Money How did this country end up in the crapper? (Interest rates)

JD10367 · 02-06-2011, 09:12 AM

Not intending this to be a political discussion bound for the Shithole, so I'm not going to speak of either political party (although I'm sure it will come to that soon enough, and be whisked away to that section of the site).

A few years back--not 30, or 25 years, even, I'm talking maybe 5--we used to put some of our savings into CDs. A thousand here, two thousand there. The rates were around 5-6%.

Then, only a few years later--maybe 2 or 3 years back--the rates dropped drastically, to 2.5-3%. I decided it wasn't worth tying up the money, so I just put it in a savings account.

Well, today, I decided to check on CD rates for shits and giggles, because my wife had a fun day at the casino and won $1000. What do I find? CD rates of 0.25-0.75%. But wait! If you're a member of the bank, you get a whopping 1%!! And that was on a 3-year CD! Gee, let me run to lock up my thousand bucks for THREE YEARS just so I can earn a whopping TEN BUCKS!

What the **** has happened to this country? No wonder people don't save money! Why bother? You save money, by the time you save it the inflation rate has actually made it worth less than when you put it in there! Remember the days of being a kid, 30 or 40 years ago, when you'd get your little "passbook savings" account and get, say, 16% interest on your money?

So we have banks giving us no money back on our investment with them, so they don't have any of our money, so to make money they charge us 18% (or even more) on our credit cards. We're not saving any money, and we're paying exorbitant interest rates.

This country is so ****ed.

rad · 02-06-2011, 09:16 AM

......and that's when the WHORES come in.

**Bugeater** · 02-06-2011, 09:17 AM

Ayep.

rad · 02-06-2011, 09:21 AM

Men laying their trick-money down. Twenty dollars to pay the rent? Maybe not. Maybe instead I'll spend it on the WHORE.

**notorious** · 02-06-2011, 09:23 AM

This.

When I worked at a bank 10 years ago CD rates were 5% to 6% long term.

What's the point anymore?

R8RFAN · 02-06-2011, 09:25 AM

Allowing people to buy things based on a FICA score rather than an actual debt to income ratio is what killed most in this country.

R8RFAN · 02-06-2011, 09:26 AM

Quote:

Originally Posted by notorious

This.

When I worked at a bank 10 years ago CD rates were 5% to 6% long term.

What's the point anymore?

I got like 6.71 on a 1 yr cd in like 2003 ... you are lucky to get 1% for a 5 yr cd now

Screw that

**notorious** · 02-06-2011, 09:29 AM

Quote:

Originally Posted by R8ers

I got like 6.71 on a 1 yr cd in like 2003 ... you are lucky to get 1% for a 5 yr cd now

Screw that

Yep.

Why tie up your money and pay a large penalty if you need to move it for chicken feed?

Might as well do away with them. About the only good they present is rolling income that gets dispersed at a preset time without the need for lawyers.

RJ · 02-06-2011, 09:30 AM

I remember about a year ago I was going to put some money in CD's and when I looked at the rates I thought I was seeing a typo. Yeah, you're better off keeping it under the mattress.

R8RFAN · 02-06-2011, 09:34 AM

Quote:

Originally Posted by notorious

Yep.

Why tie up your money and pay a large penalty if you need to move it for chicken feed?

Might as well do away with them. About the only good they present is rolling income that gets dispersed at a preset time without the need for lawyers.

Yup, bout all I do now is use perkstreet... keep 5k in my account and get 2% back on all purchases I run as credit even though it is not a credit card but a debit card with a visa logo on it.

so now basically I pay all my bills with my perkstreet card and buy all groceries and anything I can with it.

2% is not much but better than nothing..

Have accumulated about 100 bucks since the middle of Dec

Molitoth · 02-06-2011, 09:38 AM

Quote:

How did this country end up in the crapper? (Interest rates)

When Woodrow Wilson signed the Federal Reserve Act.

"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." -Woodrow Wilson, after signing the Federal Reserve into existence

JD10367 · 02-06-2011, 09:47 AM

Quote:

Originally Posted by notorious

Yep.

Why tie up your money and pay a large penalty if you need to move it for chicken feed?

Might as well do away with them. About the only good they present is rolling income that gets dispersed at a preset time without the need for lawyers.

I told my wife, "You can go to the casino, throw twenty bucks at a machine, and--if you happen to do well for a few minutes--you'll make more money in 5 minutes than you'll make in the bank in a year."

Okie_Apparition · 02-06-2011, 09:52 AM

They should rename the Super Bowl the Reagan Bowl. With the Reagan cocktail franks and the creamy Reagan Ranch dip on our chins. Schwing!

Over-Head · 02-06-2011, 09:54 AM

Quote:

Originally Posted by JD10367

This country is so ****ed.

Yes it is, and I would appreicate it greatly if you bunch down south would stop trying to drag us Canucks into a recession with ya !!

**Gonzo** · 02-06-2011, 09:55 AM

Quote:

Originally Posted by rad

Men laying their trick-money down. Twenty dollars to pay the rent? Maybe not. Maybe instead I'll spend it on the WHORE.

I visited a prostitute ONCE during the war and have been listening to this ever since.
Posted via Mobile Device

02-06-2011, 09:12 AM
JD10367 Cheaterlover* Join Date: May 2009 Location: RI Casino cash: $10010716	How did this country end up in the crapper? (Interest rates) Not intending this to be a political discussion bound for the Shithole, so I'm not going to speak of either political party (although I'm sure it will come to that soon enough, and be whisked away to that section of the site). A few years back--not 30, or 25 years, even, I'm talking maybe 5--we used to put some of our savings into CDs. A thousand here, two thousand there. The rates were around 5-6%. Then, only a few years later--maybe 2 or 3 years back--the rates dropped drastically, to 2.5-3%. I decided it wasn't worth tying up the money, so I just put it in a savings account. Well, today, I decided to check on CD rates for shits and giggles, because my wife had a fun day at the casino and won $1000. What do I find? CD rates of 0.25-0.75%. But wait! If you're a member of the bank, you get a whopping 1%!! And that was on a 3-year CD! Gee, let me run to lock up my thousand bucks for THREE YEARS just so I can earn a whopping TEN BUCKS! What the ** has happened to this country? No wonder people don't save money! Why bother? You save money, by the time you save it the inflation rate has actually made it worth less than when you put it in there! Remember the days of being a kid, 30 or 40 years ago, when you'd get your little "passbook savings" account and get, say, 16% interest on your money? So we have banks giving us no money back on our investment with them, so they don't have any of our money, so to make money they charge us 18% (or even more) on our credit cards. We're not saving any money, and we're paying exorbitant interest rates. This country is so **ed.
Posts: 12,916

02-06-2011, 09:17 AM	#3
Bugeater The Maintenance Guy Join Date: Sep 2005 Location: Renovated Bugeater Estate Casino cash: $6252680	Ayep.
Posts: 70,443

02-06-2011, 09:23 AM	#5
notorious Supporter Join Date: May 2005 Location: Who knows? Casino cash: $2905884	This. When I worked at a bank 10 years ago CD rates were 5% to 6% long term. What's the point anymore?
Posts: 83,396

02-06-2011, 09:25 AM	#6
R8RFAN Molôn Labé Join Date: Sep 2001 Location: North Carolina Casino cash: $8566872	Allowing people to buy things based on a FICA score rather than an actual debt to income ratio is what killed most in this country.
Posts: 23,164

02-06-2011, 09:30 AM	#9
RJ Supporter Join Date: Oct 2000 Location: In a shotgun shack Casino cash: $9965202	I remember about a year ago I was going to put some money in CD's and when I looked at the rates I thought I was seeing a typo. Yeah, you're better off keeping it under the mattress.
Posts: 14,931

02-06-2011, 09:52 AM	#13
Okie_Apparition Banned Join Date: Jan 2011 Location: floatin cobwebs n the sky Casino cash: $10004900	They should rename the Super Bowl the Reagan Bowl. With the Reagan cocktail franks and the creamy Reagan Ranch dip on our chins. Schwing!
Posts: 7,012