Jan
30
I’m Not A Popular Guy Right Now
Filed Under Business Ideas, Resources, Principles, etc., Freedom, Government, Politics, etc.
After a Personal Management class at the University of Scouting that I took my 11 year old scouts to last Saturday, I asked the instructor (who works for a local bank) how he advises the people in his bank when the dollar is loosing so much value and Bernanke dropped the interest rate again to help the stock market.
He said, “when I have little old grandmother’s who were getting 5 percent interest on their life savings coming into the bank and finding out that they get 2 percent, I’m not a very popular guy right now. These folks were barely making it as it was.”
Imagine that. Hard-working Americans who aren’t free-riding on the government, who’ve saved, who are now in their later years…and they’re savings are vanishing through their fingers. All so that we can shore up against the consequences of bad decisions by the Federal Reserve Board in the past. I couldn’t have painted a better picture how irresponsible policies to “stimulate the economy” hurt the poor.
This banker friend of mine, said, “2008 may be one of the most difficult years we’ve seen in a long time.” I fear he is correct and now wouldn’t be surprised if Bernanke does it again.
Comments
3 Comments so far
It not “All so that we can shore up against the consequences of bad decisions by the Federal Reserve Board in the past.” It is also so we can shore up against greedy banks hoping to make lots of money off people who had already trashed their credit and so we can shore up against against people who bought way more house than they can afford. Of course you have to take it out on the people who have been responsible with their money – they are the only ones who actually have any.
[…] Neal Harmon: I’m not a popular guy right now […]
Wow. I couldn’t agree more.