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Federal Reserve's Latest Press Release says to start saving CASH for a 'rainy' Day

 
flim flam
User ID: 17942575
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09/19/2014 09:10 AM
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Federal Reserve's Latest Press Release says to start saving CASH for a 'rainy' Day
Yet for lower and middle income families, financial assets, including 401 (k) plans and pensions, are still a very small share of their assets. According to the 2013 survey, the bottom half of families by income held only 8 percent of all financial assets held by households.

A larger lesson from the financial crisis, of course, is how important it is to promote asset-building, including saving for a rainy day, as protection from the ups and downs of the economy. I surely hope that our nation will not face another crisis anytime soon as severe as the one we recently experienced. But for many lower-income families without assets, the definition of a financial crisis is a month or two without a paycheck, or the advent of a sudden illness or some other unexpected expense.


So there are a lot of gems in this speech by the reserve's Janet Yellen. Says "majority" of American households couldn't afford an unexpected $400 expense, that people should save for a "rainy" day, that she hopes America doesn't face another crisis...it's really disheartening.

Amidst the stock market soaring to unseen new heights, one would expect the new ring leader of QE∞ would present with a little more luster.


[link to www.thewestwire.com]
Anonymous Coward (OP)
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09/19/2014 09:11 AM
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Re: Federal Reserve's Latest Press Release says to start saving CASH for a 'rainy' Day
bump
Revbo™

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09/19/2014 09:14 AM
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Re: Federal Reserve's Latest Press Release says to start saving CASH for a 'rainy' Day
Didn't the Fed just say, like a week ago, that the problem with the slow "recovery" was families are hoarding too much money? I mean, it's a joke to suggest that families saving money is harmful to their bogus economy, but to come out a week later and contradict themselves is even more of a joke. What do you want from us, Yellen?! Doesn't matter, anyway. Hardly anyone can save money these days, whether Yellen wants us to or not.

Last Edited by Revbo™ on 09/19/2014 09:14 AM
John 8:32

And ye shall know the truth, and the truth shall make you free.
Revbo™

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09/19/2014 09:16 AM
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Re: Federal Reserve's Latest Press Release says to start saving CASH for a 'rainy' Day
Didn't the Fed just say, like a week ago, that the problem with the slow "recovery" was families are hoarding too much money? I mean, it's a joke to suggest that families saving money is harmful to their bogus economy, but to come out a week later and contradict themselves is even more of a joke. What do you want from us, Yellen?! Doesn't matter, anyway. Hardly anyone can save money these days, whether Yellen wants us to or not.
 Quoting: Revbo™


Sure enough.

[link to www.cnbc.com]

Fed: US consumers have decided to 'hoard money'

wtf
John 8:32

And ye shall know the truth, and the truth shall make you free.





GLP