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Home » Politics » Robbing Grandma

Robbing Grandma

My Bank Interest Doesn’t Even Pay the Bill for the Cable Monopoly!

 

 

The Fed, by keeping interest rates insanely low (Far below inflation) has been encouraging borrowing at the expense of savings and Investment. Many elderly widows used to live on the safe, guaranteed interest on their bank accounts. Perhaps, their husband left an estate of a few hundred thousand dollars. A 4% interest rate would pay perhaps a nice living supplement of a thousand dollars a month. NOT ANY MORE!!

 

 

Yesterday, I stopped by my local Chase branch. There was a big sign offering a 13 month CD. The interest? A WRETCHED .5%!!

 That means on grandma’s savings, perhaps a miserable $125 per month. This is an economic crime. Of course, the banks can turn around and lend out Grandma's money at low but now profitable 3.5%, encouraging people without sufficient income, to take out risky loans on houses they cannot afford.

 

The f….ing Fed, in combination with the Community Reinvestment act/ACORN extortion racket, led directly to whole damned housing debacle. Too many people got ridiculously low interest rate loans, often with no money down.  Even worse, these were often insane 50 year mortgages. Millions of unqualified people, including hordes of illegal aliens chasing this easy money, bought often cheek by jowl properties at vastly inflated house prices. Many are now foreclosed, empty and nearly unsalable.

 

Many of the worst areas for the foreclosure/ house value collapse are also the same ones infested with illegal alien invaders. Again, all of this an indirect result of those enticing FED backed interest rates. The fact that these illegal’s were now “Home owners” was one of the phony excuses for the Bush – Mc Cane – Lindsay “Gramnesty” et al amnesty plot several years ago. Now Obama has doubled down on the same pernicious policy.

 

  ALL OF THIS AT THE EXPENSE OF HARDWORKING TAX PAYING LAW ABIDING AMERICANS!!

   It seems Uncle Suck’s motto should be “Only suckers and only the fools live and work and play by the rules!”

 

 Now Obama wants to unload these properties as low rent community trashing new slums: Great for gang members, dope dealers, pimps and other malignant social deviants. I am beginning to conclude that these Leftist vermin infiltrating the Federal government are doing this deliberately.

 

  The solution: Interest rates must be pegged at a minimum of 2% over inflation. The US government should get the hell out of the market place and stop manipulating the economy for political and vote buying purposes. These bastards could not run a lemonade stand or a candy store. Judging by the way they prostitute themselves for cheap votes and political power perhaps they could run a whore house!! 

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