Between a Rock and Oh Crap

By James | May 26, 2011

The Bernank

The other day, I decided to login to my ING Direct savings account. While putzing around in there I noticed this near the top my screen “Current Annual Percentage Yield: 1.00%”.

The first thing that popped into my mind was “The Bernank” video. If you don’t know what I’m talking about then please go watch this animated video entitled “Quantitative Easing Explaind – What the Federal Reserve is Up to, and How We Got Here.” Go here to watch it–> http://bit.ly/kWMNks then come back here and read the rest of this blog post. It’s one of the funniest videos I’ve ever seen. And yes, I know that according to the Blogging 10 Commandments I am not supposed to send you off to a link outside my blog while reading a post, but I don’t care,… the video is THAT good. Please remember to come back though.

Anyway, seeing that piddly 1% interest rate made me wonder what the hell “The Bernank” is doing. The only way to get a decent interest rate is to buy US Treasury I-Bonds which are paying about 2.5% I don’t know about you, but I have much less faith in the US Government debt than I did just 5 years ago. If citizens ran their personal finances the way Congress runs our country we’d all be upside down on our mortgages and up to our eyebrows in debt, actually that’s not right, we’d each be buried under our own personal “Mt. Everest” of debt. It’s ridiculous and there is no excuse for it.

I wish somehow the entire congress could be purged, (except for may Paul Ryan and few others) and we could start over with fresh minds that haven’t been jaded by years of political posturing and nonsense.

But I digress, The Bernank has taken us to a point where the only way to get a reasonable return on your money is to invest in Government Bonds. Does that sound fishy to you? Sounds like something out of the Sopranos. Tony Soprano(The Bernank) while holding a gun to your head, “Yeah, you got a choice, my bank or, uh …. my bank. Go ahead you choose, tough guy.”

Thanks a lot, Bernank!

Sorry for the ranting in this post. It was supposed to be informing you of a way to get 2.5% interest on your money but turned into, well, THIS.

Anyway, enjoy the long weekend!

If you’re reading this and you are current or former military, “Thank You For Your Service To This Great Country!”

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