buffet, Mr Michael Bloomberg, why even Mr Mitt Romney *smile*. While you are giving the facts, please be sure to include the sources.)


    >>SVG, Wall street made puppet out of Ben by make him lower the fed funds just to help the greedy Banks who lend money to speculators for corporate buy outs and real estate adventures.

One Dr Bernanke is not enough, as there are 11 other voting members on the FOMC. So please continue giving the facts about how the 12 voting member of our FOMC were made puppets. Were they bribed ?

Now then I suspect here is where you may not be able to provide the facts regarding what favors were extended to the 12 FOMC members and by whom, as to make them puppets. However if you do indeed have the irrefutable facts on hand then how about you approach maybe New York Times or CNN with those ? I'm positive they will be pay handsomely for such facts. (Aha ... perhaps you might even ask for such payment maybe in Euros, Pounds, or Rubles ... *smile*)


    >>-We- is meant most of us, you may be exception

Now here is where I agree with you ! I will be.


    >>-We- is meant most of us, you may be exception or you may think so now without knowing all the facts.

And again I agree.

I don't and nor do I hope to know all the facts. I know only a few facts. Facts such as FOMC members are paid for by the Government of the people (i.e. us). Another fact like we - the people - collectively have taken the decision to appoint (hire) the Federal Reserve to guide our monetary policy. One more fact like we the people can fire all the board members of the FOMC, why even abolish the whole of Federal Reserve system if we so choose !

- SVG

 
Anonymous
Anonymous   |     |   Comment #21
SVG, Do you know how "Wall street operates" or do you know that wall
street is composed of:
1-Stock markets
2-Brokerage firms
3-Big Banks
4-Mutual stock companies and
5-Big private investors by passing
all of the above.

If any of the above knows the outcome of the interest rate in future, they will bet "their shirts" and rip unimaginable profits.

Ben plaid in the hanks of all of
the above by announcing ahead of
time what he will do next with interest rates.

Wall street made puppet of Ben by
making him "insider" of the above
gang.

FOMC's board of governors became irrelevant by publishing past or future opinions of the minutes held
or of the future trend of interest rates.

Cindy is right in the comments posted here and I agree with her reasoning.

Matt.
SVG
SVG (anonymous)   |     |   Comment #22
Matt,

    >>SVG, Do you know how "Wall street operates" or do you know that wall
street is composed of:
1-Stock markets
2-Brokerage firms
3-Big Banks
4-Mutual stock companies and
5-Big private investors by passing
all of the above.


I'm afraid, I do know. I also know that the Brokerage firms, Big banks and Mutual Fund companies are owned by millions of Americans (and even by Foreigners). Hundreds of my friends/relatives/neighbors/colleagues are owners of these banks/brokerages/MFs by their stock investments and thru their 401(k) plans.


    >>If any of the above knows the outcome of the interest rate in future, they will bet "their shirts" and rip unimaginable profits.

Assuming for a moment that Bank Of America knows the decision of FOMC in advance, then what ? We know that millions of Americans own Bank Of America. So are you claming that millions of Americans will rip unimaginable profits ? (Well ... then what's the problem ? *smile* ... Are you not rather happy that the masses will become rich ?)


    >>Ben plaid in the hanks of all of the above by announcing ahead of time what he will do next with interest rates.

Really ? Please clue us in. Where does Dr Bernanke announce decision of the FOMC in advance ?


    >>Wall street made puppet of Ben by making him "insider" of the above gang.

Which gang is that ?

Perhaps you mean FOMC, whose Chairman (or do you prefer the term Henchman) is appointed by the President (or do you prefer the term Godfather). Dr Bernanke earned praise from both the Republican and Democratic Senators (or do you prefer the term Chieftains) during the Senate hearing *smile*.

Equating a respectable entity such as Federal Reserve that is created by the people of the US, to a gang makes you - and the US citizens - what ? The mob ?


    >>FOMC's board of governors became irrelevant by publishing past or future opinions of the minutes held or of the future trend of interest rates.

Err ... the name is Federal Open Market Committee. Therefore the open-ness or transparency is of course required. Are you saying that they should withhold their minutes from their bosses. The bosses are us - we - the people.


    >>Cindy is right in the comments posted here

Yeah ... right !

- SVG
Anonymous
Anonymous   |     |   Comment #23
I know this blog confines its attention to risk-free deposits.

If you really want yields above 5%, you have to start considering alternative investments like senior notes (exchange-traded debt)from corporations like GE or AT&T or Master Limited Partnerships (primarily pipelines) like Kinder Morgan Partners.

For those who are willing to take on some modest risk, the returns are out there.

If you want risk-free returns, you are at the mercy of the FOMC and their attempts to balance inflation considerations against downside risks to growth like the current disruption in the credit markets.
SVG
SVG (anonymous)   |     |   Comment #24
 

Anon,

    >>If we still need to spread the blame around a little more we still got George Bush or the oil companies or the home builders.

Indeed ...

After we are done blaming President Bush, perhaps we should look in mirror and blame the guy/gal who is looking back, for he/she is the one who is responsible for electing the President/Congress. He/she is the one who is responsible (directly or indirectly) for everything that is wrong with our system. He/she is the one who holds the power to change everything. (And this, my friends, is a fact.)

- SVG

 
Anonymous
Anonymous   |     |   Comment #25
Sorry Cindy & Matt. Both of you are writing nonsense.
Anonymous
Anonymous   |     |   Comment #26
SVG, this is Cindy responding on your second response.

First of all you are naive for asking me to name names.

Second you just named few of the SUPER rich people.

Third, to me, the rich are defined as someone making over a million a year and that is relative and debatable.

Fourth, the rich never use their real name. They form a shell corporation, LLC or investment Trusts.

Fifth, nobody is on trial here, we are just exchanging opinions.

Sixth, we all have slight and different set of mind on the investment issue. We will never agree 100% on everything no matter how long we debate.

Seven, Greenspan let the wall street guess the interest rates,
Ben Bernenke is serving it on a silver platter ahead of time
with certainty of the outcome and that is what is troublesome.

Eight, Ben can not fix the economy by cutting rates, it will make
it worst on long run.

Nine, the real inflation is hushed up under the rug so the entitlements will not be increased proportionally.

Ten, I appreciate your answers and I'm not offended at all by laughing
at me, because that is not relevant. What is relevant is that we will all pay the piper few years down the road for FOMC open and
irresponsible acts.

Eleven, Feds are printing 20-40 billions a day just to sustain
the shortfalls of Government irresponsible and wasteful policies.

Twelve, they are using housing crises as an excuse for eleven above.

Thirteen, $165 billions will be borrowed from China to give gifts
to people to spend at will, at a cost that will be paid by all of us
in the future.

I can go on and on, but the bottom line is this: We can not solve
the present and future problems created by the Feds, what we
can do is send our frustrations to Congress and raise the awareness
to the people on the issues.

Cindy
Anonymous
Anonymous   |     |   Comment #27
Quote: "Sorry Cindy & Matt. Both of you are writing nonsense.

By Anonymous, at 9:06 AM, February 23, 2008"

I don't think so and it appears a lot of others who post here also don't.

Some of you may twist the facts anyway you want them, but Cindy & Matt are right on.
Anonymous
Anonymous   |     |   Comment #28
SVG,

Do you read news, do you listen to
Ben testifying in Congress, do you
follow c-span, and read wall street journal on line, if not, you can not thresh Matt and Cindy, because you are misinformed about FOMC and Ben and wall street sharks.

Bank of America invests in leveraged derivatives not on the books for stock holders to benefit.

There are to sets of books at every
brokerage firm, one for stock holders and one for profit investments not recorded as income.

So, please leave the people to express their opinions without playing "Devil advocate" in every answer.

Fred
The Winter Storm
The Winter Storm (anonymous)   |     |   Comment #29
SVG and Cindy should just get it over with already and go get a room.
Anonymous
Anonymous   |     |   Comment #30
SVG,

Cindy asked us to submit comment with facts, but you started to trash and quote without submitting any facts.

Matt and Cindy are right, you can not prove or disprove negative with negative, just because you said so.

It's a known fact that Ben is helping Wall street by saying ahead of time his state of mind.

Derivatives are very powerful investment tools used by the brokerages, big banks and rich individuals. Banks are using them out of the regular books, FEC regulation forbids derivatives to
affect savings and stock holders.

Societe General was exposed when
an insider used people saving accounts to purchase derivatives.
Short covering was exposed and losses were covered by borrowed funds.
Gomer
Gomer (anonymous)   |     |   Comment #31
I am sure, besides me, that many, many others are also concerned about reward checking balance caps.

And just because we might not have to live off our interest to survive, like some, doesn't make it any less meaningful or relevant or important. We work hard for our money and if we put it in federally insured banks or CU's, we deserve a decent rate of return. I am sure SVG and others would counter saying the banks will lose money if they pay us a decent rate of return. So, I'd agree and say I don't want the banks to lose money, which means they must keep lowering our rates. But I can still be unhappy and frustrated about it and vent via this blog.
Anonymous
Anonymous   |     |   Comment #32
The threesome of Matt, SVG, and Cindy will be appearing on a sketch on a brand new SNL tonight, following an appearance by Mike Huckabee. (If you think I am joking here, either watch or record the episode tonight. And look for Mike Huckabee's cameo.)
SVG
SVG (anonymous)   |     |   Comment #33
 

Cindy,

All right ... I see a huge change in tone from you. Not bad.

Originally you were asking for facts, and when I asked facts right back from regarding your claims, I take it that realization downed upon you that you don't have them. That's okay. (Please know that when you make tall claims like Chairman being a puppet, better have facts to back them up.) Sure sharp traders/timers are going to take advantage of the opportunities they see, and in the capitalistic open market system like ours it is to be expected.

It is common misconception to assume that Federal Reserve is here to serve the rich. Of course that's not true. We the people have created/supported this Federal Reserve over last few decades. It is silly to allege that the highly educated/dedicated folks like Dr Bernanke or Mr Greenspan are/were here not to serve the people.

- SVG

 
SVG
SVG (anonymous)   |     |   Comment #34
 

Anon,

    >>Do you read news, do you listen to Ben testifying in Congress, do you follow c-span, and read wall street journal on line, if not, you can not thresh Matt and Cindy, because you are misinformed about FOMC and Ben and wall street sharks.


Err .. actually I do ! *smile*

Here is link to some the transcript of Dr Bernanke's Senate Confirmation.

http://www.washingtonpost.com
/wp-dyn/content/article/2005
/11/15/AR2005111500670.html


Few excerpts:

SENATOR RICHARD C. SHELBY (Republican): Furthermore, Dr. Bernanke is more than an esteemed academic. Dr. Bernanke served with distinction as a member of the Board of Governors in the Federal Reserve System. This experience gives him an inside knowledge of the Federal Reserve and also financial markets.

In speaking out on a variety of important economic issues, he earned tremendous respect and confidence from policy-makers in this country and around the world.



SENATOR CHRISTOPHER J. DODD (Democrant): I want to acknowledge at the outset that the president, in my view, has made a superb decision in nominating you. Your academic credentials, as the chairman has pointed out, are tremendously impressive, if not unsurpassed.

In fact, I made the comment to the nominee coming in, Mr. Chairman, that I went over, looking the list of the number of publications the nominee has authored over the years. I suppose you ought to be thankful he's not a nominee for the Supreme Court of the United States. We'd spend a year examining his written credentials of those publications.


... Hmm ... The impressions of Senator Shelby and Dodd regarding Dr Bernanke are in stark contrast with the allegations made by Cindy and Matt.

- SVG

 
Anonymous
Anonymous   |     |   Comment #35
SVG, why are you defending
Dr Bernanke? What did he do for
the people?
Anonymous
Anonymous   |     |   Comment #36
SVG

If Ben Bernanke is biased toward
wall street, no reference on the world you publish will cover
the shortcomings of the interest
for the people.

Ron.
SVG
SVG (anonymous)   |     |   Comment #37
 

Anon,

    >> SVG, why are you defending Dr Bernanke? What did he do for the people?

My impression about Dr Bernanke is similar to what Senators Shelby and Dodd have. I believe that Dr Bernanke is very capable, educated and knowledgeable, and quite suitable to carry out an important business of the people.

If Cindy/Matt have some factual information regarding our Chairman that puts his integrity in question, then I sure would like to know about it as an alert/concerned citizen.

Chairman Bernanke has carried out the duties of being a Chariman of FOMC for the people !

- SVG

 
Anonymous
Anonymous   |     |   Comment #38
To Gomer.
I beleive interest income is much more important to someone who needs it to survive than to someone who doesn't need it to survive which includes you according to your statement. Is there a law that says if you have an account that is FDIC insured you deserve a decent rate of return? And if there is who defines what that decent rate should be? Supply and demand determines the value of nearly everything and that includes interest. When the banks need more money they will pay the rate necessary to get that money. To Cindy and Matt I say if our system is so bad maybe you should deposit your money in another country so you can avoid our system completly. But if you did that you would't have Ben to slap around anymore. If you think trading currency is such and easy way to make money you should do it yourself. Of course, your results would not be FDIC insured.
Anonymous
Anonymous   |     |   Comment #39
SVG,

I like Bernanke but I think Mishkin could have been better. What do you think?

I value you opinions. Keep on posting.

Jim
glxpass
glxpass (anonymous)   |     |   Comment #40
One of the aspects I've enjoyed about Bank Deals has been the lack of acrimony. Banking Guy's posts and the resulting comments have generally been on-topic.

I just don't think that we can come to a definite conclusion here (or anywhere, for that matter) about the motives behind the drop in interest rates.

I do think that these are matters of opinion of the various posters. Perhaps I'm being cynical, but I've rarely seen one person's opinion changed by another's, no matter how many "facts" are part of that opinion.

A web site such as fatwallet.com is a great place to discuss issues like this. Personally, I'd prefer to not get into huge debates on Bank Deals.

Of course, I reserve the right to complain loudly here about interest rates dropping. I just don't want to get into a debate about it. :-)
SVG
SVG (anonymous)   |     |   Comment #41
 

Jim,

Folks like Dr Bernanke and Dr Mishkin and so very qualified that it will be difficult for me to guess. Each of them must have forgotten more economics than what I ever hope to know in my lifetime.

That's why I guess we - the people - have hired the President and the Senators to make that determination for us, as to who is better suited to take the job. *smile*

- SVG

 
Gomer
Gomer (anonymous)   |     |   Comment #42
Anonymous said: "I believe interest income is much more important to someone who needs it to survive than to someone who doesn't need it to survive which includes you according to your statement."

I disagree completely. Interest income can be just as important to someone who doesn't need it to survive.

There are many, many people who work their whole lives hoping they can retire at an early age and not have to worry about money. Making and saving interest on the money you have already made can often help one to retire earlier than if they didn't have that saved interest income.

If one makes less interest, there is a chance one might have to work longer.

I am sure there are other examples that would prove my point that interest income can be just as important to one who doesn't need that interest income to survive.
Lee
Lee (anonymous)   |     |   Comment #43
Another example, if I can add my two cents, would be the fear of needing long term health care, where one's insurance might not be enough. Think of the extra interest income one has made and saved over the years as possible money one could use should they need long-term care. Lower rates mean less savings. So I agree with Gomer that even if one doesn't need interest income to survive, making as much interest income as possible can be just as important, if not more.
Shave Day
Shave Day (anonymous)   |     |   Comment #44
To GLXPASS:

Yes, this blog posting comments section could just be reserved for tips about the savings and money markets and rewards checking interest rates (and the complaints about them being lowered, of course).

It would be up to the creator of this blog to define what is acceptable posting topics and responses.

I, for one, say let people post anything that want (except slander and libel and foul language). (Total free expression about anything and everything...inlcuding your comments about how you'd prefer people post on FatWallet.) And then if you or anyone finds the comments boring or off topic, you are free to scroll quickly down the list without having to read them.
Anonymous
Anonymous   |     |   Comment #45
Gomer.
This could go on and on so I will just ask one question and then drop the subject. If you needed $200 to eat on this month and you got interest income of $200 do you think it would be more important to have food this month or $200 in your retirement account for use 20 or 30 years down the road. If you have ever been broke and low on food this will not hard to answer.
Gomer
Gomer (anonymous)   |     |   Comment #46
Of course, Anonymous, if you asked this specific question, the answer would be that it would be more important if I needed the $200 to pay for the food this month than if I was hoping for the interest to help me in life 20 years down the road.

But your question is simplifying the issue to an unfair degree.

Why cannot I take the issue of too-low-interest rates and equate its importance to the bigger lifetime picture?

Just because some things are more important within a basic issue, doesn't mean they are less important to a whole issue.

For example: If I make love with an AIDS infected person today, isn't it just as important that I wear a condom to protect myself now as it is if I always wear a condom to protect myself in the future? The importance is basically the same. You might say it is more important that I do it today than worry about that I might be doing it in the future.

I feel that for some, the importance is exactly the same. And can feel exactly the same. Yes. That's a better way to put it. It can feel the same importance to some people, so it is the same importance. So, even if technically it is more important today, if one feels the same level of importance, it is just as important for all future events and repercussions.
glxpass
glxpass (anonymous)   |     |   Comment #47
To shave day:

All of what you say is fair enough, including my right to express my opinions, which I did, just as others (including you) have done.

I'm more interested learning about how reliant people here are on their FDIC/NCUA-insured accounts, and what their strategies they have for dealing with the seemingly inevitable rate drops.

For me, all of my non-retirement funds are in insured accounts. In descending order of percentage of funds: CDs, Reward Checking accounts (several), other checking and savings accounts.

My strategy in dealing with these rate drops is to shift money between my Reward Checking accounts that have the most favorable rates, to look for good CD promotions (which I believe will still occur, even as rates continue to fall), and to start considering other forms of investments, such as indexed mutual funds or ETFs.
Anonymous
Anonymous   |     |   Comment #48
Gomer,

Why do you think the rich are investing. They for sure don't need
the money?

Is it greed?

Why wall street needs to know the direction of interest rates?

It is all connected with inflation.
Wall street is petrified of high
interest rates, why?

Have you ever had a catastrophic event, like loosing home, hospital bills in 100's of thousands or loosing the money in bad investments?

If not, you can not tell us about
your experience. Money are without
value, unless someone puts it into
use to exchange it for goods or
services. No matter how much you have now, it may disappear just like that if you are careless.

Interest matters to all of us, that
is why Ben actions affect all of us, from the poor to super rich.

Hellen
Anonymous
Anonymous   |     |   Comment #49
Hellen,

You are right. If interest is low,
then Dollar has less value. If interest rates are to high, Dollar
again has less value again.
The interest rate is combination of
the economic indicators, inflation,
Federal budget, trade balance and
money supplies.
All of the above at the moment are negatives except for inflation.
Inflation is the scape goat now,
because the Feds are making us believe is low enough to ignore.
But in reality a hyper inflation
is brewing under all of that.
Ben will have even bigger problem in future for not being able to control it.
Exchange rate is more problematic for weak Dollar because we are net importers and depend on the Dollar to buy us goods and services from
abroad. Low interest rate, trashes the Dollar and foreign investments
are few and far in between now.

Ben is walking on a razor blade with open mind, it is a dangerous game to play. We will all suffer
on long run if he continuous to cut rates.

John
Shave Day
Shave Day (anonymous)   |     |   Comment #50
GLXPASS, I agree with your financial strategy (and agree that posts expressing one's financial strategy are quite welcome).

I, too, have been persuaded by recent events to take advantage of the higher rates Reward Checking offers. I also hunt for the highest CD rate.

While I understand why you might be looking at Indexed Mutual Funds or ETFs, I personally don't feel we are at that point where departing from fully federally insured accounts is necessary. I can see that day coming if things continue the way they have been. But I guess, right now, I am still satisfied that I am earning a high enough return with the Rewards Rates of 5%+ and the CD's still at 5%.
Gomer
Gomer (anonymous)   |     |   Comment #51
Hellen, I think you are confusing my posts with someone else's. I couldn't agree with you more. I am the one who is saying that interest rates are of equal importance to both the rich and poor.
SVG
SVG (anonymous)   |     |   Comment #52
 

glxpass,


    >>My strategy in dealing with these rate drops is to shift money between my Reward Checking accounts that have the most favorable rates, to look for good CD promotions (which I believe will still occur, even as rates continue to fall), and to start considering other forms of investments, such as indexed mutual funds or ETFs.

These days the variety available in the index mutual funds and ETFs is quite staggering. ETFs for State Muni Bonds, T-Bonds/Bill/Notes of various duration, Junk Bonds, Emerging Market Bonds, World Bonds, Currencies, Gold are available. Funds to short or long US dollar are available. For a sharp person lots of options of varying risks are available.

I believe your strategy is quite good. All the best.

- SVG

 
freeto
freeto (anonymous)   |     |   Comment #53
I do have a suggestion for SVG. I think he/she should quit using that *smile* sh*t because it makes him/her appear arrogant.
Anonymous
Anonymous   |     |   Comment #54
Nothing like low and the prospect of even lower interest rates to to stir the boiling pot.

If Benanke and the FOMC were created to serve the "people", why are there so many disgruntled savers such as myself? Aren't we part of the "people"? We savers are not being served well at all by Benanke and the FOMC.

Recently mortgage and credit card rates are rising while interest rates have been dropping. The only ones profiting are the big banks and Wall Street. I wonder why? Maybe the FOMC is serving only a select few "people"!

And No, I will not "smile".
To some people the prospect of receiving less interest income on their hard earned and secure savings is serious.
Roberto
Roberto (anonymous)   |     |   Comment #55
Now, now, Freeto...Lay low.

SVG probably means well, and in his mind he is education the rest of us misinformed people.

His use of the word "smile" in his posts are maybe meant to convey that he means no ill will.

When it comes to managing one's money, I think frequent visits to sites like this one can be very helpful. So, it's not necessarily a negative reflection of SVG's time on his hands that he posts a lot of replies.

Oh, and in response to the poster above who is still recommending uninsured things to get over 5%, please note one can still get over 5% with an insured Reward Checking account. So, there is still no dire reason to have to go the risky uninsured route. (Not yet, anyway.)
Anonymous
Anonymous   |     |   Comment #56
SVG,
I read all of the 57 posts above, my conclusion is that you failed to
defend Ben Bernenke, you failed to
mention that the people are us and not wall street, you failed to respond correctly to Cindy and Matt
and others who concluded that Ben is supporting wall street and not us.

We gave him power to serve the people, but he is serving corporate America. He can not stop a recetion
or if he succeed, it will be on expense of the people.

Someone in the above comments said
that you are hypocrite and I agree.
Are there any benefits that we received so far from lower rates, none what so ever.

Cindy and Matt and others pointed that only winer is wall street from
low rates and I agree strongly.

Also, by knowing the outcome of interest rates ahead of time is big advantage for derivatives players.
Your arguments are shallow and trashy and you missed their points.

Pete.
glxpass
glxpass (anonymous)   |     |   Comment #57
SVG and Shave Day, thanks very much for your feedback. At this point, I'm not ready to plunge into indexed mutual funds and ETFs, because I'm still learning about them, and because the rates haven't gone down far enough to warrant taking this kind of action.

I hope to be prepared to take the plunge if and when it becomes necessary.

I'll also throw out another form of investment I've been hearing about, but am very cautious about dabbling in: Trust Deeds. I think one has to do much due diligence and find a reputable company before going this route. And with property values decreasing, this becomes even more important. One thing I find off-putting about this type of investment is all the hype I see about them by the companies offering them.
Anonymous
Anonymous   |     |   Comment #58
Trust Deeds are just piece of paper.
It is worth only the amount someone is willing to pay for it. Stay away
from such instruments.
This is the kind of thinking wall street wants us to have.
This is one example of Ben Bernenke
ideas of low interest rates. Some of
us will lose the shirt pretty soon.

It is better not to earn interest at all, but to invest in wall street gang's ideas.
SVG
SVG (anonymous)   |     |   Comment #59
 

Pete,

    >>We gave him power to serve the people, but he is serving corporate America. He can not stop a recetion or if he succeed, it will be on expense of the people.

I see ... so what are you going to do about it ? Have him fired ? How about the remaining 11 voting members of the FOMC ? Replace them as well ?

To do that Pete in a democracy, you'll have to build up a majority. I believe that you (and Cindy and Matt) may find yourself in severe minority.

A large number of people I know highly approve of the job FOMC is doing. Majority of the people feel that very capable folks are guiding our monetary policy.

I'm afraid Pete, you don't have much choice but to put up with our democracy.

- SVG

 
SVG
SVG (anonymous)   |     |   Comment #60
 

glxpass,

    >>SVG and Shave Day, thanks very much for your feedback.


You're welcome. I'll drop a few links below to the ETF providers. Perhaps they will come-in handy to you.


1) http://www.ssgafunds.com/etf/index.jsp
2) http://www.ishares.com/splash.htm
3) http://powershares.com/
4) http://www.proshares.com/
5) http://vaneck.com/
index.cfm?cat=1000&cGroup=ETF&LN=3&setGUID=done
6) http://www.healthsharesinc.com/
7) http://www.ftportfolios.com/R
etail/etf/etflist.aspx
8) http://www.focusshares.com/
9) http://www.claymore.com/
ETF/etfhome.aspx
10) http://www.rydexinvestments.com/
etf/home/etf_profiles.rails
11) http://www.currencyshares.com/
12) http://www.vanguard.com/
jumppage/vipers/
13) http://www.wisdomtree.com/index.asp

- SVG

 
Anonymous
Anonymous   |     |   Comment #61
SVG,

The remaining 11 voting members of the FOMC are like zombies.
They are afraid to oppose Ben of fear that they may be replaced.
Now and then, one or two vote against Ben persuasion to support his view, but that is rare.
Would you oppose your boss just to
be different, I guess not.
By now you should know that Ben is
running the show, and he is not on
our side period.

Pete
glxpass
glxpass (anonymous)   |     |   Comment #62
SVG,

Thanks very much for the links. I can see I've a lot of reading and research to do. :-)
Anonymous
Anonymous   |     |   Comment #63
Pete,

Only a stupid guy will call other members of FOMC zombies. Kohn & Mishkin are great economists. I wonder if you have seen inside of a college?

Jim
Anonymous
Anonymous   |     |   Comment #64
SVG,

I approve of job FOMC is doing. They are struggling to achieve stability. I think they are succeeding.

You're right. People like Pete & Cindy here are insignificant minority incapable of producing any changes.

Jim
Anonymous
Anonymous   |     |   Comment #65
"To do that Pete in a democracy, you'll have to build up a majority. I believe that you (and Cindy and Matt) may find yourself in severe minority."

The rich and powerful get people appointed and elected. They also are the only ones that can get anyone replaced.
Anonymous
Anonymous   |     |   Comment #66
"The rich and powerful get people appointed and elected."

I don't know where you live but here in Maryland they allow even middle class to vote!
Anonymous
Anonymous   |     |   Comment #67
"Only a stupid guy will call other members of FOMC zombies. Kohn & Mishkin are great economists. I wonder if you have seen inside of a college?"

Since when that we start to attack each other on the blog? We are here to help each other in finding the best banking options.

Please let everyone express their opinion. It's good for us(those who didn't know enough to argue) to see both sides of the argument.
freeto
freeto (anonymous)   |     |   Comment #68
I was wondering,if any of the *smart* posters that have been on the inside of a college, have ever lived through a depression!*smile* Sorry Roberto I tried to lay low.
Anonymous
Anonymous   |     |   Comment #69
Jim, this is Pete.

Do you care what other people think
or only your opinion count.

I finished at Stamford university,
how about you!

I had a chance to speak with someone who observed FOMC meetings behind close doors and my post is based on those findings.

Blindly stating with nullification of personal statement does not make you any more knowledgeable than
the person expressing it.

If you have information to rebuke
my statement, please prove it first, otherwise my statement stays
as is posted.

Pete
Anonymous
Anonymous   |     |   Comment #70
I commented earlier about alternatives to insured deposits for returns of >5%.

All I'm saying is that it's time to educate yourself about these things. Another half point rate cut is widely expected on 3/18.
Some market strategists are suggesting that the fed funds rate may go considerably lower over the course of 2008.

This blog is a wonderful resource regarding insured deposits. Let's keep the comments constructive despite everyone's frustration with the impact of the Fed's policy decisions on savers.

If we get high inflation down the pike as a result of today's efforts to keep the wheels from falling off, we can all lock in long-term CD's at high rates in the future. Stay tuned.
Anonymous
Anonymous   |     |   Comment #71
Well the debate here has been amusing, if not informative.

It appears to me, and that's only my opinion, that there are two sides: The super rich, who do not depend on simple interest rates of insured deposits for income and benefit from Bernanke's moves to artificially low interest rates (bail outs) and the average working men and women who are being hurt rather than helped by extremely low interest rates on insured savings.
Anonymous
Anonymous   |     |   Comment #72
Just a side note for the name callers out there...I have a bachelor's degree and two master's degrees...this finance business confuses me at every turn...However, the wisest investor I know does not have a bachelor's nor master's degree. I am not sure college should be a consideration here....just financial opinions from prudent investors
Anonymous
Anonymous   |     |   Comment #73
To posting from 9:19 AM

Are you jealous of someone or did
you read the postings from Jim?
Anonymous
Anonymous   |     |   Comment #74
I think Jim post was a cheap shot!!
Anonymous
Anonymous   |     |   Comment #75
This is a reply to post of:
9:05 AM, February 24, 2008

Great observation, your findings are correct.
BB is bailing out corporate America, making the rich richer on the expense of middle class and poor.

Carol
Anonymous
Anonymous   |     |   Comment #76
Pete,

"Do you care what other people think or only your opinion count."

No. I don't care about opinions of insignificant minority like yours!

You are free to express yourself in this democracy & you have resorted to name calling learned people like Kohn & Mishkin as "zombies".

No matter which level you stoop down to, thankfully people like yourself are an insignificant minority in this civilized country.

Jim
Anonymous
Anonymous   |     |   Comment #77
Jim,

Since, you can not disprove my findings, your opinion is irrelevant.

Pete
Anonymous
Anonymous   |     |   Comment #78
Pete,

Insignificant minority such as yours will find our majority opinion irrelevant.

But make no mistake in this democratic & civilized country people like you who call Kohn & Mishkin "zombies" are in fact irrelevant.

Make no mistake this country is governed by majority opinion such as ours.

Jim
glxpass
glxpass (anonymous)   |     |   Comment #79
I finished at Stamford university...

Connecticut? :-)

Seriously, we can discuss, speculate, and complain all we like; IMO the most important point here is self-evident: interest rates are going down and will probably decline further.

So the question is: what does one who has funds in insured deposit accounts do about it?

One can try to maximize the interest gained from these accounts as described earlier here, but if the rates fall enough, that might not be sufficient, especially for those on fixed incomes who depend on interest income.

Risk adverse as I am, I suspect the solution to the problem begins well before one retires, and involves both saving more and diversifying into more than just insured deposit accounts.

IOW, as the expression goes, don't put all your eggs into one basket. It's necessary to have your money grow at a certain rate, and that might require more than insured deposit accounts, if not now, possibly in the near future.
Anonymous
Anonymous   |     |   Comment #80
To glxpass.
Your last post was the most constructive we have had here for a while. Most of the people who posted here want to blame wall street for the falling interest rates. They want to blame something they don't understand or are affraid of. Before I make the next statement I want to say I am 73 years old and live off my investments and SS. Anyone who has much in the way of assets needs to own some stocks or mutual funds. If you don't beleive me ask any financial planner. If you don't have any of these investments you need a planner. The younger you are the more of these you need. FDIC insured funds are a great thing [everyone should have some] but they are not the only thing. And thats how I vote my 1 share of stock
Roberto
Roberto (anonymous)   |     |   Comment #81
Funny, Freeto!

I was also trying to make a joke with "Freeto Lay" when I said "Freeto Lay Low."

This has to be one of the most commented on postings I've seen in a long time.

I wonder if it will top 100?

I am sure Banking Guy reads all the postings. I wonder if he gets a kick out of some of them.

As we all know, money can be a very emotional thing.

To respond about the posting saying we must also be invested in stocks in addition to government insured accounts: tell that to anyone who has taken a huge hit in the tech bubble burst period. The stock market is another form of gambling, and while countless people have made money in the stock market, many have lost a great deal. And remember also, that being in stocks also causes extra worry. You always have to be looking at it and maybe worrying a little. With government insured accounts, assuming rates ate stable, such as if you had a long term, high-rate CD, there is no worry.

*Smile* (unless you need your teeth bleached!)
Anonymous
Anonymous   |     |   Comment #82
At 73 I can just take my teeth out and bleach them in a bowl. I just cannot beleive how risk scares you.When you drive a car there is a risk of getting killed. When you have children you take on added worry but that does not
stop most people from having them. Investing and gambling are not the same thing. If you buy 1000 shares of a $1.00 stock you are gambling or at best speculating. If you buy a $1000 worth of IBM or exxon you are investing. I hope you can see the difference. And yes, I have had loses in stocks. In Oct of 1987 I lost about 20% of my net worth in one day. But instead of selling I held what I had and bought more. Today I still have most of those stocks and they are worth many many many times what value I lost that day. Anyway, since this site is for interest rates and not stocks I need to shut up and get my teeth out of the bleach bowl or they may get so white they glow in the dark. Happy rate hunting to all.
Anonymous
Anonymous   |     |   Comment #83
Jim, wake up from your patriotic trans and come down to reality.
The Feds are protecting Corporate America and not you and I.

They will trash the Dollar first and rub our savings from the Banks, before we see any rate increases.

Feds are printing money and are diminishing our savings in value day by day. Pete may be right in his conspiracy theory and I lean to believe him not you.

All the evidence so far proves Ben is running single handedly FOMC and
not the members.

John II
Mango Sorbet
Mango Sorbet (anonymous)   |     |   Comment #84
Happy to see that there are people on this board who have a sense of humor.

Funny stuff.

At 73, you are very wise.

May you live to be 103 (I wonder what IBM and Exxon will be trading at then?).

P.S. I prefer Efferdent over Polident.
SVG
SVG (anonymous)   |     |   Comment #85
 

Readers,

This has been quite a long thread of posts. Here is what I see as the summary:

1) Some believe that Chairman Bernanke is 'puppet' of Wall Street.

2) Some believe that Chairman Bernanke is helping Big Banks, Big Brokerages, Big Mutual Fund companies.

3) Some believe that other 11 voting members of our FOMC are 'zombies'.

4) Some approve of the job FOMC is doing and appreciate it, whereas others don't.

5) Some believe that the various institutes of the government work for the people and that the blame (if any) or the credit (if any) of the failures / successes of the various departments of our government ultimately rests with us - the people.

6) Some believe that rich and powerful are the ones who appoint the FOMC chairperson, whereas others believe that the US President elected by the people appoints the Chairperson, who is confirmed by the US Senate which is also elected by the people.

- SVG

 
Anonymous
Anonymous   |     |   Comment #86
SVG,

So the point of your last post is
????

You may not beleive it, but I am sure all of us were intellegent enough to decipher that ourselves.
Anonymous
Anonymous   |     |   Comment #87
Thanks for the concise summary. Helps us to know the various positions involved.
Anonymous
Anonymous   |     |   Comment #88
SVG,

Is your summary a sign to quit posting or what?
Ginger Lay
Ginger Lay (anonymous)   |     |   Comment #89
We are just 10 posts away from hitting 100. (9 now, of course.)

Come one, people. We can do it.

Oh, and leave SVG alone. He means well. Even if you think his comments are misguided, he has every right to post, as you and I do.
Anonymous
Anonymous   |     |   Comment #90
When ever I see SVG, I hesitate to post because of his trashy, demeanor and know it all personality.

G.G.
Anonymous
Anonymous   |     |   Comment #91
I'm out, SVG is around.
Spike
Spike (anonymous)   |     |   Comment #92
Please stop ganging up on SVG.

He truly just means to be helpful.

Let's not go the censorship route, please.
Anonymous
Anonymous   |     |   Comment #93
I don't think anyone is ganging up on SVG. Everyone is just speaking their own mind as SVG is his.

I'm sure anyone who is monitoring this site is getting a kick out of it right now. I do think there are monitors out there somewhere gathering statistics or other information. No free site operates for nothing.

But I sure am grateful to Banking Guy and all the valuable interest rate information the he supplies in a very timely fasion. Earned for me a lot more interest income than I would not have had if it weren't for this site.
Oscar
Oscar (anonymous)   |     |   Comment #94
I am grateful too, which is why I sent in a donation to Bank Guy. (You can see the Tip link on the main page.)

I hope all who are grateful will also donate something. Thank you.

I doubt SVG is personally attacking anyone, while some are personally attacking SVG.
freeto
freeto (anonymous)   |     |   Comment #95
Roberto, Freeto Bandito here trying to get us to 100 posts!!!!!!!!
Roberto
Roberto (anonymous)   |     |   Comment #96
Way to go, Freeto Bandito.

Why not enjoy a mojito.

You are neeto.

Sweeto?

Adioseeto!
Agent 99
Agent 99 (anonymous)   |     |   Comment #97
I finally figured out what SVG stands for:

So

Very

Gosh

(Surprised, I'm sure, at all the negative postings about him.)
The Big 100
The Big 100 (anonymous)   |     |   Comment #98
The big 100 says THANK YOU TO BANKING GUY!

Thanks for helping us make more money on our money!

Keep up the good work!
glxpass
glxpass (anonymous)   |     |   Comment #99
To respond about the posting saying we must also be invested in stocks in addition to government insured accounts: tell that to anyone who has taken a huge hit in the tech bubble burst period. The stock market is another form of gambling, and while countless people have made money in the stock market, many have lost a great deal. And remember also, that being in stocks also causes extra worry. You always have to be looking at it and maybe worrying a little. With government insured accounts, assuming rates ate stable, such as if you had a long term, high-rate CD, there is no worry.

I meant to respond to this comment earlier, even though I'm certainly no financial expert. I wouldn't invest in the stock market as a short-term way of making money, precisely due to the kind of scenario mentioned above.

Over the long term however - don't ask me to define "long" :-) - the stock market has risen, and, unless our economic system collapses complete, will continue to do so, despite the occasional correction.

I consider investing and gambling as two different things. When one invests, the odds are that one will make money (again, given a long enough time period). When one gambles, the odds are that one will lose money (regardless of the time period).

An example of investing: the stock market (IMO using certain strategies such as passively investing in an index that reflects the market as a whole).

An example of gambling: Vegas, anyone? :-)

All this being said, with my non-retirement funds, I tend to be an insured deposit kind of guy. How much of that, if any, that I'd put into the stock market would require careful deliberation. But I think a case can be made for putting a certain percentage of those funds in the market.

To be sure, the closer I were to retirement and needing to withdraw funds, the less that percentage would be.

I plan to learn more about this so that I actually know what I'm talking about. It's all food for thought, especially given the interest rate environment we are in now.
Anonymous
Anonymous   |     |   Comment #100
To the 73 year old person--

A financial planner these days are equal to foolishness and no wisdom at all. I say this because I worked for a major bank, alongside with these guys on a daily basis and all I can say every single one of them never had any of their own personal funds invested in the stocks that (they) recommended to clients. Most were like vultures waiting for a good eating.

In your day people were not as greedy and did you well. Today, all of us have to be extra careful with our risks, and many choose to invest into simply financial tools such as savings and CD's.
Anonymous
Anonymous   |     |   Comment #101
SPECIAL NEWS FOR SVG,

SVG, this is a proof that the 11 members of FOMC are zombies and irrelevant:

"By Greg Robb
Last update: 2:00 p.m. EST Feb. 26, 2008

WASHINGTON (MarketWatch) -- Federal Reserve regional banks had a wide range of views of the appropriate level of interest rates in January prior to the aggressive two-step rate cuts engineered later in the month, minutes of their deliberations released on Tuesday show. In mid-January, two regional banks supported a three-quarters of a percentage point rate cut, two banks wanted a half-point cut, two banks supported a quarter-point cut and four banks voted to hold policy steady. This was followed by a surprise three-quarter point rate cut. Then, in late January, none banks supported a half point cut and two voted to hold rates steady. The central bank eventually cut rates by a half-point on Jan. 28. The differing views are important because the Fed will face the difficult choice later this month on whether to keep reducing interest rates at the same time prices are rising."

THEREFORE, Pete was right and You lost the argument.

Carry
Anonymous
Anonymous   |     |   Comment #102
Carry, don't forget Cindy and Matt,
they were right and SVG trashing them
showed how little SVG knows about FMOC and Ben Bernenke.

SVG, I will never read your posts again, your credibility is down to ZERO.

Henry
Anonymous
Anonymous   |     |   Comment #103
Carry and Henry,
Don't forget Jim, he lost the argument against Pete, concerning
FOMC and zombies characterization.

Pete was right. Ben is running the show, the members are just observers, since nobody listen to them.
Anonymous
Anonymous   |     |   Comment #104
I strongly agree, SVG and Jim are
disgrace to this board for not having
knowledge, are with tunnel vision and
hypocrites.
Anonymous
Anonymous   |     |   Comment #105
This is old 73 showing up again just like a bad penny. I'll try to make this my last post and most of you people probally hope it is my last. I told my age before so I guess I should also advise that I only have a High School education so to those of you who think I'm stupid just consider the source. All of us have different risk levels about different things. Buying stock does not bother me at all but bungie jumping or sky diving would scare the you no what out of me.I don't even like to fly. People who cannot handle the risk of owning stock should not own any and that probally applies to many of the people here. If you have a son he won't get hurt playing football if you don't let him play. You won't have to worry about your daughter going on a date if you don't let her go. Only you know what your own risk level is . I'm going to tell a story which I probally shouldn't as most of you will think I'm lying and the rest will think I am bragging but you know how us old people like to tell stories about the old days. So lets just call this a you can beleive it or not story. I am a widower now but in 1984 my wife was working for a company that was owned by Mobil Oil. The company got sold and she had a 401k and profit sharing plan with 1184 shares of Mobil stock worth about $28000 dollars at the time. Choices were take it in cash, or mobil stock or roll it into the new company plan. She wanted cash or mobil stock and I wanted to roll it. We agreed to take Mobil stock and spend the dividends each year. Keep in mind the following figures are based on my high school math where I was not the star student:
Had we taken the cash and put it in FDIC products at 6% we would still have the $28000 and would have received about $40000 in interest income. Had we left the interest to compound it would be worth about $110000 now. By keeping the stock we received almost $112000 in dividends and now have 6252 shares of exxon mobil stock. Had we reinvested the dividends we would have a lot more stock now. I won't say what the stock is worth today since as I said before you probally think I'm lying anyway. In case anyone does beleive the story and wants to know what the stock is worth today the ticker symbol is XOM. And now a thought for the day.
As I've grown old I tend to think back about things I've done wright and wrong and the things I wanted to do but didn"t. I don't know if I should be considered a winner or loser in the game of life since it is difficult to grade ones self. However, I do know one thing for sure that I got my butt off of the bench and got in the game and became a player. And on top of all the above I can smile now that my teeth are bleached. As you read this keep in mind I was't the star pupil in my english class either. Have a nice day.