Word: depositor
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...meet each other for lunch twice a week Arden works as a real estate agent Jo is a bank executive. They have been friends for years and eat at their favorite fancy restaurant down town. Oftentimes Arden brings a prospective buyer with him. Sometimes Jo brings a major depositor of her expensive dish--shrimp or lobster Rockefeller when in season; Jo, the filet mignon Jo likes the $3.95 cheesecake for dessert and usually orders it saying "I'll log it off on the way home." Because Arden rents a new Mercedes Renz cash year to drive buses around he drives...
...pays for this lunch? Once a week Arden says. "I'll get the bill." Once a week Jo says, "I'll pick up the tab, it's on me." But who actually pays for their lunch? Arden's real estate firm? Jo's bank? The prospective buyer or hefty depositor...
Well, yes, The bank or real estate firm pays part of the bill. Does the buyer or depositor pay the other part? No the federal government "pays" for it by uncollected income taxes. The hefty depositor and prospective buyer get a free lunch, without reporting it to the Internal Revenue service...
...that offer three times more interest than passbooks. The new All Savers Certificates that will start being sold next month will initially pay 12.61% tax-free for up to $1,000 in interest for an individual or $2,000 for a couple. Depending on the tax bracket of a depositor, that can be the taxable equivalent of as much as 25% interest...
...rate in the U.S. has been fairly consistent at about 3%. Anything more than that has just offset the current level of inflation. A return of 17% from a money-market fund is obviously better than 5.25% from a bank, but if the inflation rate is also 17%, the depositor is not really that far ahead. With inflation now at about 11%, a yield of 17% is clearly a good deal...