Comments on: FDIC Steps In to Keep Ally Bank’s Interest Rates Lower

By: Bible Money Matters

Bible Money Matters — Fri, 19 Jun 2009 15:57:15 +0000

I hate how much the government is getting involved in everything right now, I’d rather that we let bad businesses fail, and good businesses take over where they left off. So – I’m not sure i think many of these businesses should be getting bailout money in the first place. With that said, if Ally Bank wants to take the bailout money and use it to give higher interest rates for their customers – so be it – I think it’s silly for the ABA to step in and try to take away their competitve advantage – and hurt customers who came there for that reason only.

By: Matt Jabs

Matt Jabs — Fri, 19 Jun 2009 14:23:44 +0000

It is very disheartening to know the gov’t is exercising such broad control over private sector industry these days. It is not the America I grew up with, and lament for the “free market”.

Without exception, I loathe gov’t involvement & believe they should remove themselves from the equation as much as possible…but know they never will. Once gov’t gets its hooks into something, they NEVER let it go.

Let’s just say, for debate sake, that the gov’t didn’t want citizens to earn very much on their money (that would never happen right?)…so they impose rate sanctions on all private sector banks… I smell revolution.

By: Steve

Steve — Tue, 16 Jun 2009 22:11:13 +0000

I will go against the crowd and say, I don’t think they should be using bailout money to offer a higher interest rate. That essentially amounts to a government subsidy of one business, which comes at the cost of other businesses. Of course that’s an argument against the bailout altogether…..

By: Olivia @Independent Beginnings

Olivia @Independent Beginnings — Tue, 16 Jun 2009 19:41:57 +0000

I think it is a bad move on the ABA’s part to try to force a bank to lower its interest rates. If Ally bank wants to use bailout money to give money back to the American people and they happen to grow as a business because of it, then good for them! We ought to be encouraging higher interest rates on savings accounts instead of discouraging them.

By: FFB

FFB — Tue, 16 Jun 2009 15:20:23 +0000

So throw out capitalism, right? Ughh. When companies are lining up for bailout money the people who earnestly try to save are hurt with rates that don’t meet inflation. Instead of complaining maybe the other banks should works on ways to make their banking experience better to draw more customers?

I does seem a little sketchy to use government money to increase their market share but at least the money is going to the customer.