|Michael (Mick) Scoglietti, Editor of Dynamictrends will be bringing you Financial News and Tips, with emphasis on the daily destruction of the economy and the U.S. Dollar which is being brought about by the VERY large scale printing of money by the U.S. Treasury, via the Federal Reserve. I'll also be writing about how these events affect the status of silver, silver coinage, and gold.|
Banks are now paying about .06% interest on savings accounts, while charging anywhere from 18% to 24% interest on credit cards. That's about a 300% difference. One telephone sales rep informed me that I could get points for buying my FOOD and GAS on their card. Imagine that! Paying 22% extra for buying your food!
Maybe banks need to charge these usurious rates to compensate for all of the foreclosed homes that they have sitting vacant, while they wait for the next bailout. Don't think for a moment that they aren't going to get another one either. When the market crashes in the very near future, which it will, they will complain about all of the vacant foreclosures they have on their books.
I call it theft! Most of the homes that are now sitting vacant have been mortgaged several times over, and anyone who understands even basic economics knows that banks get almost all of their investment back in 7.5 years. So, there is NO reason for them to hang on to them at this time. They could easily sell them at a "LOSS" or lower price, even though they have gotten their return on them several times over.
The government and the banks are responsible for the demise of the middle class. Will you protest when this happens, or will go on accepting the paltry .06% interest on your savings? What about the bailout money coming from your tax dollars; will you protest that? This is a wakeup call for the whole middle class, however many of them remain.
If your not up to taking to the streets, there is always the ballot box. Getting rid of the whole lot might take a conservative "community organizer", and that is probably what we will need to get this country back on track.
Another way to prove your point would be to NOT use your credit card, and withdraw as much cash from your savings account as possible, without getting a penalty. Cash in your account is money that the bank can loan out at these usurious rates, while paying you only .06%.
*Over priced Silver, or under priced gold?
*New One Year Low for Gold
*Yellin Confirmation - Bearish or bullish on Silver and Gold?
*Silver and Gold in a Sideways Channel
*Deflation on the Horizon
*Deflationary Domino Effect
*How the Federal Reserve Works
*A Case for Buying Silver and Gold
*Breakout in Silver
*Usurious Bank Rates
Parma, Ohio 44134
Skype ONLY dynamictrends.editor
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