Or the return of the son of Regulation Q.
Let’s cut to the chase. Of course the FDIC told Ally — the banking arm of federal, state, and city of Charlotte bailout sickman GMAC — to cut its savings rates. Of course this followed complaints from other banks upset that the insurance premiums they pay and other federal benefits were going to directly subsidize a competitor — one which offered higher savings rates to consumers than they did.
Using our new fascist economic calculus, competition which does not benefit the state will be at best tolerated, at worst crushed. As such, the wants of actual consumers do not matter.
But what is really interesting to me is that we already have the feds stepping out to declare some interest rates “too high.” Oh, whatever will they do when inflation picks up and consumers demand higher returns on parked money?
This not permitted, citizen. Return to your work pod.
