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Date Posted: 10:08:00 10/17/08 Fri
Author: Bill
Author Host/IP: 70.21.186.195
Subject: Lending ? how about paying a decent interest rate on savings ?
In reply to: Joe The Plumber 's message, "What strings are you talking about? Paulson Lacks Leverage to Make Banks Put Cash to Work" on 22:25:45 10/16/08 Thu

Post 9 11 the fed kept reducing the discount rate but the banks never passed any of it along to the people whose money they were using to finanace all those loans and deals.
In fact the interest rates went down not up while the banks sat on a lot of cash ( apparently not enough though ) to keep their own books looking in much better shape than what was the fact.

Don't expect the banks to start opening up in any way any time soon that's not the way they work. They are a lot more interested in making money for themselves than in doing it for their customers.
If you must put cash in the bank look for a smaller area or local bank that isn't a target for aquisition and has a good balance sheet without a lot of hidden charges and other accounting tricks.

This isn't anything new by the way the banks have been doing this for a lot longer than the present crisis. They added hidden fees and a lot more " money making " tricks over the last decade or two that probably spend as much on record keeping as they make in revenues.
Less regulation may be good for business but more oversight might have been taken when all this was happening and maybe we wouldn't have come to this impasse.

The stock market analysts say keep about fifty percent in cash and put the rest where it will do you the most good...
One of the guys on one of the financial programs asked if that meant half buried in the back yard and half buried in the mattress.....

b

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