Chase, the retail operation of JPMorgan Chase, and Wells Fargo were offering 0.05 percent. [...] At that rate, if you wanted to put away enough to produce a retirement income of $50,000 a year, without touching the principal, you would need $100 million on deposit. [...]
Rates are low because the Federal Reserve wants them there, to help clean up the financial mess and stimulate the economy. [...] Meanwhile, with little public attention, those consumers who acted responsibly, the ones who refrained from buying houses they could not afford and did not take out home equity loans to finance consumption, but instead saved their money for a rainy day, must feel like losers.
Why yes, Floyd, I do. Thanks for mentioning!
So what's Ralph Nader got to do with it? I found Floyd's article through an article of his. And although I mainly reused this posting title because I love the mental image, it's got at least one genuine meaning. Whenever I hear a democracy-hating liberal venting about how Nader only runs for president to feed his towering ego, they almost inevitably get around to this damning indictment: if he's running for something other than personal gratification, why does he just disappear in between elections? Where does he go for four years if he's so concerned about the issues he claims to care so much about?
Well, my highly observant liberal friend, he writes at least one article a week, gives speeches around the country, debates right-wing blowhards, files lawsuits to hold the Democrats accountable for their assaults on democracy, organizes local activists, works with the numerous organizations he's founded, and somehow still manages to find time to absorb more information about current events than any ten people I know—among other things. Just what every other 76-year-old spends their time on, I'm sure.
Life sure would be easier if I felt like I could just manufacture evidence out of whole cloth for whatever fanciful notion crossed my rage-addled brain, you know?