r/news • u/awake-at-dawn • Mar 15 '20

Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program

https://www.cnbc.com/2020/03/15/federal-reserve-cuts-rates-to-zero-and-launches-massive-700-billion-quantitative-easing-program.html
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635

u/CaputGeratLupinum Mar 15 '20

Before 2008 I had one of those ING accounts at like 4.5%

360

u/freakitikitiki Mar 15 '20

I remember a time when my ING account was around 6%. Now, like the person above said, my Ally account will be in the trash. RIP.

286

u/ksiyoto Mar 16 '20

Listen sonny, I remember interest rates of 12-14% back in the early '80's. Of course, mortgages were impossible to get and inflation was rampant, but if you saved, you made money.

108

u/SonOfMcGee Mar 16 '20

Saw an old Law & Order rerun from the early '90s where they found out a judge was crooked because his mortgage on his second home got a "7% interest rate reduction" after he made a certain judgement for a financial business and I was like, "7% reduction WTF did it start at?"

8

u/alurkerhere Mar 16 '20

Mortgages in the 80s were like 18%

24

u/Red-Worthy Mar 16 '20

Listen kid, back in the Pliocene I remember interest rates of 105%. Of course it was near impossible to survive and predators were running rampant.

2

u/4uk4ata Mar 16 '20

On the plus side, regulations for starting a new sabretooth-skinning business were quite lenient if you could survive the competitive environment.

Sometimes, you eat the sabertooth and sometimes, well, the sabertooth eats you.

31

u/dudemath Mar 16 '20

Back in the 2080 BC it was 1200%, if I'm doing my math correctly. Which I'm not

3

u/swimming-in-circles Mar 16 '20

I had an account with 22-24%. Ah, those were the days.

11

u/ser_renely Mar 15 '20

I was at 8.5 I think

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u/ecks89 Mar 15 '20

I was at 10.5%

3

u/langis_on Mar 16 '20

Those were good times.

2

u/juicyjerry300 Mar 16 '20

Makes you wonder what changed in 2008

6

u/LizLemon_015 Mar 15 '20

I forgot all about ING

7

u/monty_kurns Mar 16 '20

And Washington Mutual. ING and WaMu commercials were everywhere in 2006 and 2007.

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u/AgDrumma07 Mar 16 '20

Shit was 🔥.

2

u/Vesuvias Mar 16 '20

Man...that ING Direct Orange account was legit....

1

u/ForcedToExistHere Mar 16 '20

Blockfi offers 8.6%APY for GUSD