As I’ve been railing for years now, if you have any savings and are keeping it out of exposure to the phony propped-up Wall Street casino, you are being robbed. Even the Fed apologists at cnbc (CNBS).com appear to have noticed.
from Jeff Cox at cnbc.com
Since 2006, the S&P 500 stock market benchmark has surged more than 60 percent (and more than 200 percent if you count from the time the bull market began in 2009). In the same period, however, folks squirreling away their money in savings accounts have lost nearly $8 billion.
Both results are due in large part to a Fed policy that has sought to push money out of zero-yielding savings and money market accounts and into riskier assets, particularly stocks. (Households have about $8.4 trillion in time and savings deposits, along with another $1.05 trillion in money market funds, according to Fed data.)…
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