Panic of the Plutocrats

Re:Panic of the Plutocrats by smoyer on Monday October 10, 2011 @01:33PM (#3094840)

Well stated ... and you really have to be careful defining wealth creation. I view most of Wall Street's activities as sucking money out of the wealth creation stream as if flows by. (I won't even claim that the investment banks are the only ones stealing from other's hard work ... where is the interest on my savings account? It was 5.25 percent when I was younger).

And before I get completely flayed by the big company supporters, I'll also state that I don't have a problem with money lenders and brokers making a living ... but what we're watching today is flat-out usury.

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Re:Panic of the Plutocrats by jerf on Monday October 10, 2011 @01:52PM (#3094920)

"where is the interest on my savings account? It was 5.25 percent when I was younger."

It's very related to the interest rate set by the Fed, which is very low right now.

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Re:Panic of the Plutocrats by smoyer on Monday October 10, 2011 @02:01PM (#3094979)

That may be true right now, but it won't be going back up to rates like that until there's a severe cash shortage. Now that banks have accustomed us to receiving a pittance on our nest-eggs, they'll keep the spread as profit before increasing interest rates.

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