The Federal Reserve on Tuesday cut its federal funds target rate by more than three-quarters of a percentage point to a range of between 0 and .25 percent. The decision signals that Fed Chief Ben Bernanke is more concerned with the rapidly deteriorating economy--which has been mired in a recession since December of last year--than the prospect of stoking inflation.
Here’s how the Fed’s actions affect you:
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As the headline indicates, Luke Mullins who writes about housing informs the U.S. News & World Report audience about "6 Things to Know About the Fed Rate Cut." There is a seventh thing that Mullins and just about everyone else in media is overlooking--the impact on savings; as such, this is another example of negligent reporting. In fact, the first comment to his post mentions savings rates. (I'll include that in the Quotes section.) The only medium of late to report on this was the Daily Telegraph in the U.K. (see link below).
The “S” word! What everyone seems to have forgotten is the word SAVINGS. We keep hearing that what needs to be bolstered is Credit and the stock market…not so. It’s a false basis to set up an economy on money that never was there. I’m old school and forgive me for being selfish. The interest on my savings is nil. I can live with that, but inflation and the fact that our leaders think they can just print more money is actually undermining the value of any savings accounts. I can’t wait until the “creative thinkers” start charging me to store my money in their bank.
You know the media are promoting Dow propaganda when those who comment note what has been missing from just about every report.
As an editor for NewsTrust.net, and as a journalism director, I remain appalled at the media's negligence in overlooking how those on fixed incomes will be put out of house and home when their CDs mature. It's time that NewsTrust did a News Hunt on this gross oversight and held outlets like this one accountable.