I can only say one thing about the title above.
GET OVER IT
I know all you Millennials and GenZers are used to getting all us Baby Boomers savings for free, but I have to inform you that is not normal. I have an account with almost $200,000 in it, and it gets about $5/month interest. It’s about time you future generations paid your own way.
When I bought my first home in 1982, it came with a 12% mortgage rate and required a 20% down payment. That was the normal for the times. I felt lucky at the time as a year later they were approaching 18%.
I know the Democrats generally want to give away as much money as they can; they think that is what keeps them in office. But, I kinda think that is the reason for the stock market panic right now. It started in 2008. At that time savings interest rates were around 5 – 8%. They started reducing interest rates to try to revive the economy. The problem is that they have since taken it to basically zero and still the problems persisted.
It’s easy for government to reduce interest rates, but infinitely difficult to raise them. That is the fundamental problem for those senior citizens like me who are risk averse when it comes to the money I spent a lifetime saving. The whims of the stock market just don’t make much sense to me, so I avoid putting my hard-earned saving there. With interest rates near zero for so long there was simply no place to get even a little back for letting others use my funds.
Interest rates are creeping up now and may eventually get to a level that equalizes the benefits of both the people providing the money and those borrowing it.