I wrote this post 2 years ago and it seems to me that…Here’s what’s wrong with everything…still.
Banks can borrow money from the federal government at less than 1% interest. 0.75% to be exact.
Can you? Nope. You can borrow it from the banks at about 5 times that rate, if you’re lucky, wealthy or not a student looking to get an education.
Banks already have your money and pay you less than 1% interest to do whatever they want with it…including putting it in places that it doesn’t belong…and then losing it!
As if that should even be possible. And banks only have to keep 3% of our money on hand in case we ask for some of it back.
And why do banks who have our money to play with… basically for free… need to borrow money from the feds anyway?
How much does the bank charge you to: write a check? Make a withdrawal at an ATM? Take out a home loan? Take out a student loan? Take out an equity loan? Pay interest on credit cards? Close an account? Receive a paper statement? Use a human teller??? …and all at a place that has your money to begin with?
This is not how it used to be and Can anyone explain why this is how it is now… and how these policies will lead to a better future for you or your children or your communities? (I am assuming you don’t own a bank)
I…continue to… welcome all thoughts, insights and explanations.
