Bank savers have lost $100s/K Interest in past five years

Bank savers have lost $100s/K Interest in past five years: Since The Great Republican Recession in 2008, in order to prevent the global market collapse and a return to the Great Depression, the federal government (under Bush) had to rescue Wall Street by buying America’s catastrophic private capital financial debt. Driving down the dollar, buying government bonds and buying mortgage-backed securities kept interest rates low and gave an enormous advantage to debtors (financial institutions) at the expense of those who depended on interest income from bank savings. See what you lost by plugging in your own figures into this example. The average savings account interest in 2008 was around 5%. The average bank account interest rate from 2008 to 2014 has been 1%. Every $100K in savings lost $4K interest per year, or $24K over the past six years. If you had several accounts your interest income losses due to the Great Republican Recession add up to hundreds of thousands of dollars. Most home values are back, but no one seems to be paying the least attention to the fact that for the past six years, we constant diligent savers have been losing a heck of lot of interest income. The old saw that, “What you don’t see you don’t miss,” may be true, at least until somebody shows you what you are missing, and a hundred thousand dollars in losses every year is a heck of a reason to blame Republican ‘freshwater” Chicago school economists who declare Keynesian economics (which turned around the Depression) don’t work, that markets correct themselves, and (so what if some people get hurt) periodic crashes are necessary to clear out the trash. Richard Dorsey, Hacienda Heights, CA.

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