Is your banking experience now improving?

Is your banking experience now improving?

[re: your tax dollars at work]
With passage of US budget (and 'associated' add-on bills other than to assist veterans)

Better interest on Deposits?
Better interest on mortgage?
Improved economy?
Other (something else)?

__________________________________[for optional perusal]__
Republican Senator Kills Veteran Suicide Prevention Bill That Passed House Unanimously
The VA estimates that 22 veterans commit suicide every day. Outgoing Oklahoma Senator Tom Coburn says it costs too much and stopped the bill from coming up for a vote.

With Dodd-Frank Rollback, The Big Bad Banks Are Back - 12/12/2014  - Steve Denning
..the bill also contained a provision, said to be written by Citigroup ($11,543,276), repealing a key part of the Dodd-Frank Act.
The provision enables the big banks once again to use insured deposits and other taxpayer subsidies and guarantees to gamble in the derivatives markets—the very type of business that drove the 2008 financial crisis and the economic devastation that followed.

Wall Street’s business model depends on the ability of large financial conglomerates to keep exploiting the cheap funding provided by their ‘too big to fail’ subsidies,

Jamie Dimon, JPMorgan Chase CEO, also personally lobbied ($12,157,587) lawmakers on the bill.

Wall Street vs The People

As to why Congress is acting on behalf of the financial sector against the interests of the country as a whole, one doesn’t have to look far. “In the current election cycle, Wall Street banks and financial interests have so far reported spending more than $1.2 billion to influence decision-making in Washington, according to an updated report by Americans for Financial Reform. That works out to just under $1.8 million a day. It represents an average of about $2.3 million spent to elect or influence each of the 535 members of the Senate and House of Representatives.”

Lest we forget why we had a financial crisis in 2008 - By ASHLEY PARKER and ROBERT PEAR - DEC. 11, 2014

China is creating a new "World Bank".
Russia's seizure of Ukrainian banks in Crimea is still wreaking havoc with locals' finances
Global banks agree to pay $4.3 billion for manipulating currency markets - Nov 15th 2014
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At the start of July 2012, I submitted my 30-day resignation notice. I had enough stashed away that I figured I could afford a year off without affecting eventual retirement, etc., and do some things I wanted to do. I expected about nine full months before I'd need to think seriously about going back to work, while expecting a three-month time before actually obtaining work. I also figured maybe a six-month margin of error for finances beyond that.

As it turned out, I went a full two years before starting to feel I should begin to do something. It's now been close to two and a half years, and only during the past three months have I started work that resulted in billings. My "stash" is down to a point where it could probably carry me (well, 'us', including my wife) another six months. The "stash" did well enough that "nine months" turned into better than two years.

Only a minority portion was directly involved in common interest-bearing activities, i.e., directly related to 'banking'. That was mostly for simple risk reduction and was mostly in a couple mutual funds.

IMO, the only times that 'banking' for interest concerns should be relevant are when accounts are so large that the interest forms a critical part of income. I.e., if you're rich enough to live off of interest, it makes sense to put effort into watching it. Otherwise, 'banking' ought to be viewed as a service to you. Interest as income should commonly be a trivial concern.

More to the point, I'm not sure that derivatives are a bad thing per se. IMO, it's more a problem of not auditing to track the health of underlying securities. It's when the values of those securities are overstated (especially knowingly) and no one does anything about it that problems show up. But otherwise I'm fine with them. Let banks work with them. Just check on them periodically as should have always been done.


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