My teenage son's certificate of deposit was recalled this week. Apparently the bank (selected by the money gurus at Charles Schwab) failed, so he won't receive the interest he earned on the CD. We had encouraged him to try a CD because savings accounts don't pay anything either. Where can a person put money these days to earn interest, especially if you don't have much to invest? How can you teach your kid the merits of saving and investing in today's economy? I continue to be miffed that our tax dollars bailed out the banks, and those same banks are recording ample profits, paying bonuses, etc. while my kid can't get his small change interest. There is something fundamentally wrong with this.
Today's New York Times article notes that real estate securities failed miserably back in the 1920s and history has repeated itself. Will we ever learn?
Subscribe to:
Post Comments (Atom)
This just SUCKS! I feel your pain.
ReplyDelete