"What’s the best place to stash your savings?; With interest rates near zero, you have to weigh risk and return" by Todd Wallack, Globe Staff | August 2, 2009
Just as Americans are saving more money, interest rates on traditional savings vehicles have hit rock bottom.
After the BANKS just made RECORD PROFITS?!!
Oh, America, you are GETTING F***ED EVERY WHICH WAY and TWICE on SUNDAY!!!!
For example, the US government is currently paying zero percent on a type of savings bond indexed to inflation. That’s not a typo: zero percent.
Bank of America, the largest bank in Massachusetts, is paying just 0.10 percent a year on its most popular savings account. That means you’d earn a dime for every $100 you deposit - before taxes.
And consider:
"The numbers included a $3 billion second-quarter profit announced yesterday by Citigroup and $2.4 billion for Bank of America. --source--"
Yeah, THANKS for pitchin' in, you usurious vampires.
And money markets, certificates of deposit, and treasuries are offering only slightly better returns. Most short-term places to stash your cash are now paying well below 1 percent.
“We are extremely close to record lows,’’ said Greg McBride, senior financial analyst with Bankrate.com, a personal finance website.
Several factors are driving down rates. In an effort to stimulate the economy by making it easier to borrow money, the Federal Reserve has slashed the interest rates it controls to nearly zero.
Meanwhile many investors are skittish after last year’s stock market collapse, so they are flocking to safe investments like US Treasury bonds....
And WHO BENEFITS from THOSE, huh?
Barney Frank Benefited From State Debts
With such infinitesimal rates, you might be tempted to brave the stock market in the hope of higher returns. But think twice. Your savings are supposed to be handy for a reason: to cover unexpected household expenses or illness, or for a specific goal such as college tuition or a down payment on a home - places where you can’t afford to lose money.....
I'm using mine for food.
Had enough of the insults?
Related: Reason Number Two Why No One Reads the Boston Globe Anymore
So here’s the latest on the savings options most financial advisers recommend:
Now you know where NOT to put your money!
