A Quote by Jay Leno
The nation's largest savings and loan, Washington Mutual, has become the biggest bank failure in history. See, the problem with the savings and loans? Not enough savings, too many stupid loans, okay In fact, they changed their name from WaMu to 'screw you.'
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Resolution Trust Company was set up to liquidate a bunch of assets that the government had inherited because the savings and loans went broke. So the savings and loans went broke, the government stepped in, paid off depositors, and now they're left with this mass of assets to sell. We're not talking about selling here, we're talking about buying intelligently. They were selling what they got handed to them by a bunch of savings and loan operators that had in many cases had done some very dumb thing. But their job was to liquidate it. And they liquidated.
Money you know you need or want to spend in the next few years is savings. Money you keep handy for an emergency belongs in savings. Money you hope to use soon for a down payment on a house belongs in savings. And all savings belong in a low-risk bank savings account or money market account.
My legislation, the Simple Savings Tax Relief Act of 2005, simply eliminates the taxation of interest earned in savings accounts, such as passbook savings accounts or bank certificates of deposit.
If you wanted to create jobs in a way that has minimal effect on the deficit but has government action, the two best things you could do are the infrastructure bank and a simple SBA-like loan guarantee for all building retrofits, where the contractor or the energy-service company guarantees the savings. So that allows the bank to loan money to let a school or a college or a hospital or a museum or a commercial building unencumbered by debt to loan it on terms that are longer, so you can pay it back only from your utility savings. You could create a million jobs doing that.
No investment on earth is so safe, so sure, so certain to enrich its owners as undeveloped realty. I always advise my friends to place their savings in realty near a growing city. There is no such savings bank anywhere.
What is important is that in a capital-scarce country like India, the real interest rate needs to be positive enough to encourage healthy growth of financial savings; we get into macro difficulties when real rates on financial savings become negative for a length of time.
Business is about problem-solving, but it does not always have to be about maximizing profit. When I went into business, my interest was to figure out how to solve problems I see in front of me. That's why I looked at the poverty issue. I got involved in lots of things to address it, and one of them was money lending with loans and credits and savings accounts, and in the process I created Grameen Bank. So you can also have social objectives. Ask yourself these questions: Who are you? What kind of world do you want?
Resolution Trust Company was set up to liquidate a bunch of assets that the government had inherited because the savings and loans went broke.
Savings will not make you rich. Only canny investments do that. The role of savings is to keep you from becoming poor.
It took thrift and savings, together with tremendous character and vision, to make our nation what it is today. And it will take thrift and savings, together with constant ingenuity and stamina, to conserve our remaining resources to enable us to continue to be a great nation.
With real wages still falling for many, people are increasingly being forced to use their credit cards, their dwindling savings, or take out payday or doorstep loans if they need to buy anything beyond the most everyday of items.
Obviously, people with low or even moderate incomes could not afford such savings rates, and even diligent savings from their low wages would not be enough to pay for either retirement or healthcare.
My plan includes Dependent Care Savings Accounts to encourage savings and help families meet their needs for caring for both children and elders.
With our national savings rate well below one-percent, it is imperative that the government embrace innovative and cost-effective means of boosting personal savings.
What we are trying to do is to look at all of those resources and say, well, would they be better spent on just advocacy and information, or can we make savings out of that and redirect them into savings.
We promote domestic savings by also things like the personal accounts associated with the president's Social Security initiative, which over time would generate more savings.
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