I obviously have completely lost track of interest rates. Perhaps I should be actually opening those 401K statements now?
Is this ad suggesting, as I suspect, that I should be happy to let this institution have my money for a "Great Rate"...a return of less than TWO PERCENT???? And the institution involved is so proud of it they paid to advertise the rate?
And am I correct in thinking that the rates banks are charging for their credit cards are still in the DOUBLE DIGITS?
[MSNBC reports "Americans are currently paying an average interest rate of 13.71 percent on credit card debt, up from 11.88 percent in May 2008, according to the Federal Reserve.]
The only good news here is the fact that there is somebody advertising in a newspaper.
We now return you to your regularly scheduled program, in which the financial world somehow makes sense.
[The Monday Morning Media Memo is a regular feature of this blog.]
[UPDATE: a Christmas column in The New York Times with the same these...you can actually lose money tryign to save it!]
What?!?
ReplyDeleteYou didn't get a kiss after you placed your money in a bank?
I've not been a customer of a bank for well over 30 years.
Credit unions, baby... credit unions.
And then, this is the result of the incestuous financial orgy that occurred when the walls of separation between banking, brokerage houses and insurance companies were eliminated under Republican administration.
The bastard child of that orgy is not only grossly malformed - as is common in incestuous in-bred relations - but now has arisen to have power over us all.
When you hear the sound, all shall bow down and worship the 12-toed beast the king has created.
When I was in high school half a century ago, I was upset that my bank would pay only 2% interest. Things are even worse now.
ReplyDeleteLike Kevin, I use a Credit Union.