Posted by SLS on April 13, 2014, at 13:40:21
In reply to Re: taxes » baseball55, posted by Phillipa on April 12, 2014, at 20:51:38
> One minor illness not covered by insurance would wipe my meager savings out and take the house. I think my money even though not much is safer with me. I never have trusted banks. Phillipa
I remember when I worked for a bank in the early 1980s. A certificate of deposit (CD) would yield over 12%. A lousy savings account was 5%. People bought houses. Businesses didn't fail. There were no sweeping layoffs. The stock market didn't crash. It wasn't until the actions of Reagan and Volker and their "voodoo" false economy took hold that the market crashed in 1987 and led to a major recession. It took Clinton a few years to dig us out of that hole. It is no coincidence that the same thing occurred in 2007 under Bush's watch that Greenspan's Fed artificial interest rate policies caused us so dearly:
http://www.nytimes.com/2008/10/24/business/economy/24panel.html
- ScottSome see things as they are and ask why.
I dream of things that never were and ask why not.- George Bernard Shaw
poster:SLS
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URL: http://www.dr-bob.org/babble/social/20140312/msgs/1064164.html