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1.15% 15-month CD......

fairsheet

Senator
That's an ad that keeps popping up on my screen and truth be told...it ain't that bad a deal these days. Of course this DOES put the lie to the "Cut,Slash,Austerians" and their sisters - the gold shillian hyper inflationists.

But....but..but....Everyone of a "certain age" remembers when "pass book" savings paid 5%. We all..of "that certain age" remember our parents telling us that if we kept $1 in that account - a year later, we'd have $1.05 without doing anything! It was "free money"!

Of course for a kid....a dollar in hand vs. an extra nickel in a year, was a tough sell. But hey...at least we took that "free money" idea forward - when we had bigger bucks. What's a parent to do today? How do you tell a kid that if she puts $1 in the bank - after a year, she'll have earned a godamned penny?.....probably less even, than our historically low inflation rate?

I'd like to see our guvmint - subsidize if necessary - a passbook savings regime for kids under 18, that guarantees a 5% return. And sure...5% sounds fiscally arbitrary - and it is. But...it wasn't "arbitrary" back in that day. Sure...it may've fluctuated from 4-3/4% t0 5-1/4%....but parents and we kids always had 5% as our foundation.
 
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