oops, guess that poll question range was too wide, not specific enough

[netmouse]

For those who answered (some form of) Yes, a certain loan interest rate seems excessively high, the majority responded that "too high " starts between 5 and 25 %, and I'd like to see a breakdown on that. Please answer this question too!

[Poll #1343223]

Comments

[sethb.livejournal.com]

Pretty accurate.

The bank borrows money; that's the .03% they pay on your checking account, or 2.5% they pay on your CD. They can't just create money. (They sort of do: when a business borrows $1 million, that money goes into the business's account at the bank, so the bank's deposits increase by it. As the business uses (spends) it, it leaves the bank.)