The best deal Mr. Weisman has found is 2 percent on a one-year certificate of deposit offered by ING Direct, an online bank that has become a bit of a darling among the fixed-income crowd.
Interest on one- and two-year Treasury notes was just 0.40 percent and 0.89 percent, as of Monday. Bank of America offers 0.35 percent on a standard money market account with $10,000 to $25,000, and Wells Fargo will pay 0.05 percent on a basic savings account.
Indeed, after fees are subtracted, inflation is accounted for and taxes are paid, many investors in C.D.’s, government bonds and savings and money market accounts are losing money. In fact, Northern Trust waived some $8 million in fees on money market accounts because they would have wiped out all interest, and then some
In fact, now that I think about, you know what’ll raise the trickle down effect more? Tax cuts for the top 1%. Yaaaaarrrrrrrrrggggh.
P.S. Michael Moore suggested that this was happening in “Capitalism”, but he can be safely ignored because he is fat. And Taibbi uses the word “fuck” in his essays so his points about corporate communism can be laughed at.
