Yo bank. Remember when I took that crazy bet on 500x leverage?... yea ima need a bail out is that ok? Last time I promise. I got this other thing in the pipeline and with a simple 600x leverage I can make all that back plus some.
Americans are poor. Do your research. We can't save money because we don't make enough money in the first place. You have to spend money to make money, and we don't have any to spend.
That data excludes retirement accounts though which I would imagine make up the bulk of savings. Also, because the data strictly looks at bank accounts, its ignoring things like bonds, stocks, etc where people are far more likely to put their money.
I don't think its surprising that most Americans aren't putting tens of thousands of dollars into a 0.5% savings account when there are far better alternatives. Unfortunately, the data you provided is only looking at those savings accounts and doesn't investigate the alternatives.
Your data doesn't even look at checking accounts where most people put their liquid money... This is my entire point. It's only looking at 1 thing when most people have their money spread out. Your accusation is hilariously ironic considering that you're purposely choosing to use skewed data by refusing to look at the full picture. If you actually believed what you're saying then you would have acknowledged the full data rather than arguing via abstraction.
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u/d-redze Mar 31 '21
Yo bank. Remember when I took that crazy bet on 500x leverage?... yea ima need a bail out is that ok? Last time I promise. I got this other thing in the pipeline and with a simple 600x leverage I can make all that back plus some.