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OPINION
December 16, 2012
Re "Fed to tie interest rate to job gains," Dec. 13 It's disappointing that no mention is made of the effect of the Federal Reserve's decision to keep interest rates at rock bottom on those who have set aside a good portion of their incomes as savings over the years. People who have been fiscally prudent all their lives to build savings for their later years now see the income they had counted on from those savings diminished by these low rates. Although the Fed's actions may help encourage the investment needed for the job growth we so badly require, it would be nice to see the downside for a large segment of the population at least acknowledged.
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BUSINESS
April 22, 2014 | By Jim Puzzanghera, This post has been corrected. See the note below for details.
The Federal Reserve's low interest rate policies, designed to stimulate the economy, have cost savers about $758 billion since the end of the Great Recession, according to a study released Tuesday. Inflation and low returns on deposits have led bank customers to lose more than $100 billion in purchasing power in each of the last five years, said MoneyRates.com, which provides consumers with information about bank rates, investing and personal finance. The Fed's benchmark short-term rate has been near zero since late 2008 as central bank policymakers tried to battle the financial crisis and Great Recession.
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BUSINESS
April 22, 2014 | By Jim Puzzanghera, This post has been corrected. See the note below for details.
The Federal Reserve's low interest rate policies, designed to stimulate the economy, have cost savers about $758 billion since the end of the Great Recession, according to a study released Tuesday. Inflation and low returns on deposits have led bank customers to lose more than $100 billion in purchasing power in each of the last five years, said MoneyRates.com, which provides consumers with information about bank rates, investing and personal finance. The Fed's benchmark short-term rate has been near zero since late 2008 as central bank policymakers tried to battle the financial crisis and Great Recession.
OPINION
March 3, 2014 | By Catherine Wolfram and David Zetland
California's drought has everyone talking about ways to save water. Gov. Jerry Brown has implored residents to reduce their consumption by 20%. One writer suggested Angelenos share showers. A nonprofit is encouraging people not to waste even ice cubes that drop to the floor: Don't toss them, says Save Our Water, use them to water plants. Our conservation efforts, even the tiniest ones, have a second overlooked benefit: They also save energy. Water is essentially liquid energy. We don't think about it that way. But every drop must be moved, treated and heated.
BUSINESS
September 21, 2009 | Don Lee
In January, after putting the kids to bed, Mary Morrill and her husband spread their monthly bills, grocery receipts and checkbooks on the kitchen table and began the first of several long nights finding ways to cut spending -- especially with credit cards. They would pack their own lunches, write dinner menus to curb impulse buying at the grocery store, even cut out trips to McDonald's, which had been a treat for the kids and a convenience for the Morrills. And it all worked. "We literally have not charged anything for almost a year," said Morrill, 39, who lives with her husband and two children outside Cedar Rapids, Iowa.
BUSINESS
August 23, 2008 | Kathy M. Kristof, Times Staff Writer
Your bank wants your money and may be willing to pay a decent rate for it. After falling for most of the last year, average rates on certificates of deposit have been picking up since the end of April. Some banks -- including brand-name institutions with locations in Southern California -- are offering more than 4% on a one-year CD. Nationwide, the average annual yield on one-year CDs fell to 1.92% in April, down from 3.75% in August 2007. "During the past 12 months, savers really took it on the chin," said Greg McBride at Bankrate.
CALIFORNIA | LOCAL
March 1, 1986
The savers of our society, those who save money in banks and savings and loan institutions, provide the financial base for the growth and well-being of our economy by providing the funds necessary for construction, home purchases, business expansion, etc. The savers of our country have laid their savings open to the ravages of inflation and the resultant loss of purchasing power, while providing borrowers with the means to consume. Savers accept deferred gratification while borrowers experience immediate gratification of their needs and desires.
BUSINESS
August 20, 2013 | By Shan Li
Behaving like Scrooge is typically not the best way to win points with a date. But a new study concludes that many love seekers think savers are actually more attractive than spenders. Savers are viewed as having higher powers of self-control than their free-spending peers. That kind of discipline can extend into other areas as well, making life more pleasant for potential mates, the study said. For example, savers may also be more careful about exercising and watching their nutrition.
CALIFORNIA | LOCAL
May 4, 1990
Your editorial must be responded to as it mentions a 10% cut in individual usage. We support a cut, but not in percentages. You listed several examples of low/high gallon usage. We, using the low side, have already cut 6,650 gallons per month. (I must plead guilty to hosing the drive in the past.) Additionally low-flow toilets and shower restrictors have been installed. My past Navy training of water hours has not been forgotten. Some others have done none of these. To now mandate a 10% across-the-board cut simply penalizes the savers and rewards the wasters.
NEWS
March 31, 1986 | BILL SING, Times Staff Writer
A wealthy San Francisco socialite in her 80s keeps $1 million in a passbook savings account earning a mere 5.5% interest. Another elderly San Francisco woman keeps $190,000 in a similar passbook account. Both women reject advice to put their money into higher-paying accounts. Michael Rinebold, a 33-year-old Woodland Hills computer consultant, also has a passbook account, with a balance of only $600. "That's my rainy day account," he says.
BUSINESS
September 14, 2013 | By Tom Petruno
Never let a crisis go to waste, says an old rule of politics. For some major players in the economy, the financial crisis that began five years ago this month with Lehman Bros.' collapse turned out to be as much an opportunity as a calamity. Although the memories that the anniversary evoke are overwhelmingly grim - cascading home foreclosures, bank failures, massive layoffs, diving stock prices - five years later some spectacular winners have emerged from the maelstrom, along with a more familiar list of pitiable losers.
BUSINESS
August 20, 2013 | By Shan Li
Behaving like Scrooge is typically not the best way to win points with a date. But a new study concludes that many love seekers think savers are actually more attractive than spenders. Savers are viewed as having higher powers of self-control than their free-spending peers. That kind of discipline can extend into other areas as well, making life more pleasant for potential mates, the study said. For example, savers may also be more careful about exercising and watching their nutrition.
OPINION
December 16, 2012
Re "Fed to tie interest rate to job gains," Dec. 13 It's disappointing that no mention is made of the effect of the Federal Reserve's decision to keep interest rates at rock bottom on those who have set aside a good portion of their incomes as savings over the years. People who have been fiscally prudent all their lives to build savings for their later years now see the income they had counted on from those savings diminished by these low rates. Although the Fed's actions may help encourage the investment needed for the job growth we so badly require, it would be nice to see the downside for a large segment of the population at least acknowledged.
BUSINESS
October 4, 2012 | By Tiffany Hsu
When it comes to conserving energy, California is one of the most efficient states. But it's no longer the best. That honor goes to Massachusetts for the second year in a row, according to the sixth annual report on the subject from the American Council for an Energy-Efficient Economy. But the Golden State has been a leader for decades, according to the group, which goes by the less-unwieldy ACEEE. Utilities in the state offer energy efficiency programs for customers and are expected to save nearly 7,000 gigawatt-hours of electricity between 2010 and 2012.
BUSINESS
August 28, 2012 | By Andrea Chang
Since launching Amazon Prime seven years ago, the e-commerce giant's membership shipping program has taken off among shoppers who opt to pay a $79 annual fee for unlimited free two-day shipping. Now Amazon says that more items are shipped via Amazon Prime than its free Super Saver Shipping option, which enables shoppers to get free standard shipping on orders of $25 or more. Today, more than 15 million items are eligible for Amazon Prime, up from 1 million in 2005. The company has also added more than 22,000 movies and TV episodes to its Prime Instant Video library; Prime members get unlimited streaming and can borrow more than 180,000 books for free in the Kindle Owners' Lending Library.
TRAVEL
August 11, 2012
Our purchase of Heritage Cards from Ireland's Office of Public Works guaranteed us free admission to all fee-paying state-managed OPW heritage sites throughout the country for one year. The costs were recouped within the first week of our recent three-week trip. Adults, about $26, families, about $67 Heritage Card, Office of Public Works, Heritage Ireland division; http://www.heritageireland.ie/en/Info/HeritageCards/ . Gail Robillard Rancho Palos Verdes
CALIFORNIA | LOCAL
December 11, 1996
Robert Kuttner failed in his commentary of Dec. 2 on the stock market to address the chief reason for its explosive growth, i.e., the demise of the traditional pension plan and its replacement with the individual retirement account and the 401(k) and similar investment plans. With this change, virtually all of America's retirement savings are now funneled into the stock market. It is no wonder that under these conditions the stock market soars. Once again, we have legislated disaster by making these stock market investment plans the only viable ones for the majority of retirement savers, thus ensuring that the inevitable "corrections" will hit everyone, this time much harder than the S&L failures hit. And lest any of these stock market investors cry that they are assuming the whole risk themselves, I would like to point out President Clinton's response to the Mexican financial crisis of a couple of years back.
NEWS
January 18, 2001
Screen savers evolved to solve a problem that no longer exists. Early computer monitors could not display the same image for too long without discoloring the screen's glass. The discoloration created faint distortion--or a ghostly burn that obscured everything else on the screen. Newer monitors don't have this problem, but screen savers remain popular. * Researched by AARON CURTISS/Los Angeles Times Source: www.howstuffworks.com * How Stuff Works: www.howstuffworks.com
OPINION
May 31, 2012
America being the land of instant gratification, its residents tend to save far less than their foreign counterparts do - when they save anything at all. As a result, millions of people are heading into retirement with little more than their Social Security benefits to sustain them. Fearful that many will wind up dependent on state aid to get by, California Sen. Kevin De Leon (D-Los Angeles) wants to create a state-run but privately insured pension program that prompts more workers to save for their dotage.
BUSINESS
January 25, 2012 | By Joe Bel Bruno
The Federal Reserve has pledged to keep interest rates at near rock-bottom levels for another couple of years. That's a shift from the central bank's previous plan to lock in rates near zero through mid-2013. The change should help reassure consumers that they can continue to borrow cheaply, extending an era of free money designed to stimulate the still limping economy. Investors sure liked it: Major stock indexes catapulted higher after the announcement. The Dow Jones industrial average and Standard & Poor's 500 index erased earlier losses and were most recently up about half of a percent.
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