Tuesday, April 13, 2010

A Strengthening Economy??????

I think I am catching on as to why I haven't noticed things improving. The standard of strength isn't gauged by the people, it's gauged by the power brokers and they appear to be gaining strength. I'm going to use a personal credit card as an example. I am not saying Target National Bank was in on the TARP, but I see a definite strengthening in the past 5 years. Let me explain. When we were moving in the summer of 2005, Target had an introductory offer of 10 or 20% off the in store purchase if a person applied for their credit card which offered an introductory rate of 7.9%. Since we don't carry a balance on a credit card, we figured it was an instant savings. Not to mention there was some sort of points system which afforded other discounts along the way. At any rate . . . We signed up and got our instant discount and within a few short days, received our cards in the mail. Now at that same time, our CD's in the bank were earning over 3.5% on short term CD's. Clearly, by the fact that the terms were short, change was already in the making, yet here in 2010 we can all see that with hind sight. Now, back to our strengthening economy. Now that our President and current Congress have saved us from our stupid selves once again, the credit card statement gives a great many new details. And of course, before the new laws took effect, they really ratcheted up the interest rates. Fortunately, we still do not carry a balance, because after 5 years of never being late and paying the full balance, we have earned the great rate of 20.24% interest on our credit card. But that's not all I have to report about our strengthening economy. My 2% Passbook Savings Account is paying better interest than a 2 year CD. And so I ask, where's the strength? Is it in the unmitigated gall of these credit card companies, some of which are still in business due to our tax dollars. Or is the strength in the superior attitude of Congress that spends their days looking for new ways to call their constituents, idiots, and hope we're not offended. Maybe the strength is in the debt ridden lending industry itself, as it partners with the government to own all our houses and land. Maybe the strength of the economy lies in the coffers of the politicians as they are touched by the warm embrace and deep pockets of the lobby. If other cards and banks reflect what I'm seeing in mine, I see a real strengthening against an already weakened and exhausted public.
"Let there more work be laid upon the men, that they may labour therein . . ." words of Pharaoh as quoted in Torah of Holy Scripture
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