Wednesday, March 31, 2010

Charles R. Schwab: Low Interest Rates Are Squeezing Seniors -

Charles R. Schwab: Low Interest Rates Are Squeezing Seniors - "Low Interest Rates Are Squeezing Seniors
The Fed's help to big banks comes at a big cost to savers."

This article just makes you sick at the greatest fraud ever put on by the banksters. Below is a good comment out of the comments section over at Zero Hedge.

With this addendum from SWRichmond:
Why didn't Schwab go just one step further?  Those hundreds of billions of dollars represented cost of borrowing to the Wall street banks.  Those now-avoided costs mean that this very real hundreds of billions of dollars have flowed, instead of to retirees as income on their hard-earned savings, directly to the bottom line of the banks.  This was enabled directly and purposefully by the banks' agent, the Federal Reserve, and its head, Ben Bernanke.  This is theft, plain and simple.  It is theft by a non-government agency and protected by the government itself. 
Definition of "conversion of funds" Fraud
improper use of somebody else's money the act of using money that does not belong to you for a purpose for which it is not supposed to be used.
It Makes No Sense
I will just tell you, there really doesn't seem to be any reason to participate any longer.  It makes no sense whatsoever to work, save and plan for the future.  
Take an example given;  A person spends their entire life gainfully employed, saves for retirement and let's just assume he has $100,000 saved up for round numbers.  Before the mess and when Bernanke took over this person could figure on supplementing his retirement with with about $5400 per year.  Now with rates low that number is $1300 annually.  This is a 76% hit in what could have made the difference in eating well or seriously cutting back on necessities.  As indicated above all this is going to the bottom line at the banks.  
Now take the person who worked sometimes, but mostly drew un-employment and welfare.  He saved nothing and generally was a drain on the public.  Now he calls himself retired and still takes from the system.  In many cases welfare and other programs actually pay more than many retirement schemes and especially if your company went bust and the PBGC seized your retirement which it doles out no where near what you earned.   
So, on this end I say, why work.  It makes no sense and you will be taxed senseless in the not to distant future to boot.
States and Localities suffering from loss in revenue are about to get really inventive in taxing you to make up the shortfall.  Tax on services such as lawn care, barber shops, pet grooming, membership in clubs and even admissions to bowling alleys are up for grabs in several states looking for ways to tax you so you won't notice.  It's going to get ugly folks and in a few years you will be luck to be able to keep 15% of what you earn. And this doesn't even consider the cost for health care.   More on this later.  

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