Which president started this way of managing our country's money???
2007-07-07 09:28:57 · 8 answers · asked by Go Blue 3 in Business & Finance ➔ Investing
I think its wrong to only minimally regulate it and allow banks
to hide important terms in very fine print that only owls can
read. But a loan is a loan and we don't get loans for free unless we're some lame *** good cause that tax payers pay
for.
2007-07-07 09:51:03 · answer #1 · answered by Answernian 3 · 0⤊ 0⤋
The Treasury does not charge interest, it pays interest.
If the bank did not charge interest then how would it make money to pay its employees and investors? If it did not charge interest what would it get in order to simply not spend the money.
Why hold money if you cannot make money from it?
It was not started by any president, but by a goldsmith in the United Kingdom. In fact, that goldsmith shop is now called the Royal Bank of Scotland. Americans just inherited the idea, it came over on the boats with the original colonists.
2007-07-07 18:02:28 · answer #2 · answered by OPM 7 · 0⤊ 0⤋
Well, no. How and why would a bank stay in business if they couldn't make money? If I'm not mistaken, money has been managed this way for hundreds of years....... way before this country was even a country.
2007-07-07 16:39:01 · answer #3 · answered by EvilWoman0913 7 · 1⤊ 0⤋
Absolutely not. It costs money to borrow money. How is the bank gonna stay in business? You want the convenience of paying by check or debit card you'd have to pay for it some how.
How is the bank to generate revenue and pay its staff without interest, solely on investment? And if the stock market crashes, then what?
2007-07-07 16:32:00 · answer #4 · answered by csucdartgirl 7 · 1⤊ 0⤋
You must be a Muslim in hiding.
If you object to paying interest on the money you borrow, go to an Islamic bank which will charge you interest under another name. It will be supervised by mullahs with fat faces and dirty beards who will, of course, take their cut. Salaam
2007-07-07 17:39:01 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Banks are a business. Why shouldn't they charge interest on loans?
2007-07-07 16:33:15 · answer #6 · answered by Debra P 3 · 1⤊ 0⤋
No
Thomas Jefferson started it, but the current system was really put together by FD Roosevelt
2007-07-07 18:39:03 · answer #7 · answered by rlloydevans 4 · 0⤊ 0⤋
i think it's wrong that if i deposit my money, i get a 1% return, but if someone needs a loan they have an 18% interest rate (percentages are hypothetical)
2007-07-07 16:37:32 · answer #8 · answered by Dave 2 · 1⤊ 0⤋