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We’ve Been ZIRPed
Weekly Standard, by Andy Kessler
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Original Article
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Posted By:StormCnter, 12/20/2012 5:09:33 AM
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| Father-son talks are always difficult, but it was time to teach my teenager about how things work. I dragged him to our local branch of Wells Fargo and opened a checking account with ATM card privileges and a savings account where he deposited his hard-earned umpiring cash. Having worked on Wall Street for 25 years, I stroked my chin and provided some sage advice: Checking accounts don’t pay interest, so keep your money in the savings account and just move it to checking when you need it. None other than Albert Einstein, I noted,
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Reply 1 - Posted by:
bunsen, 12/20/2012 5:21:31 AM (No. 9075590)
Help your son join a credit union. Just about everyone qualifies these days. Commercial banks are for chumps.
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Reply 2 - Posted by:
shamus, 12/20/2012 5:59:04 AM (No. 9075615)
Pension funds are being damaged by ZIRP. It´s possible that ZIRP will exhaust the Social Security Trust Fund a decade before current projections. Life insurance companies are leaving the annuity business for the same reason.
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Reply 3 - Posted by:
Attercliffe, 12/20/2012 7:04:47 AM (No. 9075700)
This is why A and I have been spending a considerable sum on essential clothing and shoes to last us for the next several years, rather than let the money sit and shrink with prices going ever higher.
I keep thinking of a list of things to have in case of disaster written by a Sarajevo survivor. Wow! I ran it down after all this time!
Toilet Paper. After awhile, even gold can lose its luster. But there is no luxury in war quite like toilet paper. Its value is greater than gold´s.
There´s a site called TheStrongWatchman. Just type "Sarajevo" in the blank box, top right. You should find the list as the 2nd item down. If oyu have time, look to the left and click on "Disaster Preparation."
Yeah, I think a couple of cases of Scott toilet paper might be in order.
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Reply 4 - Posted by:
MOBeef4u, 12/20/2012 8:14:32 AM (No. 9075826)
Okay, three things:
1. Is anyone else getting a little tired of the acronym explosion. It is becoming increasingly annoying having to figure out what is being talked or written about when it´s all comprised of capital letters.
2. The authors ire seems predicated on the fact that the overdraft fees on the son´s account outpaced the interest paid. And that´s the bank´s fault?
3. It´s been a long time since bank account interest, even on CDs, has kept pace with inflation or the need for growth. That´s why millions of small investors decided to copy the "big boys" and invest in a well-balanced portfolio of stocks, bonds and cash instruments. It works. Sure there is some risk involved, but no risk, no reward and it can be managed to a greater or lesser degree depending on your time horizon.
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Reply 5 - Posted by:
Brittany, 12/20/2012 8:22:01 AM (No. 9075840)
You mean that this WSJ insider didn´t check to find out the minimum balance on the checking account when it was opened? Never had an overdraft cause I kept my eye on that until I got senior account with no minimum
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Reply 6 - Posted by:
heartlandconservative, 12/20/2012 9:57:03 AM (No. 9075998)
None of this mortgage debt money even exists, the illusion that it does came out of thin air when the paperwork was signed. This is all part of the giant rip off known as the federal(it ain´t part of the government)reserve(there ain´t no reserve)bank(it ain´t no bank).
It just keeps getting worser and worser.
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