Comparing Rates: Brokered CDs vs. Direct CDs
What Does It Mean When Your Credit Union Goes Into Conservatorship?
Can Merchants Require a Minimum Purchase for Debit Cards?
Are You Ready for a Cashless Society?Petition for Fair Interest Rates on Our Savings
If you want to voice your concerns about the Fed's zero interest rate policy, there's an online petition at SignOn.org that was started in February that asks for "Fair Interest Rates on Our Savings". You can sign the petition at this SignOn.org page.
Thanks to the readers who have mentioned this petition in the comments, and thanks in particular to reader Apache who has highlighted this petition in the comments and in the forum. Apache posted the following forum thread yesterday:
I read a post yesterday from another poster giving us a link to sign a Savers Petition on SignOn.org. I was glad to have an available Petition to sign to voice my deep concern about the low savings rates put upon savers. I was able to get a couple of signers but know that we have several posters in this group who seemed eager to find and sign such a Petition. This takes the toil off of Ken for trying to provide one for our group.
Since this Petition is already available and needs signatures, I do urge anyone who is willing to take part to please help the cause by signing the Petition if you are in agreement with it. Please be sure to read it and any Disclosures and if it is something you feel you can participate in, I hope we can get enough signatures to get this Petition to Washington. Thanks so much for your help!
I have signed the petition with the following comment:
President Obama and the Fed Chairman Bernanke should do more to support savers. Senator Pat Toomey said it best in February regarding the implications of maintaining zero interest rates: "we have savers being punished for this, at least twice, once by virtue of the fact that after sacrificing their whole lives to accumulate savings, they get no return, and then, the very real possibility that the value of those savings will be eroded."
This quote from Senator Pat Toomey came during the Senate Budget Committee Hearing in February in which Bernanke gave testimony on the economic outlook. I described Toomey's exchange with Bernanke in this blog post. I thought Toomey did well in expressing the concerns he had with the Fed's policy. I also thought it was illuminating in how Bernanke responded. He makes the case that the Fed's policies are needed to strengthen the economy. Bernanke seems to overlook how extreme the Fed's policy is. Never before has the Fed included expectations in a FOMC statement of maintaining near zero rates for almost 3 years. The benefits of such an extreme policy to the economy are questionable. However, the downsides of this extreme policy on savers should not be questioned, and it's infuriating to see Bernanke downplaying these downsides.
If we don't speak up, it's possible that the Fed may just keep extending this zero-rate commitment for many years to come.
Also......low rates are part of Obama's war on the elderly. As a true communist......he must alienate and handicapp the elderly as they are consiodered no longer useful to society. Resources must be directed to the productice members of society. Notice the billions slashed from Medicare? Coincidence? No.
"MoveOn.org Political Action sponsors SignOn.org Election Edition. By signing, you agree to receive email messages from MoveOn.org Civic Action and MoveOn.org Political Action. (You may unsubscribe at any time.) "
So, this is a legitimate Website, not just some gadfly.
Also and nonetheless, I am disappointed to see they don't understand the system. They talk of Obama and the Fed. And for the petition, they are calling on OBAMA to change the Fed's monetary policy. They don't seem to know that Obama can't order the Fed to do anything. The most he can do is appoint people to the Fed. Gee, to wait for an appointments process to change this is to do nothing. Bernanke is the one you have to go after -- meaning they have misdirected the petition! Of course, in reality, it doesn't really matter who it is aimed at, as it is just a statement to show the numbers that support it.
I have saved all my life, and given up any number of things that all the irresponsible people have spent on. I have never had a job that offers a pension. I have to live on my savings.
To expect at least 4% on a savings account and 5% on locking up money in a CD is NOT expecting much, and certainly not too much. It is only fair that we get something for our investment in the banks! Savers are investors no different than any other investor -- but Bernanke doesn't see them as such.
To have a policy of such low interest rates, while trying to pump up all other investments, is nothing but a huge back-door tax on the responsible to pay for the recklessness of the irresponsible.
For Bernanke to fleece savers like this, and for so long, is to show he wears blinders. Does he not see how doing this undermines a huge portion of the population no different than if they lost their jobs -- in other words, his policy is akin to RAISING the unemployment rate and thus UNDERMINING the economy? Does he not realize how many older and retired people MUST depend on earnings from their bank accounts -- and without that, a large portion of the population has had to drastically cut back on their spending, the very thing Bernanke wants to increase?
AARP on the side of retirees and the elderly? Somebody's drinking too much "fire water"!
I wrote to Pres. Obama recently and told him how low interest rates are hurting retirees and the economy, and told him that I have no choice but to vote for Mitt Romney in 2012. I don't know if Romney will raise interest rates, but it seems that a vote for Obama is a vote for continued low interest rates.
.
.
Dear Anonymous - #15
>> I don't know if Romney will raise interest rates,
Well this one is easy!
Candidate Romney, is running to get elected as a President of the USA, not as a Chairman and/or Voting Member of the FOMC ... So no matter whether Candidate Romney gets elected or not, it is the FOMC that still retains the power to decide the rates.
... So ... know this that evenif the Candidate Romney becomes a President he cannot raise the rate.
Oh yes ... The President can nominate another Chariman ... But I have full confidence in the Businessman Candidate Romney, that his policies will be helpful to the economy in genreal. ( Do the supposed "savers" form the majority of the economy> ... Nope ... Don't think so. )
Your Truly,
Anonymous
Bernacke responds "Let them eat cat food!"
Please click on the link above and sign
Dear Ken,
Thank you for encouraging your readers to sign our Petition For Fair Interest Rates On Our Savings.
Ben Bernanke has admitted that his monetary policy failed. Bernanke's appointment as Chairman of the Federal Reserve System ends January 31, 2014.
It is President Obama who is up for re-election in November 2012 and needs to act now. The timing couldn't be better. During the GOP debates, every Republican candidate said they would fire Bernanke.
The time is now for our voices to be heard in Washington, D.C. and across the country. We will keep you informed of our progress on the Petition.
Many thanks to Apache who directed me to the forums for further posing of the link to our petition.
Let's Get It Done Together!
Thanks for everything you do.
Who is this gal Paoli you keep getting me mixed up with.? You have some prejudice against Native Americans? My name on this forum is APACHE!!! I don't like being referred to as a number. It's APACHE!
I still don't understand what the Paoli reference 11 11. Are you referring to her concerning 6 months in time out???
As for them "using" our email addresses, all you have to do is "unsubscribe" and no one will bother you. If you ever get inundated with emails you don't want the solution is simple. Change your email address. I always keep a spare to switch to in case I accidentally allow my address to get into the hands of people who don't keep their word about not selling the address. I think it is very sad that some people are so determined to see others fail that they are determined to play the "scare" tactics.
This Petition is giving us a "group voice" and showing there are enough of us who WILL stand together even if the campaign fails. Since you probably did not sign the Petition, why don't you allow those of us who did, the chance to see if we can make a success out of it.
So what? Who cares? Completely irrelevent. You are just attempting to stir the pot. Just move along.
It's really getting to be a drag that some posters, mostly anonymous, try to turn this site into a political rant zone instead of concentrating on issues of deposit accounts. I don't give a hoot about whether anything is "liberal" or conservative. There are thousands of other sites for you to vent your frustrations on. So I say again, "move along" Greta.
Listen, why don't you identify yourself if you think you are such an "uber-patriot"? If you want to call me "anti-American" for attempting to try anything to get people's attention to the damage that the continued Zero Rate Policy by tbe Federal Reserve that's fine and dandy. I spent more than 20 years in service to this country protecting your right to voice your opinions. Spending time on this site trying to call people "radical liberals" doesn't accomplish anything at all. You can just "move along" with your buddy Greta to some other site where somebody gives a darn.
http://finance.yahoo.com/blogs/daily-ticker/markets-addicted-qe-yes-fed-wall-street-drug-142857829.html
So you can steal my identity and empty my bank account? Forget it. Go find another sap for your Nigerian scam. Besides you are not important enough to be privy to that info. See ya!
The whole MoveOn.org is a sham, stay away from them.
It is always amusing and heartwarming to see anonymous posters, who undoubtedly view themselves as "real Americans" and "patriots" react to anyone who disagrees with their beliefs and opinions (especially the crackpot stuff) by telling the dissenters that they are not welcome and should go away -- as if this was some exclusive little club where free speech and open discussion are frowned upon.
Of course, I should know better than to wade through all this nonsense. Unfortunately, I had gotten into the habit of perusing the reader comments that are routinely posted for the various topics on this informative blog-site because I would often learn things or gain a new perspective. Sadly, I see now that the loudmouths have brayingly taken over and will brook no disagreement, inconvenient questions, or facts that challenge their views. That is unfortunate, given the time and effort that you have put into creating and establishing this site as an informative resource.
Do you want a little cheese with that wine?
The world has changed and sad to say but if you dont change with it you will be left behind,risk in investments are where we are today with this economy and it aint gonna change from some petition so if you cant handle the risk of bonds or the market than you are gonna just be ****ing untill you are deceased or rates go up significantly.
I have signed the Petition. However, I don't have much hope it will do any good with only 150 or so signatures. I looked at other petitions on the website and they have over 1/2 MILLION signatures.
This is a need millions of people have but as we saw from the negative input we got from many of our own members, many hesitate to get involved due to email addresses being giving out. I can understand their concern but nothing comes without a price in life and I thank you and everyone else who has been willing to sign the Petition.
SignOn is sending out a Status Email I wrote RE: the Petition. Everyone who signed it should receive it in their email soon.
I also received MoveOn's official response for help with more signatures:
"We try to share as many petitions with our members as possible. Your petition will be sent out to the first group of members tomorrow. Petitions that get lots of signers after we email our members will be sent to larger and larger groups of members."
Empty Pockets has the Petition on Twitter. I am following 80 organizations/people. It is important that all who are interested in boosting our numbers, get on Twitter and add her/himself as "Following" Empty Pockets. Also, tweets will help to gain interest and momentum.
Let's hope MoveOn's "help" list will get our petition where we need it to be.
Apache, thank you, Ken and your signers/posters for all of your support.
Sincerely,
Empty Pockets
People: If you haven't taken the time to sign the Petition I do hope you will want to be a part of seeing history being made by adding your name. We are basically in a fight to stop our government from destroying us financially and this fight needs all the people willing to take it on. Empty Pockets should not have to do our job for us alone. She WILL suceed but she needs OUR help! I have never been able to figure out how to do the Facebook or Twitter thingee but guess what I will be doing today!
PLEASE HELP ALL YOU CAN! If I could get FLUFFY to give his pawprint, Fluffy would be signing! Thank you again EmptyPockets for all you are taking on to help so many.
I am too dumb to use Twitters. I have gotten it all messed up! I do better in the doghouse with Fluffy!
That will mean less jobs for young folks!
Good job, Bernacke and Obama!
There seems to be more empty pockets from the zero percent interest rate than I realized.
EmptyPockets000 is my Twitter name to push the account.
I sent all Petition Signers an email regarding this today.
Let's Get This Done!
Thank You, Thank You Everyone
EP
If anyone has any ideas how to get more signatures, please share. People seem very apathetic about this Petition so maybe they are making more money from longer term CDs. However, if you read the posts with the signatures, you can see many people are really having a hard time with these low rates. We have exposed it to AARP, Twitter, Facebook, Change.org and other banking groups but it is beginning to look like no one is concerned about it. For any on here who haven't signed yet, will you please consider doing so? I had no idea this could be so exhausting so I would appreciate any help! Thanks!
BTW, you can call MoveOn anything you want but they are not sponsoring this Petition. The only part they have in it is that they allowed her to use their site SignOn to put it on. It also is not a silly Petition just because you disagree with it. You probably would not sign it no matter which site it was on and that is your right. We have put tremendous work and energy into this Petition and it wouldn't hurt it you could at least be a bit kinder in your remarks about it. If you change your mine, it still would mean a lot to me if you end you signing it inspite of MoveOn.
Retirees don't always get to enjoy their "golden" years without unexpected financial burdens especially if they have adult children. From the notes I have read on the signatures on the Petition, many other people are in the same boat I am. They saved a decent amount of money but never expected interest rates to crash "this" low. If you are living on 47K a year from all sources and don't have unexpected medical or other burdens hitting you, then I can see why getting more interest on your money is not that big a deal for you. Maybe more people are in your "unsinkable" boat and that is why they aren't signing the Petition like we hoped. Well it won't be up too much longer from what I know. I think we have used up all our ideas by now. I will do my best not to mention it any more in this group. I am tired of hearing myself talk about it. Thanks for your patience with me.
I have written to another Retirement group I found today on internet to see if we can get their help with the Petition. If not, I may have to fold up my teepee and ride off into the sunset.
I have a email address for you to contact Herb Greenberg. He's a news commentator on CNBC. I have heard him express many times the negative effect of low interest rates on savers and retirees. Possibily an email sent to him would get help National exposure.
His email address is: HerbOnTheStreet@cnbc.com
Herb Greenberg is senior stocks commentator for the network appearing on CNBC’s Business Day programming and on CNBC.com.
#110: Please reread your post and realize what an insult it is to all those savers out there who are "trying" to be one of your "rich" folks. Years ago, when I first started saving, the reason I was fortunate to build up savings was because we were getting 5% at a minimum on CDs!! I want others to at least have a chance to make 3% so they too can one day have decent savings. As for cutting back on expenses, do you really think we are blowing what money we have at the local pub when we are not trying to get rates raised? I have lived a life ALWAYS cutting back on expenses. Most people unless they inherit a fortune (which I didn't) know they don't acquire decent savings by blowing what they have! We may have "rich" folks in this forum but I don't consider myself one of them. Have a nice day.
http://www.cnbc.com/id/25720918/
May the road rise to meet you,
May the wind be always at your back.
May the sun shine warm upon your face,
The rains fall soft upon your fields.
And may you develop the desire to SIGN the Petition. Thanks.
PS. The Student Loans rate reduction is up for vote Friday. So Petitions do work.
#135: I guess I can't take advantage of that "bank's higher rates" since I don't have a Medicaid card and unfortunately don't live in rent controlled dwelling. If I did, maybe I wouldn't need the higher interest rates so much. Thank you anyway for looking out for me. :) Have a good day all!
My heartfelt thanks to any who have signed and to any who will sign this week. The Petition is not just about getting higher rates, it is our way of letting the government see the suffering they have allowed on Americans by their irresponsible monetary actions. Please join us in this campaign by signing. Thank you!
BTW, you know you don't want to get rid of me no matter what you said! Who else would put up with your antics? I assure you after some of the posts I am getting about this Petition, there are days I would like to "fly away". And keep my beloved DD OUT of your antics. Our kids (even if adults) should not be involved in our political campaigns unless they want to. She has already done her part for this Petition. Seriously, wherever you are, and "whoever" you are, I truly thank you for signing the Petition. I will just have to explain to the writer "why" you posted what you did. You came through for us and that is what matters most. Just watch out for any flying bullets if you are really in the Army!
TO KEN: Please take note of how far the troublemakers on your blog will go to keep your blog from being able to be untroubled. "I" have gone out of my way to not post for hours and yet "Able3" or whoever is disguised under that fake name is determined to continue harassing me. Please read the above posts and take note that "I" have NOT been the instigator of the problems. THEY insist I am posting too much but yet if I don't post, "they" keep jabbing at me. I don't think you deserve for this to happen in a blog/forum you have spent so much time on and given so much help in. For this reason, I will leave "this" thread (The Petition) and not return to it. IF these troublemakers follow me to your other threads by using numerous anonymous or fake names, I would hope you would find a way to put a stop to it for the sake of all the other posters who have great need of your work. Thank you for your assistance in this matter.
Unable 3: This is the way Apache/Paoli handles problems. Don't keep pushing me. You and the others have not won by forcing me off this Petition blog. The writer has it up on many, many other websites which you do not know of. I will do my work for the Petition in other places. I am doing this to protect the damage you are doing to Ken's blog. YOU have not won. Ken has won!
To those who "have" helped me with the Petition, I once again thank you very much and I will miss posting here with you but I must do what is best to protect DepositsOnline from such going ons. Have a good evening. I still have work to do on other webpages for the Petition.
http://signon.org/sign/the-feds-zero-percent
We have been working very hard in the background promoting it and although it is going slowly, we are still getting signers. Our main goal is to let Washington know we will not just sit back and allow them to take advantage of savers and we WILL voice our anger at the polls. We do hope more of you will want to be a part of our campaign and if you haven't signed, please do consider signing the Petition if not for yourself, for all those who want their voices to be heard. Thank you so much for your cooperation and understanding.
While I am so glad for this forum and the petition at MoveOn; I feel the petition is soft on the Federal Reserve’s actions. I also feel it is soft on a Congress whose failure to legislate has allowed the Federal Reserve the role of King George III.
When the 2012 political debates start I would like questions asked of the candidates on the order of, “Is it acceptable to you that banks are given money at charity rates when every form of social safety net for individuals is under fire?” “Do you believe that holders of private property should expect a market rent if they defer the use of their property to a lessee?” “Do you believe that the Federal Reserve’s policies are a means of financing the nation’s budget and debt service at a time when Congress has refused to do its job, seek a consensus, or issue legislation?”
Savers are suffering an onerous “rent control” policy on the use of their money. Because the Federal government is borrower #1, this policy had resulted in a stealth tax of incredible amounts, unfairly assessed and collected. To borrow words of E. J. Dionne, I see “democratic government as a constructive force in our national life”. But if our federal government is funded by monetary policy of an agency, this is taxation without representation and we are losing our democracy. It is up to the legislative branch to address the budget of the executive branch. The funding - whatever the budget - is Congress’ job to identify and legislate and the IRS is supposed to be the collection agency not the Federal Reserve. Since many men and women in Congress have chosen a “my way or the highway” method of representing their constituents, their constituents who are savers are paying very dearly. Years of near zero interest rates enforced by the Federal Reserve amounts to taxes levied without input or vote by an elected representative who could be voted out of office if their community did not feel the tax was fair. The legislative branch of our federal government has deferred its responsibility in a flurry of worry about keeping lobbyists and prospective future employers mollified.
BTW, for anyone else who has other important issues they want to get noticed, you can do the same on the Petition. That is what the space for comments by your name is for. We need your help. Thanks!
What efforts have been done so far to promote the petition? Just curious about an update. And yes, I did sign the Petition.
Twitter Daily Tweets Facebook: Info from Elle on my Wall and others
AARP: Sent Letter to Editor to get info in AARP Magazine, Posted url and info in every article I could find on AARP website concerning Politics and/or Zero Interest Rates, and Senior articles. Also post daily on Twitter to AARP Avocacy
Retirement USA article: Posted info about Petition to readers
Wrote to Suze Ormond and Herb on the Street but no response
Elle has been out of town but is trying to get signatures anyway. She wrote and said she got some Union members to sign. She has Petition with her and is still trying to get signatures.
Ken let me know recently he is trying to promote Petition and get media coverage for it.
I, personally, spend hours everyday rechecking every website it is posted on and try to encourage readers to sign Petition. I daily post Tweets to encourage signers. Elle sends out emails to signers (the ones who have not "unsubscribed" from emails) giving them info.
I called every AARP Chapter in my city to see if I could stop by and just have 10 minutes or so to tell about Petition and try to personally get signers. Was told they do not allow that. I do not belong to any other organizations that I can get personal signatures from. Very disappointed in AARP.
The Petition is also on Change.org with few results and other banking discussion groups.Bankaholic etc. and any we can find to post the Petition on.
BTW, although Elle used Sign.On for the Petition, Move.On is not involved with it. They have really let us down, imo. They were supposed to have gotten us help from their members for signing our Petition which would have given us thousands of more signers. They informed Elle that their signers did not feel they wanted to sign our Petition so we had to get signers on our own. This is one of the things that has made this soooo difficult. I, personally, am furious with Move.On for their inactions but this was not my decision so I have to make the best of it and work even harder to get signatures.
If any one in this group has any other places they can come up with where they feel we can get the Petition posted, please do let me know. Any and ALL help is greatly needed! If you have suggestions why you feel we are not getting the response we hoped for with this Petition, please also share. We need your input. Elle should return in a week or so and I will fill her in with what is or isn't going on.
Thank you #179 for your interest in the Petition. Thanks to all who have signed and may reconsider signing if you haven't.
US News had a good article about the problems of low interest rates and it opened the door for me to promote the Petition. If you find any other same like articles please let me know. Thanks!
http://finance.fortune.cnn.com/2012/05/11/sheila-bair-economy/
I do hope any of you who have not signed will reconsider. We need your help. Thanks!
http://www.huffingtonpost.com/2012/05/24/esther-george-jamie-dimon-new-york-fed_n_1543757.html?ref=fb&utm_campaign=052512&utm_medium=email&utm_content=NewsEntry&utm_term=Daily Brief&src=sp&comm_ref=false
http://www.usnews.com/news/blogs/rick-newman/2012/04/27/to-fix-the-federal-reserve-fix-congress-first
I was very disappointed that "Herb and Suze Orman" didn't help out. They certainly talk a big "story" on their shows, especially Herb. BTW, I used to listen to Herb regularly but not any more!!!
In the meantime, I'll do some research to see if I can find a way to get more exposure on websites.
Maybe Ken can provide some direction on these placing our petition's url on other websites.
KEN, Can you help out with any info??
HEY MODS: PUT my amigo back on! WE GET EXCUSED FOR OUR BIRTHDAYS!! ASK KEN!
I have no idea how they go about listing recent comments. I'm curious too.
Are they supporting/promoting our petition?
Dear MoveOn member,
I'm incredibly encouraged by the strong member response to our email yesterday. If we can finish this quarter with strong fundraising, that will give us confidence to go forward with important election campaigns that we'd otherwise have to cut right now—projects that could determine control of the U.S. Senate or even the White House. Click here to chip in $5 and help MoveOn take on more campaigns this election season.
Thanks—Adam
PS. Click on the donate line below to see their website.
On Wed, May 30, 2012 at 11:39 AM, Adam Ruben, MoveOn.org Political Action <moveon-help@list.moveon.org> wrote:
Dear MoveOn member,
I'm incredibly encouraged by the strong member response to our email yesterday. If we can finish this quarter with strong fundraising, that will give us confidence to go forward with important election campaigns that we'd otherwise have to cut right now—projects that could determine control of the U.S. Senate or even the White House.
Click here to chip in $5 and help MoveOn take on more campaigns this election season.
Thanks—Adam
Our Petitions signers probably didn't donate or if they did the total was very low. The people at MoveON and SignOn didn't see any money in promoting our petition. That's the real reason Elle didn't get any help from them. IT'S ALL ABOUT MONEY. NOTHING TO DO WITH THE PETITION.
Again, thank you to any who did. And a special thank you to those who are not making it harder by reminding me that the Petition is not moving much in numbers. I check it several times daily and am well aware of what is going on.
People we are running out of time. We must get that Petition to Washington so they can see what an adverse affect the Fed's policies are having on Savers. We can't do it with the few signers we have. No matter what you think about MoveOn, let's show MoveOn we CAN do this even if they don't help us. I am urging you to please reconsider signing our Petition. Just sign and Opt Out of emails and MoveOn can't bother you in any way. My heartfelt thanks to all who will help us.
I would like to get feedback from the members in the group regarding why they refuse to sign the petition. It seems if the members are true savers they would want higher interest rates on CDs, etc.
I tried this from the Forum and it did open up the page to Send a Private Message. I post regularly in the Forum so all you have to do is look for Paoli2 or I guess "any" Paoli and your PM will get to me. Hope this helps. Did I win the lottery? :)
I would like to use this opportunity to ask others if they will do the same in helping us promote the Petition. If you feel, for whatever reason, you cannot sign it, will you please contact me and let me know if you see anyone on TV who is also concerned about Zero Interest Rates who we can contact? We all live in different localities so you may have personalities and shows we cannot get in our specific area. Any help or information you can share that will help us get to those who are also concerned about low interest rates will be greatly appreciated. Thanks so much for any and all help!
You also seem to forget that KEN allowed it to be posted on HIS blog and I cannot believe anyone can deride something on a Blog given to them to use by Ken! If you are against the Petition that is fine with me so why don't you stay off of this Petition blog and NOT use other blogs to post negative crap about the Petition? If this isn't you doing this then someone really must dislike you quite a bit to be trying to make you seem so immature and childish. Elle has probably not seen what was written yet, but I can assure you, she will not be happy with seeing the Petition used for poking fun at it and me.
For anyone who wonders what was written: "This petition slowb as does patches". YOU are the only one who I know refers to me as "patches".
First of all, can someone tell me what "slowb" means? I hate to be insulted in terms I can't understand. It's a waste of the insulter's time and mine! I will try to delete the remark from the Petition if I can but you need to know you will not be allowed to taunt me or the Petition on it!
Thank you.
i don't understand what this petition can accomplish or why it goes to govt or the prez which doesn't set savings rates
any one who heavily relies on investments for a living should have a basic understanding of capitalism and how the financial markets work and realize there is nothing to petition.
besides inflation is currently the real killer in the value of savings. 1% return is great if inflation is zero.
interest rates are not the issue, as they are controlled by the financial system
the govt can have a more direct role on inflation, although still limited in small moves.
heavy debt requires inflation to wipe it away; catastrophic choices can push us into a world of deflation
our current 1% would be great if not for heavy inflation factors and that is the problem. generally the two are more evenly matched
i just don't get the point of a petition to the govt on say, the number of buns in a hotdog package not mathcing the number of hot dogs in a package. what was this suppose to do?
and influence and reality are two different things
So the president gets out his bat and smashes rates up, what are you going to give him in return?
Nothing, you have nothing (neither do I)
with all our nation's debt, low rates mean low treasurey rates which means low rates on our debt = good for govt.
Politics is a mafia exchange, and this tactic offers nothing but an empty petition full of people who would cross their name off with a single well timed political ad.
My question wasn't to bash the idea... go for what you feel in your gut, try to participate in the process.
My question is what realistic process(s) / change(s) does the petition ask for that will affect rates?
I was hoping for some good ideas....
also, how do you ensure that the eventual solution doesn't hurt you further - I'm guessing raising rates to 4% but canceling Medicare for everyone isn't a good trade off.