Posted 1/10/2019 07:07 (#7234122 - in reply to #7233784) Subject: RE: Question about incomes- govt shutdown
Boone Co. Iowa
There was a time when banks were interested in getting people to have savings accounts. "Saving" for a rainy day was encouraged and banks were structured to reward savers.
Nowadays, banks would prefer to lend money rather than encourage saving. I tried to buy a pickup truck with cash this past year, for the "discount" I had to get a loan through GM Financial. Paid the interest 3 months then paid off the remainder.
Most incentive structures favor debtors and hurt savers. If you have a "good" job, it makes more sense for folks to be in debt.
In the short term, we are borrowers. In the long term, we are all dead.
Easy to complain, but how many folks were "counting" on the Donnie Dollars once they were announced?