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As predicted, the Feds cut interest rates a quarter of a point to 2%. [NYT]
Oh well, not as if gas and groceries were too expensive already…
Yay for HSBC offering even less of a return! Thanks, mortgage industry, greedy people, and the Fed!
I locked in a 3.3% 6-month CD before 2 pm. I’m sure my savings account will go down yet again. On the other hand, our HELOC is going down too, so at least we’ll save on the interest payments.
Looks like the dollar will be passing the RMS Titanic in the race to the bottom….
To me this raises the following questions: Is the Fed leaking its intentions before actually meeting to decide a course of action?
Are interested parties starting the rumors hoping to force the hand of the Fed into yet another interest rate cut?
If the former: Well why the **** are you meeting in the first place.If the later: Great, the same shmucks who got us into this subprime mess in the first place are manipulating the Fed’s policy right into their greedy pudgy hands.
Or it could just be the whole economy has been FUBAR for a while and nobody gives a damn about setting forth a responsible economic policy…
I have to wonder why the Consumerist spends so much more time on “shrinking packages” articles and the like while we get only see line reporting one of the greatest consumer scams of the decade.
The Fed’s monetary policy in effect is stealing from anybody with a savings account. Lowering interest rates raises inflation which devalues any cash or near cash accounts.
Not only that, their constant meddling in the economy worsens the boom and bust economic pattern.
Consumers deserve to understand the complex yet very real harm the federal bank’s actions creates for every day people. It’s too bad the site dedicated to exposing this harm either doesn’t understand or doesn’t bother explaining the issues.
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