They were garbage and in tenths of a percent. The highest they have been since 2010 is 0.2% https://www.finder.com/history-of-savings-account-interest-rates
I was talking about certificates of deposit in amounts equal to or greater than $100k, for between 12 - 24 months (at most). Before Trump and his buddies at the Fed went wild with an 'interest-rate' chainsaw in 2019, you could actually get CD's at 3% or slightly over. NOT anymore -- no, we're all supposed to go play in the big stock market casinos now. Got any idea why interest rates should be cut to zero when the demand for loans and credit is skyrocketing, along with record-high household DEBT...?! Was it the 'virus' when the Fed started this crap last year? Is it the 'virus' today? Hint: the 'virus' doesn't CARE what interest rates are! This is all about irresponsible, stupid people doing stupid things that hurt themselves and the entire economy, while they're buying WAY more stuff than they can really afford.... Another hint: If you make "X" in income, you cannot go on borrowing and spending 1.5 "X" year after year, and then suddenly get caught with your pants down around your ankles when something like this 'virus' happens! It is not (NOT) a U. S. taxpayer's problem!
You must be thinking of something else. Have you considered private loans to family and extended family members that are carrying credit card debt? If you can trust them to pay you back, it seems like you could do them and yourself a big favor. Well, things were going along just dandy until Sept 16 when the repo market blew up. Piles of cash flowed out of the system because corporate tax payments came due. That happened right as new Treasury debt settled onto the markets. Financial institutions wanted to borrow cash to purchase those securities, but supply didn’t match those demands. This caused a cash crunch, and the repo rate soared — reaching as high as 10 percent intraday on Sept. 17. Banks didn’t want to part with their cash for anything lower than that rate. The repo rate is supposed to be in line with the federal funds rate, which was then in a target range of 2 percent and 2.25 percent. On Sept. 17, just a day after the cash crunch occurred, the New York Fed stepped in to stabilize the market, taking part in repo trades, injecting $53 billion, and by that afternoon, the New York Fed said it would purchase up to $75 billion more the following day in overnight repo operations. This kind of a seize up in global cash flows is disruptive, the Fed is considering financing a standing repo facility that would allow financial firms to turn to the Fed at any time to borrow cash through repo transactions as the need arises. In October, the Fed announced that it would start organically growing its balance sheet again by purchasing shorter-term Treasury bills at a pace of about $60 billion per month. The Fed is also buying up to $20 billion each month to replace maturing securities. They had been trying to unload their balance sheet thinking they were fighting inflation, inflationary forces weren't as strong as they thought, their rate of unwinding was too steep, that dried up liquidity and suddenly they were fighting deflation and had to reverse course. Our national economy has been idled, by law, of course that has an effect. This is about the ENTIRE NATION sacrificing to preserve our elderly, who we value, protecting them from dying because a healthcare worker has one ventilator and three people who need it. Think I'm kidding? Intensive care for coronavirus patients now limited to those ‘reasonably certain’ to survive, NHS London Trust concedes. “A department head at Imperial College Healthcare revealed on Sunday that fewer and fewer marginal patients are being selected for ventilator treatment because so many serious cases require a fortnight on the machines.” When you need a ventilator, and you don't get one, you strangle and die. Everyone pretends that the US Citizens are utilitarian and won't sacrifice for others, yet the entire nation is sheltering-in-place largely to protect our elderly, and frankly very few are complaining, instead, most are quietly obeying and doing our duty for good of the whole. I'm generally impressed with The American People and especially now. Healthcare providers in NYC are in hand to hand fighting with a deadly virus, undermanned, short on PPE, yet they are giving it all they've got with refrigerator trucks lined up as temporary morgues for the folks they can't save. In my opinion our entire focus needs to be on social distancing to flatten that curve and supporting and equipping out front line warriors in this fight.
Trump bitched and bullied the Fed harshly, beginning with the December 2018 rate hike (another one of their microscopic .25 basis point increases that began in Q4, 2015). He threatened to fire the Fed Chairman, Jerome Powell all during 2019, and he threatened him again as recently as two weeks ago! Trump has railed and raised hell about interest rates non-stop in order to help the stock markets -- because he decided early in his presidency that stock market performance was the most important factor in a potential re-election bid! In fact, a lot of people (especially Wall Street gamblers) have been in ecstasy over market performance, even though little attention has been paid for many years to corporations' actual VALUES. It doesn't matter to these people what accurate valuations are -- just so long as the stock prices go on sailing along, buoyed up by the emotional intangible of market "sentiment", and, of course, having interest rates crushed to near zero, even though DEMAND for loans and credit has skyrocketed! Result? People who have been careful and responsible enough to SAVE money for 'a rainy day' have been brutally screwed to death on their savings accounts, ever since August 2007! Then, starting in Q4, 2015, the Fed began trying to get rid of its four trillion dollar 'balance sheet' of toxic paper crap it piled up during the Great Recession, and with the anticipated interest rate increases it hoped for in 2019, it looked like the Fed was, at long last, making some progress. Then along comes Trump, who wanted the stock market casinos to be even more packed with gamblers than before. And he did that by, in essence, DEMANDING that interest rates on savings accounts be crushed once again to near-zero! And then along came this virus. Now, AGAIN, all heaven and earth must be moved in order to save the stock markets! Today there's a whole generation of stock "traders" who have ridden their speculation 'bicycles' always equipped with 'training wheels' -- so that they won't lose their stupid asses as the winds of reality blow through their gauzy dreamworlds of "sentiment" and hopes for eternally crushed interest rates -- essentially FREE MONEY FOREVER! They privatize profits, and socialize losses -- HOW NICE FOR THEM! Sure, I voted for Trump in 2016! What choice was there...? But this November? I may just say, "To hell with it... nobody cares about an honest free market economy anymore!" I cannot make myself vote for a drooling, incoherent idiot like Biden, but why vote for Trump when everything he does regarding the economy costs me thousands of dollars, because he wants to blow more smoke up the stock market's ass...?!
No, Zorro, I'm not thinking about something else, honestly. I had a number of different CD's in the 'jumbo' category, for periods of time ranging from 12 to 18 months. The last ones I got at Navy Federal Credit Union were over 3%. I'm not confusing this with any of that "money market" crap at the banks... what I'm talking about are simple, straightforward certificates of deposit! You are absolutely right about the "repo market" -- and that's a very key point! You see, I believe in a totally free market economy! If some bunch of investors or 'institutional traders' fool around and 'get their teats caught in the wringer', well -- TOO DAMNED BAD! The "repo crisis" was not one that citizen taxpayers of the United States should have had to participate in at all, in any way, however remote.... Making it a practice to always come running to the RESCUE of these people is what made the Great Recession and its prolonged 'recovery' period so agonizing, starting way back in August 2007. We should let those who mismanaged their businesses go ahead and FAIL, and let the assets transfer to wiser, more prudent people. That's the way free market capitalism worked for hundreds of years -- but now we have to have a central bank (the Fed), AND a President of the United States that work in concert to make certain that stock market gamblers are permanently sequestered and protected from their own malfeasance and stupidities, while savers continue to suffer! It is so obvious, people who have been conservative and responsible for themselves and their own actions get screwed to death on their savings accounts -- even though demand for loans and credit is SOARING higher every day! How can you defend a situation like that...?
That's an amazing return as you can see compared to the national average. I'm not sure how they did it, but, I'm glad you benefited. This is an ENTIRELY different situation. The American People were forcibly idled by law. There is a number called the Ro that measures transmission rate of the virus. When the virus infects someone, it has until the person dies or recovers to infect another person or it's life span ends. At Ro >1 the pandemic is growing. At Ro <1 the virus starts to burn out. Our best tool right now is Shelter-in-Place to get this transmission factor down. Desperate people WILL evade the shelter-in-place orders and continue to spread the disease. Well someone recently lost their asses. The broad market is down 25% in just over a month. Well, let's take a look at that. The point of interest is to keep you abreast of inflation: You made some observations that saver's position had badly deteriorated since the baseline established as Obama's second term was ending. You might have a unique situation, but I don't see that in the national data. You want to be able to give someone $100k for 2 years and they will give you back $103k. Currently no institutional investor wants your money at that price and I understand that that frustrates you, but, as a seller it's your job to explain the value of what you are offering to the buyer. You also, if you have built up that kind of nest egg have deep skills of personal discipline and budgeting that the young folks around you desperately need. I don't know if someone when you were young instilled these values into you, or if you did that yourself, but, if you can pass these on, these are extremely valuable skills. There is risk in private lending, there is doubt about it. But, you probably couldn't swing a dead cat over your head and not hit 10 people who are paying far more in interest in creditors than you are getting on your CD's. Maybe start with small short duration loans, insist that they bring you a budget, go through it with them to make sure they understand the principles, and maybe you can not only make some good money, but you are also teaching them something that will benefit them for a lifetime. I know that's not much of an answer, but it's the best one I can think of at the moment.
Was able to pick up Cd's at 3% last month from my credit union. It was offered very long but I did buy some. They were 13 month duration.
We won't see 3% interest on certificates-of-deposit for a LONG time to come now. The central banks, including the Federal Reserve System, hate and detest two things especially: precious metals, and, personal savings accounts. They will do anything imaginable to suppress or exterminate both of them.... . "'Anything imaginable'...? Bud, you have no fugging idea what we're capable of...!"
I am a saver and totally agree. These last decades I've thought the banks would charge me interest to hold my money. Savings is good for personal responsibility as well as creating solid assets for loans. Better than printing more money to loan at a discount. Savings Accounts should have 3-4% interests minimum. needs to be encouraged to save. Us, BOOMERS, were victims of the IRA / Keogh schemes that we too with wise investment could save for a good retirement. Of course market meltdowns were no longer sector but, across the board. And there were no more, wise, long term investments. The gov't should offer a solid pension program for persons to invest if they choose a pension beyond Social Security. I don't see a "cure" for encouraging savings nor a good pension program with either Biden or Trump. I trust Trump a bit more because he got to feel secure enough to spend like consumers should to support a consumerism driven economy. Thus Spaketh Moi Make Pay Its' Fair Share!
As opposed to being outnumbered 3 to 1? I have more fun being outnumbered 3 to 1. I will say this for the Poll in the OP: Trump 33 Biden 10 ^Those Numbers Represent a Really Accurate Gauge of the Current Ideological Demographic of the Site. I am fully prepared to be the Last LW Standing, if it comes to that.
Do You Agree The Membership was more Left way back in '16 When You Joined? Speak Clearly Into The Microphone, Please Yes / No Moi When I joined PF was Leftie And some, Anti Israel, Anti Semitic And other Anti "etc." too. So I chose Anti For a good time, Check out Opinion Polls http://www.politicalforum.com/index...-boring-times-or-is-it-the-membership.569512/ Do We Live In Boring Times, Or Is It The Membership Includes uploads remember members past by some. I invoked "Litwin".
I guess I'm going to vote for Biden. He's the only one left, well him and Bernie, but it looks like the democratic nominee is going to be Biden. I'm going to be voting straight democrat in the general election of 2020. I don't really care about Biden. I'd run myself but it's too late in the election to win over Biden voters and I'm a nobody.
I know how you feel... I'm a nobody, too. But, I'll probably be forced to vote for Trump -- even though he's costing me thousands of dollars. Then I'll spit, curse myself for my stupidity, etc., etc., etc. Trump or Biden...? What a piss-poor choice for anybody who actually worked, saved money, managed his own finances responsibly, and then finally retired. You get either an inveterate stock market cheerleader who moves heaven and earth to wreck your savings accounts, or, you get a senile, demented, corrupt moron who will continue in Obama's footsteps in wrecking the entire country.... No wonder we're both SO fugging happy and enthusiastic about our choices....
What we need is a 30 yr infrastructure Bond with a floating rate but a guarantee of a 3% floor. They could have a 20 yr and 10 yr for us old farts that more than likely wont be here in 30 years.
That actually sounds interesting! It would sure beat the hell out of the 'cost-of-living' increases we've seen in Social Security for the past ten years. But, the "Fed" recognizes some manifestations of inflation, and it totally ignores many, many others.... But I'm sure the Fed Chairman, Jerome Powell, would just blink and look the other way if you pointed out that since 2010, the price of houses, cost of rents, utilities, transportation, health insurance, medical services, dental services, pharmaceutical medicine, taxes, and a THOUSAND other things that people customarily must buy or pay for have increased GREATLY in the last ten years! . "Who cares...?!"
The sad part? Everyone who looks at my portfolio tells me I really have some great companies. Come on 5G, if there's anything left. The Cannabis revolution went up in smoke. Could be why I don't give a crap.
I wanted to be Anti - Ex-wife's but I threw away every picture I ever had of those winners. (What happens when you play on their home court. Just no justice in divorce court)
