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December 20, 2019 10:33 pm  #1

City life: Bank rates & skyrocketing costs

"The trick has worked because central banks pushed interest rates to zero, lowering the costs of borrowing more as costs continued spiraling higher."But that trick has been used up. The next step–negative interest rates–has failed to spark the “growth” required to pay for insanely overpriced housing, healthcare, college, childcare, government, etc.

We’ve reached the end of the line on lowering interest rates as a way of borrowing more to keep our heads above water. We’ve reached the point where households and enterprises can’t even afford the principle payments, i.e. no interest at all.

How are banks supposed to make money at zero interest rates? By charging outrageous overdraft fees and offering marginally qualified borrowers sky-high credit cards, and getting in on the federally guaranteed mortgage/student loan racket, that’s how."

Not only that, our bank charges each and every depositor a $2 monthly fee.  Well, granted, that doesn't sound like much, but take that $2 and multiply it by about 45,000 or so and that's a pretty tidy sum they take in every month.  They really shouldn't be allowed to charge people who are living on social security this monthly fee, but so far they are getting away with it - - and have been doing so for the past 10 years or more.  That is just wrong, but just TRY to get them to stop.  I've contacted everyone I can think of about this malfeasance, but to no avail.  Which only goes to show, banks (etc) can do just about whatever they want to do and we have nothing to say about it.

Keep reading, it's good stuff for the most part.

A government which robs Peter to
pay Paul can always depend on
the support of Paul.
-- George Bernard Shaw

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