Nomi Prins: The Volatility / Quantitative Easing Dance of Doom

[GoneFishin]

1. I would like to see a calculation of how much money middle Americans have missed out on due

to receiving 0% interest on their savings. I know the amounts are modest compared to other sources of income, but it is one more of the many ways that wealth transfer is occurring from average working stiffs into the pockets of the banks who get money cheaper than ever before, but have passed none of that cheap money onto their credit card or student loan "customers".

I believe firmly that these lower interest rates are substantially about forcing people to abandon conventional bank savings accounts and driving them into the stock market where their savings can be skimmed by Wall Street.

Judging from the mounding credit card debt and student load debt in America there is clearly money to be made by loaning out money at reasonable rates like, say 4 to 9%. But when the banks get money for free no average person is going to be able to put their savings to work toward that end.