The American Spectator : FED TO SAVERS: DROP DEAD: "A few days ago I received my monthly statement from Fidelity Investments, where I keep some of my retirement savings. It told me that the cash I keep in a money market account there is earning an annual rate of interest of 0.01%. Yes, that is one one-hundredth of one percent.
I have enough cash in that account to buy a fancy new car or take a glorious long vacation but it earned me the grand sum of 43 cents in interest in the month of July. I might as well have the cash buried in a coffee can in my back yard.
What this tells me is that our economic policy-makers in Washington don't give a damn about savers. The Federal Reserve is holding short-term interest rates to near zero in a monetary policy that could be reduced to a headline like one that became famous back in the 1970s: FED TO SAVERS: DROP DEAD.
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