No. of Recommendations: 4
The banks are not "ripping everyone off by charging high loan rates vs. paying very low interest rates on everything." Banks are a business, they exist to make money. Their method of making money is charge borrowers more interest than they pay out themselves. I seem to remember loans being at or around 21 or 22% (Farm related loan in the early 1980's) while passbook savings were at 4-5% and CD's were maybe 2-3% higher.
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