US doubles interest rate on loans after banks and lenders complain!

Discussion in 'Current Events' started by Pollycy, Apr 3, 2020.

  1. Ericb760

    Ericb760 Well-Known Member Past Donor

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    I'll pass. "High Yield" means high risk, and that's not what I want out of that particular account. It's my slush fund that I withdraw from when I feel better having some real cash in my hand. Like now, honestly.
     
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  2. cd8ed

    cd8ed Well-Known Member Past Donor

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    Not really, I am not sure if I can post links to commercial services but the accounts are not variable or based on the market. Zero risk unless the entire economy crashes and FDIC fails — then we have bigger problems. They are just like the savings account you have now.
     
  3. Spim

    Spim Well-Known Member Past Donor

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    My bank spends more in postage sending me my statement to tell me I earned two pennies.
     
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  4. David Landbrecht

    David Landbrecht Well-Known Member

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    The U.S. has a representative government and it is transparently clear whom it represents.
     
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  5. Pollycy

    Pollycy Well-Known Member

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    Question please -- are those 'high yield savings accounts' guaranteed safe by either the FDIC, FSLIC or the NCUA?

    Please, could you give us an idea or an identity of what these accounts are? I'd sure like to find something better than the beneath-crap rates that are being doled out to savers now (even while demand for loans and credit is staggering)....

    There are a lot of us who avoided being skinned alive in the "Great Recession" of 2008, and it would nice to avoid being fugged half to death on interest rates -- again -- by Trump and his cohort in the Federal Reserve during this 'virus' thing.... Thank you!
     
    Last edited: Apr 5, 2020
  6. jcarlilesiu

    jcarlilesiu Well-Known Member Past Donor

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    This is talking about the PPP program.

    1% interest over 10 years on loan proceeds NOT used payroll, rent, mortgage interest, or utilities which will be forgiven l.

    Pretty damn good program for small business.
     
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  7. jcarlilesiu

    jcarlilesiu Well-Known Member Past Donor

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    The goal of this program is to keep people on payroll rather than unemployment. This will result in an faster economic recovery when this is over.

    A slower recovery would mean longer unemployment benefit payouts.

    Which would you prefer?
     
  8. cd8ed

    cd8ed Well-Known Member Past Donor

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    Yes

    I use Capital One 360 performance savings because I was given a bonus because I have several personal and business accounts with them, even without theses they are rated at 1.5% [Capital One]

    Some other resources that have dozens of other options that may work better for you:
    https://www.nerdwallet.com/best/banking/high-yield-online-savings-accounts
    https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/

    While I know the Capital One is protected not all of them may be, check the site’s FAQ to makes sure they are FDIC insured.
     
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  9. Pollycy

    Pollycy Well-Known Member

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    You are so correct! If the economy crashes and the 'guarantees' on your deposits disappear, then we're off to the science fiction realms of riots, anarchy, roving mobs of criminals, and total, bloody chaos. We'll be back to canned goods, candles, and survival based on who has the biggest hoards, and the weapons needed to secure them...

    The best way to avoid getting near that kind of 'precipice' is to let the high-risk, 'junk bond' speculators and mortgage-market traders go ahead and FAIL! We should let all these Wall Street casino gamblers who have gotten "their teats caught in the wringer" go ahead and FAIL, too! During the "Great Recession" of 2008, the government and our wonderous central bank, the "Fed" , moved heaven and earth to rescue these bastards because we were told by 'experts' in stock market think-tanks that they were "too big to fail". So, most of them ended up richer than ever -- courtesy of zero-interest rates and a doting central bank that screwed people on their savings accounts but rescued the gamblers!

    Then, instead of learning from our mistakes and forcing the Fed to get rid of its "balance sheet" of toxic-paper crap, the "Fed" simply perpetuated their 'rescues' and allowed these Wall Street gamblers to continue to play with near-zero interest credit, YEAR AFTER YEAR... and now look at what we've got!

    Their almighty-god stock market roared upwards close to 30,000, but when the 'virus' showed up, few of them really even have 'a pot to piss in' -- it's all loans, credit, the intangible 'float', and imaginary 'funny' money exchanges based in a market that runs on nothing but 'sentiment', and whatever 'perception' some bunch of criminals and clowns happens to have on any given day.... And now, the Trump Administration advocates doing anything and everything needed to 'rescue' this same parasite-class YET AGAIN!

    Afterthought: Don't you Democrats have anything better than corrupt, senile, decayed Joe Biden to bring to the next election?! The 'virus' will be old news in a few months, but Donald "Wall Street" Trump will be in office until January 20, 2025 if you can't come up with anyone better than (vomit!) Joe Biden between now and November!
     
    Last edited: Apr 6, 2020
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  10. cd8ed

    cd8ed Well-Known Member Past Donor

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    Completely agree, I am in my 30’s and we have bailed out large corporations twice now; we are in wars that never end and amassing a debt that can likely never be repaid. These institutions should be allowed to fail of they cannot secure financing to keep them open. If they are so vital to the country that we would fall without them then they need to be nationalized.
    The stock market needs a speculative tax on every transaction to create a fund for every time they fail.

    I am not really a Democrat; I am too pro gun, anti illegal immigration, and fiscally conservative to them — I dislike Biden more than most and unfortunately the Democrats didn’t learn anything with the Clinton fiasco. He will however listen to the people he brings in to his cabinet and does not hire people that will just agree with him. He may pull it off with a good VP.
    It is disgusting we have to choose between Biden and trump though. Makes me feel defeated before the first vote is even cast.
     
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  11. Spim

    Spim Well-Known Member Past Donor

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    dem voters had two dozen candidates to choose from, somehow they preferred the worst of the bunch, then the better choices endorsed him. its embarrassing.

    someone should go rogue and run as an independent, or they need to hijack the convention. but that will be a failure since I think the convention would shun Bernie, again.

    It time to reluctantly admit that we have the best man for the job already in office.
     
  12. cd8ed

    cd8ed Well-Known Member Past Donor

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    Biden will at least listen to people that know more on a subject than he does — trump believes he is the smartest man in the room. And when someone does disagree with him he fires them, how is that the best man for the job?
     
  13. Zorro

    Zorro Well-Known Member

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    We are in such a fix with this virus. There is no Market. The Fed currently is the market. I was worried that Oil could go negative, but still, it was weird as hell to see it actually happen today. And not some weird little corner like land locked Wyoming Sour, but May Deliveries of WTI!
     
    Last edited: Apr 20, 2020
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  14. Pollycy

    Pollycy Well-Known Member

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    The salvation of that Wyoming oil and others like it may be in a massive government initiative to rebuild infrastructure, since, as I understand it, that type of oil is used in 'paving-bitumen'. We've got a lot of screwed up streets and roads just south of Wyoming, here in Colorado, which could use just about all the 'paving-bitumen' that our Wyoming neighbors can send us.... Down here, we've had millions of dollars for 'social programs' (Democrats run both houses of the Colo. Assembly, and a Democrat Governor), but our streets have more and more crevices and potholes all the time....

    This whole oil farce really makes me mad, though. I'm an old guy, and I can so clearly remember back in 1973 when the oil industry came out and scared the hell out of everybody by shrieking, "THE WHOLE WORLD IS ON THE VERGE OF RUNNING OUT OF OIL!"

    I lived in Texas at the time... a native Texan... and I knew (as all of us in Texas did at the time) that all this bullshit about the planet running out of oil was nothing but manipulative propaganda and pure CRAP, concocted to jack the price of oil and natural gas up about 400% within about a year -- and it did!

    So, here we are in 2020, forty-seven years later, and, sure enough the world has so much oil that there's literally no place left even to store it! Needless to say, my heart doesn't bleed for "BIG AWL"....
     
  15. Zorro

    Zorro Well-Known Member

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    Well you beat me to the right point. I noticed by the early 80's that we always seemed to have enough oil left for 15 years, and no matter how much time past, we still had 15 years left. It was around that time that someone explained to me that with limited capital for exploration, they spent enough to make sure they had 15 years in future reserves available and then turned to other funding needs.

    Trump's looking at filling the SPR, given that oil is so cheap. But, if Congress won't allow that, the Federal government will rent out storage space and fill the rest of the reserve that way. If you have a lot of storage space, it seems like a good time to fill it up. Can't imagine that this isn't some of the cheapest oil we will ever buy.

    Although, as Trump pointed out, at negative prices, he doesn't need Congressional Authorization to buy the oil, because they are paying us to take it!

    Did you ever think you would see a price sheet like this?

    [​IMG]
     
    Last edited: Apr 21, 2020

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