Monday, August 13, 2007

The Prime Rate

The Prime Interest Rate is the interest rate charged by banks to their most creditworthy customers (usually the most prominent and stable business customers). The rate is almost always the same amongst major banks. Adjustments to the prime lending rate are made by banks at the same time; although, the prime rate does not adjust on any regular basis.

It is adjusted when the Federal Reserve, a private corporation, says so.
Crashes, depressions, recessions, etc. do not just happen. A private corporation decides.

The Fed creates liquidity, then demands payment on margin calls, and when the inevitable consequence of consuming on debt predictably occurs, the Fed charitably "bailsout" the American consumer from the disaster the Fed created.


And Americans call this a free market. Laughable.

13 Comments:

At 3:56 PM, August 14, 2007 , Blogger Jeff said...

Damn, I set you off on a serious tangent with the banking documentary ;)

 
At 4:39 PM, August 14, 2007 , Blogger Intellectual Insurgent said...

You did. Big time!

 
At 9:53 PM, August 14, 2007 , Blogger skip sievert said...

What goes up, must come down. This market looks to be headed for a resounding thud.

A Price System must grow. Rules of the game. If it does not, it does not work.

The only reason our economy has worked up to this point, is the vast resource base of North America.
Our political system, with its poorly thought out management, grounded in ideas of the 18th.cent. is obsolete, and will eventually destroy our resource base.
All alternatives to the present 'money' system should be looked at carefully now.
A science based system is needed.
We are doomed in the present system.

 
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