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Mon, Mar. 2nd, 2009, 08:41 pm
kidbluegrass: How to get a (small) piece of the TARP!

Well, I was sitting around singing the TARP song the other day, trying to figure out how to get myself a piece of the TARP. That's a massive amount of money, so I should be able to get a little bit of it at least!

So, here's what I came up with:

The interest rates on my cash accounts are pathetic since the Fed lowered their overnight rate to 0% (free money... wonder how I can borrow at that rate?) Anyway, my tax-free money market account is only paying 0.27%. But my ING direct account is paying 1.83% (a lot better but still low.)

So I noticed that GMAC's online bank (which works like INGdirect) is paying 2.75% interest! Here's a company that hasn't made a profit in many quarters... so how are they paying that kind of interest? You guessed it! It's from TARP!!!!

So, you can get a slice of TARP by just signing up and getting an account! Plus, you don't have to worry about them going under since our government are bailout bandits! Our government savants will end up bailing out FDIC anyway... So, I'm not worried about putting some of my money there... I'm not going to set around in a low yield account when I can get me some TARP!!!!
(Deleted comment)

Tue, Mar. 3rd, 2009 02:19 am (UTC)
kidbluegrass

They don't want to limit their CEO pay! Their interest rates are most likely crap (gotta pay the CEO salary!) I guess you'll have to go to GMAC to get some TARP!!!

I wouldn't be so cynical (yeah right..) if they weren't all for getting some TARP *before* the CEO knew his pay would be docked! :-)

Fri, Mar. 6th, 2009 04:22 am (UTC)
genericambition

Is it weird that I'd rather play poker with my savings at this point than put it in any high-rate cash account, money-market instrument, or CD?

Fri, Mar. 6th, 2009 05:23 am (UTC)
kidbluegrass

I didn't say I was going to put all my money in there. I used to worry about these banks going down. But after seeing how they're handling closing all of them so far, it's safe to say gmac will be handled pretty much the same: (guaranteed bailout) Their not rewarding more stable banks. What's stable now anyway? My main bank, Wells Fargo, is probably going to be hitting the rocks this summer too... Also, hiding cash under your bed isn't going to help either because it's still paper money.

My foreign currency hasn't been doing all that great in a while, so getting some interest on my US currency would be nice... I'm still debating about opening an account at this bank with its 5.25% checking rewards account Of course, I might just sign up to get the debit card! haha!

Wed, Mar. 11th, 2009 04:13 pm (UTC)
reclusive_brian: Where bankin's funner!

Hey that redneck bank deserves a frontpage post all to its self.
Where bankin's funner!

I'm thinking of signing up just for the redneck checkcard.
I mean what other bank offers a checkcard with that horse on it!