Investors Bleeding From Interest Rate Cuts
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Sorry to rain on James Flanigan’s parade. His “Economy Reviving Without Congress’ Help” [Dec. 23] addresses borrowing rates for real estate, cars and such.
What about interest rates for bank investments? Soon, bank investors will be paying a safe-keeping charge for their savings. Alan Greenspan’s 11 cuts in short-term rates have slashed many investors’ incomes by more than half. Call your local bank and ask about a certificate of deposit.
It’s too late to curb the “Great Greenspan.” However, how about lowering the tax on bank investments, or the tax on Social Security paid by many investing seniors? Or, maybe just put Mr. G. in reverse?
Mary Meyer
Pasadena
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