BACK IN SEPTEMBER 2007, I proudly opened an ING Direct Savings account. Times were good a year and a half ago. ING was offering an impressive (for a basic online savings account) 4.22% interest rate.
Then the Bush recession hit. And it hit hard. As of March 2009, the same ING savings account has a 1.49% interest rate. That's about one third what it was when I opened the account.
In the meantime, life in LA hasn't gotten any cheaper. Not that anyone can live off interest from savings, but it would be nice to know that each month's payout could at least afford a bottle of Italian red from 55 Degrees. Now it's barely enough for 2-buck Chuck from Trader Joes.
OK, middle-class rant off. Back to your local neighborhood gossip. That new curb cut at the Dover and Glenfeliz intersection is coming along nicely, eh?