FDIC Calls Upon Consumers to Save and Build Wealth

[Robbien]

Source: FDIC Press Release

The Federal Deposit Insurance Corporation (FDIC) is calling upon consumers across the nation during America Saves Week to consider establishing a basic savings account or boosting existing savings. FDIC Chairman Sheila Bair said, "One fundamental lesson of the financial crisis is that savings can help families withstand sudden changes in their economic well being. Establishing a savings account in a federally insured institution is a great first step to build wealth and begin a savings habit that will last a lifetime."

Read more: http://www.fdic.gov/news/news/press/2010/pr10035.html

---

Now the banksters are having the FDIC pimping for them.


Edit: IMO, the FDIC labeling all American citizens "consumers" is degrading. We are citizens. Consuming is only an activity.

[Bluzmann57]

1. Um...well...yeah

I'd certainly like to be able to save large amounts of money, but quite frankly, I just don't see it right now. There is a little thing called life which gets in the way of that goal.

[Warpy]

2. Why, if I'd started saving a couple of thousand dollars a year

when I was 20, I'd have plenty of money to retire on right now. Unfortunately, I barely grossed over a couple of thousand a year when I was 20 and would have had to do without food, shelter, clothing, transportation, medical care, and even paying my income and payroll taxes in order to do that.

Bankers just don't think in those terms, do they? They never seem to realize the problem might be depressed wages, do they?

This is why bankers can never be part of the solution, although they've been a dandy part of the problem.

[msongs]

3. yeah now that banks are paying less than 1/2 of one percent interest on savings lol nt

[Art_from_Ark]

10. And at that rate, you could double your money

in about 200 years! Provided, of course, that it's a bank that doesn't penalize small savers!

[Statistical]

23. Well due to the joys of compounding it would "only" be 138 years.

Other years to double at various interest rates:

1.00% 69.6
2.00% 35.0
3.00% 23.4
4.00% 17.6
5.00% 14.2
6.00% 11.9
7.00% 10.2
8.00% 9.0
9.00% 8.0
10.00% 7.2
12.00% 6.1
14.00% 5.2
16.00% 4.6
18.00% 4.1
20.00% 3.8
25.00% 3.1
30.00% 2.6
35.00% 2.3

[defendandprotect]

20. What they're paying on $1,000 vs what it costs to borrow it is CRIMINAL and Congress...

has permitted this to go on -- and on and on -- !!

[melm00se]

4. either people have more disposable income

than you think or they are sacrificing to save more.

The personal savings rate rose to 4.6 percent in 2009 from 2.7 percent in 2008, according to the U.S. Department of Commerce.

[Robbien]

6. Paying down debt

or having debt forgiven in bankruptcy is classified as "savings" in government speak.

Funny how that works.

[DebbieCDC]

5. "Build wealth"???

:rofl:

[RUMMYisFROSTED]

7. Translation: "We'd like to ding you without you even doing shit."

:patriot:

[Mari333]

8. what world do these maggots live in???

someone needs to toss them a fucking clue

[superconnected]

9. So the banks can loan it out as 75% interest credit cards.

Honestly, that's what they do with the money in people's savings accounts.

This is like the bush admin admonishing people for not having jobs when there are no jobs.

Who was this written by, Barbara Bush?

People with 10's of thousands in savings have spent it now after living off of it for a few years because they couldn't find jobs. People without extra money coming in, do not have money for savings.

[customerserviceguy]

11. While the wording is clumsy

the concept is sound. Too many people piss away every dollar they ever make without saving anything for a tough patch.

Had a friend last week who had to borrow twenty bucks from me and another co-worker, just so he wouldn't bounce a check. I'm working with him to help him get out of debt, and build up a bit of a reserve.

It's not bad advice.

[dixiegrrrrl]

12. I can save a little every month.

But it won't be in a bank.
Take THAT, FDIC.
Our money is not going into the system to be used for free, not any more.

[high density]

13. Save and earn zero percent interest

While the banks take megarisks, earn hand over fist, and then come begging for help when it collapses.

[doc03]

14. Why on earth would I put money in a savings account

that pays less than 1/2% per year?

[defendandprotect]

21. Presumably because it is at least safe there . . .

:rofl: :rofl: :rofl: :rofl: :rofl:

[Dappleganger]

15. Honestly I've made more money buying and selling on craigslist...

than in any of our bank accounts over the past two years.

[Cass]

16. We need decent paying jobs first.

I am sure most people would be thrilled to start saving or to increase their savings rate but its pretty hard to do if you're unemployed, or if your whole paycheck goes to paying the bills.

[Iowa]

17. This has all the markings of bullshit hatched at a staff meeting attended by a bunch of managers...

...with lots of free time on their hands. It probably went something like this:

A hand goes up.

Some kiss-ass says, "We need to help people understand that saving can help them withstand sudden changes in their economic well being!!!!"

Heads nod.

Manager running the meeting writes the idea on the board, while gushing over the kiss-ass.

Kiss-ass beams.

Hours of inane discussion ensues.

Meeting is viewed as a huge success.

Days two, three, and four are consumed choosing a name for the campaign.

"America Saves" is born.

Several layers of management must sign off... countless additional staff meetings must be called.

A press release is issued.

Citizens ridicule the inanity of it, and lose even more faith in their government.

[prolesunited]

18. I used to have savings

Thank goodness because it's the only reason I'm not homeless right now. Not sure what to do when they run out.

[defendandprotect]

19. Right . . .save something so that we can get bailed out again -- !!!

[avaistheone1]

22. Sweet.

How do we that when so many of us can barely make ends meet, when record numbers are without jobs, in bankruptcy and in foreclosure?

One in five people in this country is hungry...

[JVS]

24. Sounds like some banks need more money

[Purveyor]

25. My first thought when I read the headline... eom