0.2% Interest? You Bet We’ll Complain

The headline above was stolen directly from today’s New York Times.

Gretchen Morgenson’s story begins:

Stop your bellyaching.

That was the message delivered last Thursday to Americans who today make almost nothing on the savings in their bank accounts.

Sarah Bloom Raskin

It came from Sarah Bloom Raskin, an insider at the Federal Reserve. Ms. Raskin, one of the governors on the Fed board, made the usual disclaimer that her comments reflected her own thinking. But Fed watchers said her remarks probably mirrored views inside the central bank.

The remarks, Morgenson noted, came “during a speech in Westport, Conn.”

The event was a Westport Y’s Men meeting, in the jam-packed Unitarian Church.

The next day Morgenson asked Raskin — a former commissioner for financial regulation in Maryland who also spent time as a managing director at a regulatory consulting firm in Washington, and whose parents live in Westport — for an on-the-record interview. A spokeswoman said she was not available.

So it’s clear: When it comes to discussing the economic future of the United States, the Westport Y’s Men trump the New York Times.

(To read the entire Times story, click here.)

7 responses to “0.2% Interest? You Bet We’ll Complain

  1. Jessica Bram

    Love it! Especially your conclusion.

  2. Fed Mandate:
    http://www.federalreserve.gov/faqs/money_12848.htm
    The Congress established two key objectives for monetary policy–maximum employment and stable prices–in the Federal Reserve Act. These objectives are sometimes referred to as the Federal Reserve’s dual mandate.

    Great job Fed!

  3. Don’t put your money in savings if you want a better return. The Dow is nearing 13,000 and the USA is starting its recovery. Warm weather in March in Connecticut. Jeez, even I can’t complain!!!

  4. Harrison Wilicon

    I don’t see too many people gripping about the low mortgage rates. Can’t have your cake and eat it too.

  5. Debt, Mortgage, Savings……. I’ll take the low rate, thank you!

  6. Congratulations to all at A Better Chance for your wonderful work to enrich the lives of the students and to the students who work so hard.
    I know the “new” Westport Inn will want to participate in your mission.
    Cannot wait to see all of you honored.

  7. We had very low interest rates during the Great Depression. The credit markets are signalling a very weak economy. Not good news; but the markets could be wrong.