Watch Sheila Bair's Shameless PSA: Skip Starbucks And Give More Money To The Banks
Flashback to earlier this Spring.
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In honor of Sheila's resignation announced a few hours ago...
Video - Sheila Bair for FDIC's "America Saves Week" - Feb. 22, 2011
Sheila's Message: Skip Starbucks And Give More Money To The Banks
This might be the saddest, most ridiculous and infuriating public service announcement since Bert the Turtle's "Duck and Cover." For "America Saves Week," Sheila Bair tells Americans to try to sock away just $10 per week.
"Here's what's amazing," Bair says, "... even if it earns only 1% interest, you will have more than $2,600 in five years and more than $11,500 in twenty years." Ok, let's see how that works out...
- $10 x 52 weeks x 5 years = $2,600
- $10 x 52 weeks x 20 years = $11,500
Wow, Sheila, that is "amazing." In a bygone era, banking officials used to talk about the "wonders of compound interest," but with the Fed holding rates at ZERO, the interest earned on your savings account isn't even worth calculating. And Sheila doesn't even bother. That's amazing. Folks, forget FDIC insured bank accounts, you may as well bury your money in a plastic sack in your back yard.
Here's what an ordinary savings account will earn at today's rates...
1.11% doesn't even make up for inflation -- not even close. Just take a look at gas prices over the past 12 months:
Or how about food prices?
America Saves...??? We should just rename it "America Saves the Banks Week," because that's what it is. Artificially low interest rates are for the benefit of the banks, who can take free money from the Fed and then turn around and "invest" it in Treasuries (which we pay off with our tax dollars), or speculate in commodities like oil and food, which we pay for in the form of higher prices at the pump and at the grocery store.
Of course, if we're being honest, we have to acknowledge that every week is "America Saves the Banks Week." We now know that we subsidized the banks in 2010 to the tune of $130B in bonuses. Yet here we have FDIC chair Sheila Bair telling Americans to skip their afternoon snack or brown bag their lunch so that they can give the banks an extra $10 with which to drive up the price of oil, food and other commodities. When ordinary Americans are dealing with the nuclear fallout from the bankers' fraudulent debt bombs, Bair's advice isn't just insulting, it's the financial equivalent of "Duck and Cover"...
Duck And Cover (1951) Bert The Turtle Civil Defense Film
Reader Comments (34)
Thank GOD we have the following groups to lobby/elect our government officials and fight those stupid government workers:
the military industrial complex
the banking lobby union
the Mexican government
the oil industry
Wall Street (nuff said)
All groups that are intertwined with the Republican party.
BYE BYE Middle Class workers
Geithner’s Gamble
http://www.opednews.com/populum/linkframe.php?linkid=127631
[snip]
Geithner is a very smart and experienced public servant. His views concerning the future of finance will help shape what happens. And that is why we are headed for trouble.
Says who? Tim Geithner grew up in Asia and majored in a U.S. college in Asian Studies.
"Very lazy" would seem to fit better, no?
Regardless, we are most definitely headed for trouble.
Chairman Bair has - #1(obviously been kidnapped by the banker parasites and brainwashed into trying to suck the last of the cash out of the middle class) or - #2 (She is a complete idiot.) I'm going with #2.
Most of my friends have been eating lunchmeat and peanut butter sandwiches with water at lunch for two years courtesy of those parasite banker buddies of hers.
What a pathetic bunch of bullshit!
What is forgotten is that the value of the Yankee dollar is tanking every day and the loss is greater than the interest rate given. Just wait when all the countries start dumping their reserve dollars and the Yaun becomes the new reserve currency--your investments will be worthless paper-not even as a@ss wipe :^(
Maybe she was sending out some kind of code to those in the financial know that any hope of actually seeing a return on our "savings" doesn't entail putting our money into essentially "no interest" bank accounts - but into one of the few, affordable financial investments out there right now that does provide some kind of a appreciable return - not only in the short run - but over time: Physical Silver!
Thanks Sheila for the PSLV tip. I'm now putting all of my extra fiat paper dollar "savings" into purchasing physical Silver and see its increasing real value "lining" my own pocket instead of the fraudulent bankster's that you represent and financially back.
"Silver Lining Indeed!
1. Give teenage son one less fried baloney and catsup sandwich for dinner and a .25 cent increase in his allowance.
I love Americur.
http://www.coinflation.com/
The paper Sheila, is, on the other hand, is ... uh ... shall we say ... GOIN" DOWN.
http://mattweidnerlaw.com/blog/2011/05/the-bigger-picture-the-real-truth-about-what-foreclosure-means/
Housing crash is getting worse: report
http://www.marketwatch.com/story/housing-crash-is-getting-worse-2011-05-09
Foreclosures Trapped by a Lack of Lawyers
http://online.wsj.com/article/SB10001424052748703703304576300151691529610.html?mod=dist_smartbrief
Huffington Post: Time to Audit the Fed
http://www.huffingtonpost.com/rick-sanchez/its-time-to-audit-the-fed_b_858702.html