Friday, September 24, 2010

The Recession Is Over

When you are offended at any man's fault, turn to yourself and study your own failings. Then you will forget your anger. (Epictetus in One Day At A Time in Al-Anon, 23 September)


Recently the federal government announced that the recession has been over for some time. If you believe this you haven't done your homework. Consider this. If you have $15,000 to put into a bank or credit union how much will you have at the end of one year? Here are three results from a calculator I used on the Wallet Pop website. What does the bank mean when their employees say, "We want to help you out?" Would you be willing to loan me $15,000 for one year if I paid you back $15,008?

Bank savings account at 0.05% interest - $15,008
Bank Certificate of Deposit at 0.45% interest - $15,068
Credit Union Certificate of Deposit at 2.13% interest - $15323

For further information on whether the recession is over you might enjoy reading the September 23, 2010 column of Washington Post writer Michelle Singletary.

The Washington Post:

Mr. Dickie
24/Sep/2010 8:12

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