Fed Raises Interest Rates for First Time in Nearly 10 Years

lol

The banks have been making money hand over fist with free funds that they've used for such things as buying income producing treasury notes using a closed loop revolving Fed to bank to treasury to fed (if I have that right) process leaving main street high, dry and on the hook for years.

Consumer credit cards and lower economic strata money costs are anywhere from 14% to over 30% and these jokers want to use a measly one quarter to potential 1% interest rate hike to raise retail rates.

Just more crony crooksterism by the banksters.

Until banks are properly run out of the investment markets as they should be, expect more of the same.

a reply to: Phoenix

I have to agree with you, this all concocted by the banking system and those behind Wall Street that also runs the Federal Reserve.

Nothing these scammers do are for the good of the nation and the consumers.

The Hong Kong Monetary Authority on Thursday morning increase the base rate by 25 basis points from 0.5 per cent to 0.75 per cent, the first official rate rise in the city in almost a decade, matching the decision of the US Fed to also raise interest rates for the first time since 2006.

During a drought an extra quarter inch of rain doesn't amount to much.

But people come outside and jump about, any rain is amazing in a drought.

They wonder if there will be more, they wonder if theres going to be a change, the community is all a bustle.

I don't think it will do much of anything, since I don't think they will actually raise it high enough for it to effect anything.
if they raise it too much, all that debt that is based on the interest rate like adjustable rate mortgages will see higher interest rates and I don't see where the people's earnings have risen much if at all, so the people still can't afford those higher rates.

and if they raise them enough that the savers actually see a benefit to savings accounts, well, they will pull their money out of those riskier investments like the stock market and go back to saving.

and then you got the fact that just about the entire western world is so debt laden - the consumer, the business sector, and the government sector, that well, if they did raise the interest rate up to what it should be, well the entire house of cards will fall down. not so much for the average consumer really, since they never really enjoyed the low interest rates anyways, but well, my bet is that many businesses did and the gov't did.

my guess is that unless they are being pressured into this (like they feel threatened by that new basket of currency that russia, china, and many other countries are putting together, well, they aren't serious enough about it for it to matter. which is really unfortunate since I think it is one of the things that needs to happen for the economy to regain any health whatsoever.

it's either the end of the line, or it's hot air....

I do want to point out that your existing credit card balance interest rate will not rise. But when you make more purchases the new rate will apply.

Try not to charge any more on those cards!

a reply to: texasgirl

Yes, that is how it works, my husband and I were talking about that yesterday as we have very low interest rates card left, I told him that if they send the letter of increases if used by after certain day, we will close the accounts.

I'm not exactly sure why I say this but I am glad the interest rate was finally hiked a quarter of a percentage point. I'd much rather that than it was dropped into negative territory or stayed the same indefinitely. It wasn't a sudden move so there was plenty of pre-adjustment time. I don't carry loans or debt but I know many do. It was a gentle tap on the reset button instead of some drastic punch on the button. I'm not a proponent of the financial debt system but until it morphs into something else it is what it is, as they say.

Federal Reserve:

70's nobody believed when conspiracy said the Fed Reserve was neither Federal nor a Reserve.
80's nobody believed when conspiracy said the Fed Reserve was neither Federal nor a Reserve.
90's nobody believed when conspiracy said the Fed Reserve was neither Federal nor a Reserve.

Teh interwebs go mainstream in the 90's

2000's videos and discussion about what fractional reserve banking really is, finally economy crashes
2010's everyone acts like everyone has always known that we print money out of thin air.

/sarcasm engage
everyone has always known that Lincoln tried to print treasury notes and was shot
everyone has always known that Kennedy tried to print treasury notes and was shot
everyone has always known that Reagan thought about treasury notes and was shot at
/end sarcasm

No.
No we didn't.
No. We didn't know.






The banking system on THIS planet has just economically ruined, financially crushed, administratively impoverished, the most productive generation in the history of known existence. My generation. Generation X. We, individually, produce 1000 times more than our 1920's predecessors, yet the dollar has been managed in such a way as to kick our faces in.




So the message to planet earth is pretty clear.
SHut UP, get in LIne, OR suffer the SAME.
I hear Syria doesn't have a roffchild bank,
aren't they overdue for some freedom?


Mike Grouchy

The systematic abuses, lies, and blood sucking that the banks have inflicted on people.

Does anyone remember when the banks started penalizing small accounts,


so they could confiscate the 5 dollars little Susie's Grandmother had used to start an account for her granddaughter.

Does anyone remember when the banks started heaping up fines and penalties.

Does anyone remember when the banks started using credit scores.

Does anyone remember when savings accounts stopped paying interest.

Does anyone remember the transaction fees.

Does anyone remember the small print used to change their contracts with customers, that said "and if you don't contest this we'll charge you X amount of dollars for no damn reason."


Does anyone remember when the pension funds were pillaged.



Does anyone remember all the off shore accounts, used to avoid taxes, that turned the Caymans into a banking mega center.

originally posted by: mikegrouchy

The banking system on THIS planet has just economically ruined, financially crushed, administratively impoverished, the most productive generation in the history of known existence. My generation. Generation X. We, individually, produce 1000 times more than our 1920's predecessors, yet the dollar has been managed in such a way as to kick our faces in.

This is your opportunity to join with your fellow Generation X members to do something creative and innovative to upgrade your status and give the current banking system the finger!! Gosh, there is so much creative potential to be tapped and every generation has its share of geniuses and entrepreneurs!!! Limitations provide opportunity to find new ways of doing things.

LOL

Our current banking system is incapable of sustaining a Space Program.

Remember when this tiny German State in the 40's started building rockets.



We transplanted their scientists and launched trips to the Moon from Florida.

That was the 1940's, seventy years later and we should have at least twenty five rocket programs, not half of one. Our so-called Economy has had its face rubbed in social issues for so long, it doesn't even remember where the moons are. Let alone how to get there. These disposable plastic topics that are shuffled around every four years are so irrelevant as to be meaningless. Our current banking system is not capable of sustaining a space program. It certainly will never grow one.


Mike Grouchy

It is not like it costs too much, or that we don't have the resources to do it. Even hungry people won't eat molybdenum disulfide, the stuff we use for space is a bit different than the stuff used to care for people. It is just that with our current banking system the will isn't there.


Mike Grouchy

Not only have our children and our children's children been robbed,
but our parents and our grand parents as well.



[SNIP]


A friend once said "If I had a time machine I would open a bank account and be a millionaire today",
and I said "you mean the bank would have your million, through hidden fees and creeping penalties due to inactivity."


Mike Grouchy

a reply to: mikegrouchy

Who are you, this compilation of information is amazing, actually we had discussed those issues before but sadly has been on related topics, easily forgotten.

You can make a thread with all this in the new history forum as a time line starting with the Federal Reserve humble beginnings.

This rate hike is minuscule in comparison to historical averages. The interest rate has been used in the past, by reducing the percentage, to trade points for increased economic activity, 'going to the well'. When the real rate is close to 0% there is nothing in the well in case of a severe financial downturn.

The rate needs to go up much more than this over the coming years and should coupled with a repeal of Dodd-Frank and a reinstitution of Glass-Steagal for a more secure economy.