Taxing your savings account!

Thank you Mr. Bernanke for helping me find another way you insert another way of STEALING, I mean TAXING, I mean creating a FEE into my life! I am so happy that you know better than to let me control my own money. I hope this will help everyone know that you have created this BS FEE onto everyone’s savings accounts.

Everyone you need to know that the Federal Reserve create a regulation on your savings account and money market accounts that charges you a FEE if you withdraw from your savings account more than 6 times in one month. This FEE or TAX as I see it is applied to your account at $10 per transaction after you reason the limit. In some banks they will only let you go until you make 3 withdraws. According to my research the FEE is split between the value of the savings account. If you have $1200 in the account the FEE is added after 3 withdraws,  but if you have less than $1200 the FEE is added after the 6 I have already mentioned. From what my bank told me, it is only applied when you make withdraws over the phone or electronically. Oh, that also includes transfers from your savings account to your checking account.

This kind of make me want to quote the JD Wentworth commercials, “It’s my money and I want it now!”

TITLE 12–Banks and Banking CHAPTER II–FEDERAL RESERVE SYSTEM

Title 12: Banks and Banking PART 204—RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS (REGULATION D)

Bank of America

DepositAccounts.Com

USA Bankrupt.

News Story: As Debt Limit Reached, Agreement Still Far Off – WSJ.com.

Let’s keep the debt ceiling where it is and make the government run at lowering the debt. It is as simple as that.

Ok, so it isn’t that simple for those that think big government is a good thing. But of course those people can’t handle the fact that people need to be responsible for themselves first.

If you allow those people that love big government to keep raising the debt ceiling more and more, well we would have to carry $5 bills around like they were $1 bills. Why you may ask?

Well you see the money you carry is being devalued more and more every day because the debt ceiling is nothing more than a loan from other countries. Each time another country loans us more money or as they really do is buy our debt on a guarantee that they will make interest off it. Well each loan is then printed in more dollars to send to banks. So if a $1 bill is worth $1 of gold (which it isn’t because the gold standard was removed in the 70′s) but then they print a second $1 bill of of the same piece of gold… Well the makes the $1 bill worth half the value and now what cost you $1 before now cost $2.

Is that is a very simple explanation but it is what the government has been doing for some time.

Either way you want to look at it, we are on burrowed time to having to say the US is bankrupt… I say we already are there and that if the lawmakers don’t act now and cut cost we will see the bottom… The bottom being a great depression that makes the last look like a drop in the hat.

What a great start!

News Story: My Way News – Banks shut in Fla., Mo., NM, Ore., Wash.

Nine banks already in the start of 2010!! Yeah that is recovery!

So with a recovery like this, where exactly is Obama taking us? Also far they have told us that the job market is getting better… Then reverse themselves. Then they reported a better retail sale number… Then reported that they were wrong again. But it never seems to report just how great the banks are doing.

2nd Stimulus?

News Story: Democrats’ Offer Economic Relief Proposals, but Don’t Call It a Second Stimulus – Political News – FOXNews.com:

Give me a break! If they want to help the economy they need to do a number of things..

1. Call the current situation what is it is… A Recession.
2. Stop the printing press!! This in itself will help level off the value of the dollar inside the country. An example of what the printing press of dollars have done is the cost of a hamburger at Denny’s. Just a few month ago I went there and had one for about $6.50. Last weekend it was $9.50. That is call inflation! Just stop the printing press and start the shredders. The banks aren’t passing them out any way.
3. Reduce the taxes on everyone in the US. Give breaks to companies that move back to the US and provide jobs. Remove taxes of products that are being sold inside the US. That is what will bring more movement of money in the country.
4. Place tariff on companies that manufacture goods outside of the country and sell them in the country.

I love this guy!! So much truth!!

Here is another great video of this great Englishman that out right states that we need to stay away from the European government model. He states exactly what made us great as a nation. And guess what, IT HAS NOTHING TO DO WITH GOVERNMENT RUNNING HEALTHCARE, PRINTING BOGUS MONEY, OR EVEN BAILING OUT COMPANIES OR BANKS.

Sad but true

News Story: China alarmed by US money printing – Telegraph:

How sad is it that a Communist country sounds more like a capitalist country than the US does?

That is right, the Chinese actual sound more into capitalism than our own country does. Here we are flooding the market with new freshly printed dollars and no one is spending them because the banks are holding on to them. So the prices of our products just keeps getting more expensive due to the inflation of the dollar. The families of the country in turn are trying to save the dollar but because the price of a gallon of milk is going up, they can’t. So like many families in the US, they are paying out more and more dollars yet their pay remains the same.

So what needs to happen?

First would be for the US to stop printing the money. It does not make the banks loan it out, so why keep printing it? Then start to slowly, but very carefully collect the old bills and shed them. This in turn would start to make the dollar more valuable. Remember basic supply and demand, if there are less dollars to be had, the value of those dollars will go up. As such, the prices of things will start to go down because the value per dollar actually would mean something. Next would be for the American consumer to stop living above their means. Stop putting everything on credit and save the money to buy that new TV, sofa, or whatever. Use credit to only purchase the really big ticket items like a house or a car that is needed. Please note that I said “NEEDED” in regard to the car. That is because if you have a good car that is not falling apart,  you should be saving to buy your next car.

Sadly, I have to say that we Americans need to take a lesson from the Chinese and learn to save our money and buy only when we have the money to do so.