Posted by Bret4207 on December 18, 2015 at 12:10:57 from (64.19.90.196):
In Reply to: Troubling Thrusday posted by IaGary on December 17, 2015 at 04:56:45:
Quoting Removed, click Modern View to see
The interest thing is arguable. If people actually had savings accounts I'd agree. But people don't and they're actually losing value by keeping money in the bank anymore. The deliberate devaluing of the dollar makes the dollar of 20 years ago worth far less than it would be if just normal inflation was considered. That is how the national debt is being financed, by paying back $1.00 with a dollar worth 50 cents, so to speak.
What will hurt people is all the loans/credit they have that is tied to the prime. Yeah, it'd be great to get 2% on a savings account again, but it will be lost when the 4.5% or 6.0% loan tied tot he prime just to 8%or 10%. Or your variable rate credit card that jumps from 13.9% to 16.9%. I don't think folks realize the amount of unsecured debt (credit cards) that is out there. The numbers are staggering. And once the cost of borrowing rises, the cost will be passed on down tot he consumer. Having the Feds rate so low for so long has made it "normal" to get money for "free". If interest rates come up appreciably, and they have to, things are going to get worse because the Fed, and the gov't, seems to think that just because Wall St is doing good, it must follow the rest of the nation is on solid footing. Nothing could be further from the truth.
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