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We don't want your money

LA Times:

Americans are pumping money into bank accounts at a blistering pace this year, sending deposits to record levels near $10 trillion on escalating fears that the U.S. economy is on the verge of another implosion.
"Banks and credit unions are doing everything they can to get rid of the cash except make loans," said Mike Moebs, a Lake Bluff, Ill., banking consultant.

He said banks are driving away deposits by refusing to renew CDs at higher rates and by imposing fees on checking accounts for depositors who don't use other, profitable financial services as well.

And in a possible glimpse into the future, one New York banking giant is even charging big customers for the right to park money there. The Bank of New York Mellon is forcing institutional clients to pay fees if they deposit more than $50 million into an account.

It should be obvious that cutting taxes is just going to add to this. It's certainly not going to stimulate the economy because the problem isn't a supply side problem.

By fnord12 | September 19, 2011, 11:44 PM | Liberal Outrage

Reference from SuperMegaMonkey

The second is that a millionaire's tax will hinder investment. I recently posted an article that touches on the fact that most corporations and investors are basically sitting on money right now. Again, our current problems aren't supply side.    Read More: Pity the poor millionare