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"Reuven is the only real victim here. Reuven did what he thought responsible Americans should do: save money. Reuven’s losing money left and right. He can’t barely keep ahead with inflation with CDs, and has to worry about banks going bust."
If you are doing better than just living paycheck to paycheck while hopelessly in debt for useless bling, you are one of the "rich" who is not paying his fair share. Don't expect any sympathy from the proles or their media shills.
"CD rates are shitty low once again. 3.5% average per bankrate ZIRP is killing me, bring back Volcker is he still alive?"
Volcker is very much alive and a strong critic of what's been going on. (Note to self - smoke more cigars.) I am still stinging from the last time rates were driven below inflation, and I'll be damned if I let myself be screwed again. I guess this is the point - money will be driven out of investments that yield a negative real return and into something else. Last time it was houses, and to a lesser extent stocks. This time it could be commodities, or (just a guess) real assets that can produce exportable commodities (farmland, timberland, coal mines).
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With the government now mounting a full-scale assault against savers by cutting interest rates, attempting to keep housing prices unreasonably high, and even handing out raw cash (do I hear helicopters?) what can responsible people do to protect what they've earned?
Some options and problems with those options:
One bright point: if you're saving to buy a house, your cash gets more valuable as house prices fall. And you get interest on top of that.
Patrick
#housing