To: President Donald Trump, The United States House of Representatives, and The United States Senate
4% 04 greater savings rates
Are you frustrated by lending your hard earned savings to banks that give you an average of one tenth of one percent for the dubious privilege so they can turn around and lend your money to credit card holders and charge those people (which may include you) 14 to 25 % interest with extra unseen charges to boot?
Are you interesting in bringing back income to expand our middle class, provide much needed income for our seniors so that they don’t have to draw down their principal or invest in a very risky stock market and encourage young people to once again save their working dollars for the future?
If you can relate to any of this, urge Congress to institute an across the board savings rate that banks have to pay their savings investors, FDIC insured, with a downward cap of no less than 4%. Stop bankers from stealing your money to invest in very risky vehicles in a Win or go Bust strategy that has gutted our economy, ruined our middle class and eroded our trust in the banking industry.
Remember that we have all invested in this reckless, irresponsible, roulette wheel type of bank speculation by giving our money to banks and not demanding something for it. Large profits are accumulated for bank CEOS and their board of directors when banks “hit it big” on wall street and huge losses are shared with us when it goes wrong and we are the very people providing the dollars for this activity.
The collapse of the real estate market, the artificial reduction in interest rates instituted by the Federal Reserve and the loss of jobs and life savings is all a direct result of Banks thinking that using our money at little or no cost to them is their right. And Banks depend on us not demanding more but being intimidated by their practices of charging high fees for checking accounts and coming after credit card holders like loan sharks when they are late on payments. And they are not lending any of this money to small businesses or homeowners without great difficulty and cost to those entities.
If Congress institutes a savings account interest of no less that 4%, it will send a message to Banks that they are using OUR money and we want something for it. Free money for Banks to use in a Casino type way is very bad for our economy and the American People. Tell Congress not to link it to the Prime Rate anymore. Savings accounts are a separate privilege that banks enjoy and presently, at our great expense. Let’s even the spread between what they take in through us- the investors and what they pay out, to strengthen our people and our economy.
Are you interesting in bringing back income to expand our middle class, provide much needed income for our seniors so that they don’t have to draw down their principal or invest in a very risky stock market and encourage young people to once again save their working dollars for the future?
If you can relate to any of this, urge Congress to institute an across the board savings rate that banks have to pay their savings investors, FDIC insured, with a downward cap of no less than 4%. Stop bankers from stealing your money to invest in very risky vehicles in a Win or go Bust strategy that has gutted our economy, ruined our middle class and eroded our trust in the banking industry.
Remember that we have all invested in this reckless, irresponsible, roulette wheel type of bank speculation by giving our money to banks and not demanding something for it. Large profits are accumulated for bank CEOS and their board of directors when banks “hit it big” on wall street and huge losses are shared with us when it goes wrong and we are the very people providing the dollars for this activity.
The collapse of the real estate market, the artificial reduction in interest rates instituted by the Federal Reserve and the loss of jobs and life savings is all a direct result of Banks thinking that using our money at little or no cost to them is their right. And Banks depend on us not demanding more but being intimidated by their practices of charging high fees for checking accounts and coming after credit card holders like loan sharks when they are late on payments. And they are not lending any of this money to small businesses or homeowners without great difficulty and cost to those entities.
If Congress institutes a savings account interest of no less that 4%, it will send a message to Banks that they are using OUR money and we want something for it. Free money for Banks to use in a Casino type way is very bad for our economy and the American People. Tell Congress not to link it to the Prime Rate anymore. Savings accounts are a separate privilege that banks enjoy and presently, at our great expense. Let’s even the spread between what they take in through us- the investors and what they pay out, to strengthen our people and our economy.
Why is this important?
My petition targets the disintegration of interest rates, as it affects the savings of the middle class and seniors who are unable to receive any real income on their savings for retirement.
My husband and I are at the point where we were going to sell our real estate and invest our monies for retirement and 1) the real estate market has lost at least 30-40% of its value and 2) there is no income to speak of in this market.
My husband and I are at the point where we were going to sell our real estate and invest our monies for retirement and 1) the real estate market has lost at least 30-40% of its value and 2) there is no income to speak of in this market.