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Subject Savings accounts and the Fed

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[quote:Anonymous Coward 19522042:MV8xOTYxMjAzXzMyOTAxODEzXzQ4QjgxQ0U5]
[quote:JesseDart:MV8xOTYxMjAzXzVGQUI2RDJG]
When I was a kid (70's) I remember having a savings account that actually paid pretty well. It was like 7-8% interest annually and we were taught by our parents that it paid to save your money.

Fast forward 30 years, and the longer you have your money in the bank at today's rates, the more you lose.

My question is this, what changed? Was legislation passed that allowed banks to borrow directly from the Federal Reserve at ridiculously low rates or something?

I'm hoping somebody knows because this is something that has bothered me for years and I can't seem to find the answer.

Anyone?
[/quote]

What was the inflation rate back then?
Chances are the inflation rate was higher than your interest on savings, and you were not paying the  mortgage and grocery bills as a kid. 
 We are in a rigged, Ponzi economic system where the economic
indicators are manipulated. Libor rate comes to mind.

When food and fuel are not calculated in the inflation index, that is a rigged system.

Money printing --that is a rigged system.

John Corzine -- not in jail, proves the criminals are in charge.
[/quote]

Original Message When I was a kid (70's) I remember having a savings account that actually paid pretty well. It was like 7-8% interest annually and we were taught by our parents that it paid to save your money.

Fast forward 30 years, and the longer you have your money in the bank at today's rates, the more you lose.

My question is this, what changed? Was legislation passed that allowed banks to borrow directly from the Federal Reserve at ridiculously low rates or something?

I'm hoping somebody knows because this is something that has bothered me for years and I can't seem to find the answer.

Anyone?

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