No Recession

[Reloadron]

Originally Posted by azianai

Yeah if you look at even the CD rates, they are half of what they were 6 months ago. Now to open a 9 Month CD you're lookin at 2.5%, I opened mine last july for 5.3%

Personally, I never buy CDs, however about 6 months ago we invested in one. We knew this year we would be facing a large tax burden so we invested in a 6 month CD for 25K. Yeah, we hit about 5.25% on it. Today the same CD would yield about 3% depending on bank.

Now you let the fed drop the rate again (which they likely will) and that same CD will yield 2.5% or less that today is yielding 3%.

What really pisses me off is that the banks (in general) get real stupid driven by greed and now all of this somehow has become my problem? I think not!

Ron

[screwballl]

well yeah it started out at $800 per person and now the democrats have added so much porkbarrel and unneeded junk to it and changing it so that people making $150K or lower get it too. Before it was anyone below $75K... they added the redundant "senior" addition which a majority of them are already below $75K.... it was fine the way it started but the grubby dems had to add all this extra crap so what we do get back is pretty much worthless to helping the economy... another way of "blaming GW" for the state of the economy and not doing enough to help fix it

[Reloadron]

I said it before and I will say it again:



There is no way in hell the proposed "economic stimulus" package is going to stimulate anything. That is short of affording some a warm fuzzy feeling. Sooner or later someone will have to pick up the tab and I smell a screwing.

Much as Capper has said over and over, "we are in deep doo doo" and it is getting deeper.

Ron

[Capper]

Ron, I think the real problem are these crap "financial news" shows like Neil Cavuto, who go on and on about everything being fine....ignoring the obvious issues......its no problem, they drop the subject for a few months until the sheep that populate this country get distracted by something else, then they sit there and try to tell you they had it right all along.

[Jokerswild]

The whole idea that even a couple thousand dollars per person will revive the economy is stupid to start with. There needs to be permanent solutions not temporary bandages to fix things. To blame the democrats or the republicans is wrong since the idea is wrong to start with. Fix the problem don't try to prolong it with temporary fixes.

[Capper]

They are banking on people getting that check and blowing it on disposable goods......but even so, how is such a small, short term fix going to boost the economy? More likely, people are going to get that check and put it towards a credit card bill or put it in savings because of the state of the economy.

[PrOLifIC_onE]

True. That really doesn't make much sense to me either.

[screwballl]

most people are sheep... if a good portion of them are in credit card debt or spend without thinking as is, then this money will come to one hand and be released in the blink of an eye back into the economy. The money will not likely go for a credit card bill or something smart like that.

[Capper]

The thing is Mike, you have to put the 2+2 together........its gotten to the point where people can't really ignore the problems, and have to make changes.....now that credit card companies and lending organizations are tightening their belts, these people who borrow endlessly have nowhere to go...other than maybe to a check cashing place.

People have had options the last couple of years.....run up one credit card and you could open another and transfer the balance.....get too far behind and take out a mortgage, etc......with these options drying up, people are being forced to adopt some fiscal responsibility.

I'm not perfect, HL has started and run off a credit card, it put me in a hole thats meant some serious concessions on other things in my life....it happens.

[Jokerswild]

It will take better paying jobs and thats not happening since companies are laying off workers now. Wish I knew the answer but thats what all the politicians and financial wizards we have are suppose to have and they don't seem to be coming up with any. Lets see Canada is close I suppose a move might help.