The FED- A ship of fools

[GFB]

If you believe that intest rates, the price of borrowing money, should be dictated by the centeral bank rather than by the marketplace, you are advocating Socialism where prices are dictated by the govt.
Of course only a dipwad would point that out.

Yet, you advocate that Congress should regulate or set interest rates.

I don't advocate for the Fed, I simply don't fight them, and realize that they are far a better choice than having Nancy Pelosi and Harry Reid dealing with it.

[planosteve]

If you believe that intest rates, the price of borrowing money, should be dictated by the centeral bank rather than by the marketplace, you are advocating Socialism where prices are dictated by the govt.
Of course only a dipwad would point that out.

Yet, you advocate that Congress should regulate or set interest rates.

I don't advocate for the Fed, I simply don't fight them, and realize that they are far a better choice than having Nancy Pelosi and Harry Reid dealing with it.

I have never ever argued that interest rates should be set by anything other than market forces. The same as the price of anything else. You seem to believe they should be dictated. That is Socialism.

[GFB]

If you believe that intest rates, the price of borrowing money, should be dictated by the centeral bank rather than by the marketplace, you are advocating Socialism where prices are dictated by the govt.
Of course only a dipwad would point that out.

Yet, you advocate that Congress should regulate or set interest rates.

I don't advocate for the Fed, I simply don't fight them, and realize that they are far a better choice than having Nancy Pelosi and Harry Reid dealing with it.

I have never ever argued that interest rates should be set by anything other than market forces. The same as the price of anything else. You seem to believe they should be dictated. That is Socialism.

If you argue for no Federal Reserve..you argue for Congress to do their job..whether you know it or not.

[planosteve]

If you argue for no Federal Reserve..you argue for Congress to do their job..whether you know it or not.

Congress has no authority to manipulate interest rates. And I'm not aware that they did so before the FED was established. The FED
manipulates interest rates to transfer wealth from those who have money to loan to those who don't. This in large is how the rich continually get richer and everybody else is screwed.

[GFB]

You just contradicted yourself.

[GFB]

The FED manipulates interest rates to transfer wealth from those who have money to loan to those who don't. This in large is how the rich continually get richer and everybody else is screwed.

You want to rethink that one?

[planosteve]

The FED manipulates interest rates to transfer wealth from those who have money to loan to those who don't. This in large is how the rich continually get richer and everybody else is screwed.

You want to rethink that one?

Not at all. All you have to do is look at the interest banks pay the FED to borrow money, practically nothing, and the interest that they charge on loans. It's a racket.

[planosteve]

Here is a good explanation of the fraud committed by the banks when they loan you money. This is an interview of James Corbett where he explains the fraud on RT.
http://www.corbettreport.com/interview-959-james-corbett-breaks-the-set-on-the-federal-reserve/comment-page-1/#comment-13840

Corbett's recent excellent documentary on the FED "A Century of Enslavement" was free on line to watch when I first mentioned it. Now you will have to purchase the DVD. Well worth the price.

[GFB]

The FED manipulates interest rates to transfer wealth from those who have money to loan to those who don't. This in large is how the rich continually get richer and everybody else is screwed.

You want to rethink that one?

Not at all. All you have to do is look at the interest banks pay the FED to borrow money, practically nothing, and the interest that they charge on loans. It's a racket.

You said wealth is being transferred from the rich to those that aren't..and that's how the rich get richer.

Why don't you first decide if you wish to complain about wealth transferring from successful people to losers...or, if you'd rather complain about the rich getting richer.

[planosteve]

My wife got an annual CD renewal note from a bank in Kansas. Last year it paid 1.75% interest. If renewed it will pay .8% next year.
More than a 50% decrease in interest in 1 year.

[John in Plano]

Better rates are available.

[GFB]

My wife got an annual CD renewal note from a bank in Kansas. Last year it paid 1.75% interest. If renewed it will pay .8% next year.
More than a 50% decrease in interest in 1 year.

I have no CDs, but when I did, I don't think I ever renewed at the same bank after it came due. I always ended up transferring it to other institution that offered a better rate.

[planosteve]

My wife got an annual CD renewal note from a bank in Kansas. Last year it paid 1.75% interest. If renewed it will pay .8% next year.
More than a 50% decrease in interest in 1 year.

I have no CDs, but when I did, I don't think I ever renewed at the same bank after it came due. I always ended up transferring it to other institution that offered a better rate.

I doubt the difference would even be worth the effort. I got a monthly notice of interest on a small savings account that the interest was .35. They charged me .50 for the statement.