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Originally posted by smooth
unless you weren't paying attention to what the Fed was doing and the reasons they stated they were lowering interest rates (HINT: a one-time boost to the economy to drive reinvestment).
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Lowering the interest rate is not "one time" money. When a business borrows money from the bank, it is seldom at a fixed rate. Rather, it is at a rate fixed at a certain percentage above prime (i.e. "1 point above" or "1/4 point above") and floats with the prime rate. Since the amount of the monthly installment to repay the loan depends on the interest rate of the loan, and the bank calculates the interest daily, every day the prime rate stays low saves the borrower money. This savings is for loans made today and for loans made 2 years ago.
Quote:
Originally posted by smooth
OMG, geep, I can't believe I keep getting caught up with you. I try to ignore you for the most part but then this shit happens.
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I don't come here to post things that you like, I come here to post my opinion. If you don't like what I have to say then don't respond. While I can respect your opinions and welcome them, I certainly don't deserve to be put down for mine.