Interest Rates

I am one of those retired people who carefully saved their money, intending to have a respectable retirement. I don't use credit cards; only my debit card. My house and car are paid for, and in actual fact I owe no money to anyone.

At the moment if one invests $100,000 in an FDIC government guaranteed certificate of deposit, the bank pays me an interest rate of around 1% or 1.5% . If you put your money into some sort of investment that is not insured and which carries significantly more risk they might pay you a rate of 3%.

I was looking at my online bank statement this morning and happened to notice the information on an old credit card that I do not ever use. If I loan the bank some money they pay me 1% or 1.5% interest. If I borrow money from the bank instead of lending money to them I pay them a rate of 24.24% Wow! Talk about a license to steal.

Anyway, this outrageous imbalance sure shows the fallacy of the Republican wish to privatize social security. Ignorant right wing bozos.

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