bank rates

A Place To Vent About Low Interest Rates

We found out about a petition on the Internet after someone commented on one of our posts about CD rates.

(It was this review of the sad state of nationally available 6-month CD rates on our CD Rates Leaderboard.)

Basically, the petition implores President Obama to help out savers by ordering Federal Reserve Chairman Ben Bernanke to raise interest rates.

We share the petition creator’s disappointment over record-low interest rates.

We’ve covered the actions of the Federal Reserve extensively, including in January when the Fed announced that it expected to keep interest rates at record-low levels “at least through 2014.”

Unfortunately, the only thing the president can do to affect such change is to appoint someone besides Bernanke to lead the Fed when his term expires.

And his second term as chairman doesn’t end until Jan. 31, 2014.

Are you as tired of the phrase “sorry, savers” as we are?

Still, this petition may be just the outlet frustrated savers need.

More than 200 people have already signed and included comments letting President Obama know what they think about the job the Fed is doing.

Here are some of our favorites:

  • “This policy is crazy and setting the banks up for future failure. How will they be able to sustain all these low interest rate loans when interest rates do rise? I am one of the people Ben Bernanke believes does not exist, I live from the interest from my savings and thus am currently struggling, I am certainly not stimulating the economy by spending.”
  • “Zero interest on savings seems to be a strategy to channel into the stock market responsible citizens who hope to continue into old age their life-long practice of self-sufficiency. In removing the option of insured savings that earn at least 1.5% more than the inflation rate, the federal government and its policy makers are showing callous disregard and contempt for the one sector of America’s citizenry that is its backbone.”
  • “Have a policy of such low interest rates for so long, while trying to pump up all other investments, is nothing but a huge back-door tax on the responsible to pay for the recklessness of the irresponsible. We hear all the time that Americans don’t save enough for retirement which brings burden to the government and society, while we continuously make the policy to punish the savers. Savers are also investors, they just invest more conservatively.”

So go ahead. Sign away. Let your voice be heard.

You can find it here: http://signon.org/sign/the-feds-zero-percent.

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Comments (3)
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3 Existing Comments
  1. Britelite said:
    on May 9th at 08:17 am

    Thank you so much for making the info about the Savers Petition available. It is the perfect place for savers to join together and voice their anger at what their government has allowed to happen to them and their ability to save or survive on savings they spent all their lives saving, hopefully, for decent income in their senior years. Many people are suffering from the actions of the Fed and we need an outcry to let Washington know we will take our anger to the polls as voters! Much appreciation for your help in making the Petition known to your readers.

  2. Empty Pockets said:
    on May 14th at 03:09 am

    Darci,

    Many thanks for writing an objective, realistic article on our “Raise the Savings Interest Rate!” Petition. We have 227 signatures to date. Many savers have written their own personal stories of how Bernanke and the FOMC’s zero interest rate policy has ruined their “golden years.” One senior asks, “Has he [Bernanke] no heart?” Obviously not when our elderly are expected to live solely on Social Security, losing the anticipated interest income from their retirement savings to the Bernanke/FOMC zero interest policy and their nest egg itself until nothing is left.

    The “Raise the Savings Interest Rate!” Petition will be delivered to Bernanke and the FOMC. Also, it will be delivered to President Obama who should read the comments from the majority of voters, Seniors (including the Baby Boomers) who will be heard at the polls in November 2012!

  3. J said:
    on May 19th at 06:50 pm

    It’s very difficult to keep hope with such low interest rates for seniors & savers. I imagine many others are in the same boat with such feelings of confusion, sorrow, & angst. Hopefully, we’ll see some compassion from the Fed Bank to quickly raise rates NOW. It’s hard to see the sunshine while smelling the coffee of the last 7 years. We all need HOPE NOW!!