Even General Electric

Now it seems like everyone is trying to get on the Wall Street Journal Action.
Will General Electric be its future owner? The Bancroft Family doesn't seem to know
what they want, or do they just want a whole lot of greenbucks?

Do you keep your money in the bank at Wachovia?

A lot more people will be keeping their Money in the Bank at Wachovia in one form or another? Not only are they in many states, but they are buying A.G. Edwards, the brokerage firm.

Chinese Stock Market Stumbles

Chinese Stock Market had a tumble. It had some effect on the Dow and U.S. Stock
Markets. It went south, but nothing serious. A lot of jobs were created in
May. But one of the large businesses, Pulte Homes will cut their workforce by
2,000 jobs.

You can now buy Dell at Walmart or Sam's

In June, you will be able to purchase Dell computer at Walmart or Sam's. I wonder
if this has been the reason that Walmart has had few computers in stock the past
few months.

Get you Money out of low yiielding savings account

Only leave a minimum amount of your Money in the Bank
in a traditional savings account at present. Invest in a Money Market Savings Account
or CD. Or almost anything else that you fill confiednt with.

Cabs in N.Y. going green

Soon you may be able to do online the programs like Microsoft Office on Google.
They are trying to partner with Salesforce. New York Cabs will all be Hybrids in
5 years.

You are Actually Loosing Money now if you money in the bank is in a Passbook or Statement Account

As the interest rate on savings accounts has fallen, small, risk-averse savers have been hit hard. Someone with $100,000 in a savings account in 2000 was earning $2,000 to $3,000 a year. For the last two years, he has earned under $1,000 a year, maybe as little as $600. Last May, one survey reported the following: the typical saver was losing money!

Bankrate.com’s spring 2003 survey of passbook and statement savings interest rates shows that interest rates are continuing to plummet. Once again, rates have reached an all-time low since Bankrate.com began tracking these rates in 1987.

The national average interest rate for passbook accounts is 0.60 percent. That’s down from 0.80 percent last fall and 0.87 a year ago. Passbook accounts, in which customers track their deposits and withdrawals in a little book, are fairly rare.

Traditionally, passbook accounts have paid less than the more modern statement savings account. But in this survey, the results are equally dismal. The national average for statement savings accounts is 0.60 percent, down from 0.82 last fall and 0.92 a year ago.

If you put $500 in a savings account and left it there for a year, you’d get $3 interest, since the rate and the yield are the same. If you were in the 27 percent tax bracket, that $3 would be whittled down to $2.19. Subtract 3 percent for inflation and you have about $487 in buying power.

That was May. By October, the national average for banks was under 0.4%.
This information is taken from an article "Sitting on a String" by Gary North.


So you are loosing money, for the rate of inflation is more than the interest rates
the banks are paying. Your
Money in the Bank


is earning less than inflation is costing you