Fellow Savers.........Emigrant now down to 3.30%.(scratch that 3.00%) (double-scratch that 2.75%)..........

[ShotgunSteven]

Didn't Bernanke make a comment back when he replaced Greenspan that he would, "Print money and throw it out of a helicopter to keep the economy moving" if it was required?

 

[DaWhim]

I am putting my money into income funds instead of saving account. They pay monthly dividends, this yield about 7%+ a year.

if you want, check out ACG, LOR, FT, they pay money dividends.

 

[LegendKiller]

Originally posted by: ShotgunSteven
Didn't Bernanke make a comment back when he replaced Greenspan that he would, "Print money and throw it out of a helicopter to keep the economy moving" if it was required?

His reference was to a Milton Friedman comment about fighting deflation by pouring money into the market. This was in reaction to the Fed being criticized for doing the wrong thing in the 1930s, they tightened up liquidity instead of loosening it, causing deflation, further erosion of the banking system, and plunging us deeper into the depression.

It's funny that many people complain the Fed is wrong and use that, their failure to acknowledge the economy needed more liquidity and not less, as a tool to say the Fed is a failure. A that time they maintained a "save the dollar, damn everything else" stance, since almost all of the bankers of that time were goldists.

This is a little acknowledged *fact* that all bankers of the 1920's loved the gold system and hated Fiat, the same people who were part of the creation of the Fed did everything they could to keep it gold. Britain learned the folly of a gold system when the US govt supported the BoE and J.P. Morgan (under Tom Lamont and Jack Morgan) supported the British Treasury in getting back onto gold. It was a miserable failure and resulted in millions of Britons losing their jobs. The British didn't really even have a "roaring twenties" , but they still felt the GD just as hard if not harder.

Yet, now, when the market absolutely needs liquidity and BB is giving it to the market, everybody says that's a failure too. It's not ironic that the Fed can't do anything correct, since people will always bitch about an outcome, yet fail to provide any alternatives, like the person above who decided to snipe at me but provide nothing of substance (HAH, and *I* am supposedly the "troll").

I think people underestimate just how bad the debt markets are hurting right now and how that filters down into everything. Many believe that the debt markets are just housing or credit cards, but then fail to realize that they are so much larger than that. I can list at least a dozen asset classes that fall outside of consumer debt that keep businesses, governments, and people going, that are being absolutely slaughtered right now.

But fuck it, as long as you can get high interest rates on your Emigrant savings account, who gives a shit? amirite?

 

[redgtxdi]

As I've touted before........I just wish folks would learn to tolerate a little discomfort for a while.

It's like things have to constantly be getting better NO MATTER WHAT!!!



Hey..........newsflash, America.........it's ok if things suck for a bit.

You might have to play the same 23 or 24 games you have for your PS3 and not buy any new ones for a while.

Hell.........you might even have to drink regular store-bought coffee and not splurge on $4 Starbucks sh1t anymore.

And God forbid you do something like BUDGET for a year in a way that DOESN'T include spending 110% of your income!! Mother ASDF!@#$!!

 

[Capt Caveman]

Originally posted by: redgtxdi
As I've touted before........I just wish folks would learn to tolerate a little discomfort for a while.

It's like things have to constantly be getting better NO MATTER WHAT!!!



Hey..........newsflash, America.........it's ok if things suck for a bit.

You might have to play the same 23 or 24 games you have for your PS3 and not buy any new ones for a while.

Hell.........you might even have to drink regular store-bought coffee and not splurge on $4 Starbucks sh1t anymore.

And God forbid you do something like BUDGET for a year in a way that DOESN'T include spending 110% of your income!! Mother ASDF!@#$!!

Tell that to the people that lose their jobs. Renters who are forced out of their apartments b/c the landlord has had to foreclose on the property. Etc...

 

[LegendKiller]

Originally posted by: Capt Caveman

Originally posted by: redgtxdi
As I've touted before........I just wish folks would learn to tolerate a little discomfort for a while.

It's like things have to constantly be getting better NO MATTER WHAT!!!



Hey..........newsflash, America.........it's ok if things suck for a bit.

You might have to play the same 23 or 24 games you have for your PS3 and not buy any new ones for a while.

Hell.........you might even have to drink regular store-bought coffee and not splurge on $4 Starbucks sh1t anymore.

And God forbid you do something like BUDGET for a year in a way that DOESN'T include spending 110% of your income!! Mother ASDF!@#$!!

Tell that to the people that lose their jobs. Renters who are forced out of their apartments b/c the landlord has had to foreclose on the property. Etc...

Wow, they might have to...<gasp> adapt!

People think this whole thing is akin to armegeddon.

 

[SampSon]

Originally posted by: Capt Caveman

Originally posted by: SampSon

Originally posted by: Capt Caveman

Originally posted by: SampSon

Originally posted by: Capt Caveman

Originally posted by: sandorski
You should only have approx 3 months Salary in a Savings account. Your Savings Account is just an Emergency Fund and not meant to be a Retirement or Life savings account. Put any extra into Investments of some form.

Matters what your time horizon is for using one's savings. For someone looking to purchase a home, pay for tuition or health expense, placing money into a savings account may be the smartest thing to do.

If short term savings is your goal then the interest rate means very little.

Sure it does. The difference between 3-4% in an online savings account compared to <1% in a local bank can mean hundreds of dollars to thousands in interest.

I wasn't comparing online accounts to local banks, I'm not sure where you came up with that. You're making your own conversation here, so I won't stop you.
A short term investment that is intended to be spent in the very near future will not net you any major gains unless you have incredible amounts of money deposited. Though thanks for the refresher on how interest works.

Obviously, reading comprehension is not a strong skill of yours. As interest rate sure can mean something in the short term. Like I said, it can mean hundreds to thousands of dollars. But you should know that, you're a know it all.

Whatever you say chief. Again, thanks for the refresher on how interest works, I really wasn't clear on that. I never had any idea that a higher rate results in larger returns. I must not know it all.

 

[redgtxdi]

Originally posted by: Capt Caveman
Tell that to the people that lose their jobs. Renters who are forced out of their apartments b/c the landlord has had to foreclose on the property. Etc...

I do every day!!!


Ya know what people w/ half a nut do in those situations??? MOVE BACK IN WITH FAMILY/FRIENDS!!!


People just don't get it.

My mother and father who both live on the opposite side of the country are currently jobless. They figure they've got about 6 months 'til they run outta$$$. I told them that if that happens, they are more than welcome in my home until they can get on their feet again!!!

I took my sister in for almost a year back in the late 90's!

Does anybody remember the Great Depression anymore?? Can you imagine TODAY'S Americans waiting in bread lines??? Holy mother of $#!@$!!!!! Not a chance!!!

 

[LegendKiller]

Originally posted by: redgtxdi

Originally posted by: Capt Caveman
Tell that to the people that lose their jobs. Renters who are forced out of their apartments b/c the landlord has had to foreclose on the property. Etc...

I do every day!!!


Ya know what people w/ half a nut do in those situations??? MOVE BACK IN WITH FAMILY/FRIENDS!!!


People just don't get it.

My mother and father who both live on the opposite side of the country are currently jobless. They figure they've got about 6 months 'til they run outta$$$. I told them that if that happens, they are more than welcome in my home until they can get on their feet again!!!

I took my sister in for almost a year back in the late 90's!

Does anybody remember the Great Depression anymore?? Can you imagine TODAY'S Americans waiting in bread lines??? Holy mother of $#!@$!!!!! Not a chance!!!

These pampered pussies would be trying to play PSP while waiting, listening to their iPod and bitching about how cold it is when they are wearing Uggs and a Northface jacket.

Personally, I had no money while growing up and my job is ever in danger since cuts are always happening in my sector. But you know what? If I lose my job, I'll deal with it and move on, as I have always done.

Fricking people expect strawberries and cream every damn day.

 

[smack Down]

Originally posted by: LegendKiller
If I were the govt, I would give tax credits to those who would be willing to pump money into the bond insurers. If you consider the situation, they only need 5-10bn to stabilize the whole wrapped bond market. I'd also give further credits to those who need to make markets in the auction rates to keep the muni market pumping.

No shit if you where the government you would hand money over to the financial companies hand over fist. I don't think you could find a big enough helicopter. I do like you idea of 5-10bn to stabilize the bond insures. For just mbia with 3.5 bn in losses a quarter your 5 bn hand out would be gone by may.

 

[Slew Foot]

Yeah, the last ten or so years has seen Americans turn into a bunch of pussies. If they cant have a different colored iPod every day of the week, they start bitching. I kinda want a good recession to knock some sense into these idiots.

 

[LegendKiller]

Originally posted by: smack Down

Originally posted by: LegendKiller
If I were the govt, I would give tax credits to those who would be willing to pump money into the bond insurers. If you consider the situation, they only need 5-10bn to stabilize the whole wrapped bond market. I'd also give further credits to those who need to make markets in the auction rates to keep the muni market pumping.

No shit if you where the government you would have money over to the financial companies hand over fist. I don't think you could find a big enough helicopter. I do like you idea of 5-10bn to stabilize the bond insures. For just mbia with 3.5 bn in losses a quarter your 5 bn hand out would be gone by may.

As opposed to what? The muni market has effectively collapsed. School and local government bond issues are failing daily, rates are skyrocketing as liquidity has dried up. Those that don't have investment grades are getting hammered even worse. The auction rate market is now a slaughtered pig, wallowing in it's own blood as nobody will make a market. You just don't get the idea that this has a shitload more to it than just WS bankers , get a fucking clue.

Look, I am not in this to keep my job per se, it'd certainly be nice, but I would rather the markets return to some modicum of rationality while there is plenty of liquidity. I may yet lose my job in this market.

The "losses" MBIA and others are taking at this point are nothing but paper accounting, not principal losses or claims on insurance. In most cases the losses will be re-realized.

I know you like running around trolling in threads, especially in topics you pretend to know a lot about (treadmill + plane, finance where you run away at every challenge from me...etc). I really think you should change your name. Smackdown really doesn't fit for a cowardly troll with little knowledge. BitchSmackedUp certainly fits better.

 

[smack Down]

As opposed to what? The muni market has effectively collapsed. School and local government bond issues are failing daily, rates are skyrocketing as liquidity has dried up. Those that don't have investment grades are getting hammered even worse. The auction rate market is now a slaughtered pig, wallowing in it's own blood as nobody will make a market. You just don't get the idea that this has a shitload more to it than just WS bankers , get a fucking clue.

How sad people might get a fair return on their saving. Cry me another fucking river.

 

[Mr Incognito]

I thought we figured out that this kind of economic incentive program only weakens our economy and especially our dollar in the long run.

 

[sjwaste]

Originally posted by: Midnight Rambler
A good question with no safe answer.

For a year now I have had approx. 90% of my "savings" in a MMA paying a nice 5.5%. Unfortunately that rate expires the end of March.

Berkshire Hathaway "A" shares are down quite a bit (at least for them), I think around 0.8-1.0% so far this year. I have enough in the MMA to buy probably 4 shares ... tempting as I would be happy with a consistent 7-8% return for each of the next 20 or so years. The only problem is there are so few shares and they seldom get sold.

If you have enough for 4 shares of BRK.A, you have enough to get a financial planner. Consult one to figure out what to do with your money.

Or are you bragging?

 

[senseamp]

Why would you keep your money in a dollar denominated savings account? Even if it stays at 3.3% you will get raped on inflation.
Both Congress and Bernanke have indicated that their plan to get out of this economic turmoil is to print money and give it away like they did with these rebates.

 

[LegendKiller]

Originally posted by: smack Down

As opposed to what? The muni market has effectively collapsed. School and local government bond issues are failing daily, rates are skyrocketing as liquidity has dried up. Those that don't have investment grades are getting hammered even worse. The auction rate market is now a slaughtered pig, wallowing in it's own blood as nobody will make a market. You just don't get the idea that this has a shitload more to it than just WS bankers , get a fucking clue.

How sad people might get a fair return on their saving. Cry me another fucking river.

ROFL, you think this is about fair return at this point?

This is why people who don't know about the financial markets shouldn't try to opine on the financial markets, nor try to set policy on the same. They are far too dangerous.

 

[smack Down]

Originally posted by: LegendKiller

Originally posted by: smack Down

As opposed to what? The muni market has effectively collapsed. School and local government bond issues are failing daily, rates are skyrocketing as liquidity has dried up. Those that don't have investment grades are getting hammered even worse. The auction rate market is now a slaughtered pig, wallowing in it's own blood as nobody will make a market. You just don't get the idea that this has a shitload more to it than just WS bankers , get a fucking clue.

How sad people might get a fair return on their saving. Cry me another fucking river.

ROFL, you think this is about fair return at this point?

This is why people who don't know about the financial markets shouldn't try to opine on the financial markets, nor try to set policy on the same. They are far too dangerous.

Right, who set the policy for that last few years that have us in the current situation. Oh that right wall street crocks.

But hey lets just print our way out of the current problems it worked wonders for Germany.

 

[redgtxdi]

Looks like Emigrant did a double-take overnight.

Up until yesterday, Emigrant had apparently decided on a soft landing of 3.00%.


Welllllllll, that was yesterday.


New rate............2.75%!!!! :shocked:

FNBO also e-mailed me that they're goin' to 3.25% (making Emigrant look even worse).

And I don't blame Emigrant. My guess is they had an internal meeting & decided, "This is far from over" and maybe they figure they'll be able to hold 2.75% longer than the 3%.............of course, all on our way down to Bernanke's ultimate goal of 1%!!

:thumbsup: Thanks, Ben!! Much love!

 

[goog40]

Wamu's online savings just dropped from 4.00% to 3.55%.

 

[Capt Caveman]

Originally posted by: redgtxdi
:music: :music: "......Ben Bernanke...........CAN HE FIX IT???...........Ben Bernanke..........NO HE CAN'T!!" :music: :music:

Look for another drop to come soon. Insider info just BEGGING for 1% interest rates!

Don't worry folks Ben WILL fix the economic mess we've made.........no matter the cost!! :roll:

Ignorance ftl.