Founder, CHIPPEWA PARTNERS, Native American Advisors, Inc. A White Earth Chippewa he's helped Natives for decades. Raised conservative, he trained on Wall Street in 1982/83, met game changer William O'Neil in 1984. In a world on a dopamine, hypomanic binge, this is his take on financial chicanery, political crime, Native issues and life well lived. Written from the trading turret at his MT Ghost Ranch or TN farm, Pamelot.
Wednesday, April 05, 2017
Your bank paying higher interest?
So, you walk into your friendly bank, smile at your friendly teller and ask if the bank is going to be paying higher rates of interest on YOUR MONEY now that the FED has raised interest rates a couple of times since Donald Trump's election, (all obvious political moves since Janet Yellen met with Obama). She puts a sweet smile on her face and if she's honest, replies, "I don't think so". Happens every day across the land.
It's more of the same with the paltry returns that our FEDERAL RESERVE has provided in money-market funds. In an era of peak debt,with zero interest rates, it's created an enormous incentive for Wall Street to gamble more recklessly. Margin debt is at all time record levels. Janet Yellen is a tool like Ben Bernanke to keep the bankers running wide open. It is disappointing for older retired Americans who have worked so hard to earn and then have to pay tax on funds in the bank to find leeches at the FED keeping rates artificially low.
Most Americans don't understand that the Federal Reserve is as federal as FedEx. Its creation was intended to enrich the few at the expense of the many. A mere 9 years ago, the Fed turned on the printing press and manufactured trillions to bail out the reckless, irresponsible, racketeering, price fixing, money laundering, uber leveraged, derivative infected, systemically fraudulent too-big-to-fail bankers that should have been allowed to fail and cleanse the system. Their actions will allow banks to suck the blood out of the economy for the next 100 years. Watch it in action today with our anemic growth and the lies and distortion coming from government statistics. At the height of the financial crisis, Fed overnight
interest rates were at an emergency level of .25%. Eight years later after a
“tremendous” economic recovery, Fed overnight interest rates are still at an
emergency level of .75%.
So with that out of the way, I feel better, truth is good. Did I miss anything?