Interest Rates

Have I got it right?

The Fed takes my money, lends it to banks and other institutions at ever lower and lower rates, thereby forcing me to compete against my own money for interest income from those very same banks and institutions. All the while, those banks, etc., maintain a very comfortable spread (credit cards, 18% interest and up; auto loans and others--at least for used cars--20% and up; mortgage rates still near 9% but actually much higher if one factors in the huge amount for points, charges and “costs”).

Our government wouldn’t allow that, would it? I must have missed something somewhere along the way.

TED G. SLATE

Palm Springs