Amp Dip
Savings And Investments Can’t Continue Considering Banks’ Lowest Interest Rates Ever
U.S. consumers are cutting debt and trying to save more money. Interest rates are extremely low right now. That is mostly since the Federal Reserve is worried about the economy making a double dip. Record-low interest rates are fattening bank bottom lines. Low interest rates like these make it so banks pay less but nevertheless collect quite a bit on their loans meaning banks are making a lot. Some analysts are saying that while Fed monetary policies shore up the banks it bailed out with billions, they are an “invisible tax” on savers, investors, pensions and endowments.
Why save anymore?
Saving doesn’t matter much anymore. Savings rates are the lowest ever recorded. Savings rates being so low was pointed out in a study of July from Bloomberg by Market Rate Insight. This showed that checking, savings, money market and certificates got an average of .99 percent interest. Market Rates measured anything that was a rate or bonus paid by 1,300 banks and credit unions in the whole American country. There were more savings rates that were tracked. These were between January 2004 and July 2010. There is a correlation between unemployment and savings rates. Savings interest rates go up after unemployment goes down.
Banks make it harder to settle debt troubles
The Federal reserve is keeping interest rates at almost zero. This is helping banks but leaving average citizens out to dry. People who want to reduce debt and conserve more seem to have the deck stacked against them. Daily Markets’ Larry Doyle explained that those with fixed incomes are having a bad time with low interest rates. You do not get any money out of savings accounts. Credit card issuing banks make sure they raise interest rates on credit although it is costing almost nothing to get it themselves.
Low interest rates an invisible tax
The Fed’s interest rate policy may be part of the economic problem. The New York Times had an article by Gretchen Morgenson explaining this. Todd E. Petzel of Offit Capital Advisors told Morgenson the Fed’s interest rate policy is an “invisible tax” that costs savers and investors about $350 billion a year. He got that figure by beginning with about $14 trillion in debt issued by the Treasury at an interest rate near zero. 3 percent has been the typical rating. That is the average over time. 2.5 points is already too low. 2.5 percent of $14 trillion adds up. In fact, savers, investors, pensions and endowments will then lose about $350 billion a year. The money lost is more than 2 percent of gross domestic product and almost 3 percent of disposable personal income.
Additional reading
Bloomberg
bloomberg.com/news/2010-08-24/u-s-banks-paying-depositors-record-low-interest-rates-market-rates-says.html
Daily Markets
dailymarkets.com/stock/2010/08/24/invisible-taxes-loan-sharking-usury/
New York Times
nytimes.com/2010/08/22/business/22gret.html?_r=2 and amp;ref=gretchen_morgenson
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