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tommy Eternal Order Devil's Island 16544 Posts |
Everybody has a savings account but nobody is getting any interest these days from the banks more or less.
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
Tom Jorgenson Inner circle LOOSE ANGLES, CALIFORNIA 4451 Posts |
That's been like that for years here. Vegas gives better payback.
We dance an invisible dance to music they cannot hear.
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Cliffg37 Inner circle Long Beach, CA 2491 Posts |
I don't know where the idea of little or no interest came from. I do remember that President Bush Jr. was in favor of lowering savings interest in an effort to get Americans spending and buying. How well that worked for him I cannot say.
I do remember getting more than 5% interest return on my savings account as a kid. It was explained to me that the bank was paying me for the privilege of using my money for its' investing. Today I suppose the bank uses my money for free, or in some cases I am paying the bank to use my money.
Magic is like Science,
Both are fun if you do it right! |
ClintonMagus Inner circle Southwestern Southeast 3997 Posts |
You are making almost no interest on your accounts for the privilege of borrowing money from them at low interest.
Things are more like they are today than they've ever been before...
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Mehtas Inner circle England, UK 1649 Posts |
If you placed $1000 in your bank few years ago and did nothing with it, that $1000 is not worth as much today
Nice isn't it ??? You lend them your cash for free and they lend the same cash at sky high rates. Time to buy a fireproof safe and bury the money in your house walls. |
Starrpower Inner circle 4070 Posts |
Quote:
On Jun 9, 2015, Cliffg37 wrote: A president cannot change rates, the Federal Reserve does that. And they do not control your bank's savings accounts. They can affect the Federal Funds Rate and the Discount Rate. These relate to money that banks borrow from the Fed, and rates at which they lend money. |
acesover Special user I believe I have 821 Posts |
Quote:
On Jun 9, 2015, Mehtas wrote: While I do not in any way like what is going on with interest rates paid to individuals who deposit their money in a bank. I must admit that you are wrong when you say the banks charge high interest rates on loans. Money can be borrowed with very favorable interest rates at this time.
If I were to agree with you. Then we would both be wrong. As of Apr 5, 2015 10:26 pm I have 880 posts. Used to have over 1,000
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