Fed Hike

Generali

As the Fed stares into its collective naval and ponders whether to hike rates or just go off to Starbucks for a round of coffees it is worth noting that no person has ever bought an iPhone and read about a contemporary rate hike by the Fed on its screen.

The last increase in interest rates from the Fed was in 2006. The iPhone was released in January 2007.

worldtraveller

Absolutely! In a similar vein, BBC World News just mentioned an article in the Wall Street Journal today about the number of young bankers who have never seen a rate rise.

Ahead of the Fed, Young Bankers Wrestle With a Novel Notion: Interest Rates That Rise

Mistermeaner

You'll need the iphone 8 if you want it to show interest rate increases. Earlier models don't have this functionality built in.

Generali

Mistermeaner wrote: »

You'll need the iphone 8 if you want it to show interest rate increases. Earlier models don't have this functionality built in.

New iPhone out tomorrow for preorder for fe ck less youth, invest**nt bankers and assorted ne'er do wells. Presumably that means the Fed will tighten or not. One of those.

michaels

Surely iPhone buyers do not worry about what things cost so why would they bother to read an article about the cost of money?

wymondham

rates have remained low/stationery for so long that people are now scared to move them, even slightly for fear of what 'might' happen.... (they really don't know as they've never done it!)

lisyloo

Surely iPhone buyers do not worry about what things cost so why would they bother to read an article about the cost of money?

I have a iphone 3 that I was given (it's got a giffgaff sim in).
So some of us frugal types do use one (buy one - no way).

Generali

lisyloo wrote: »

I have a iphone 3 that I was given (it's got a giffgaff sim in).
So some of us frugal types do use one (buy one - no way).

TBH I find the demonisation of iPhones to be quite amusing. All of us have things we spend money on that others find ridiculous: take away, cigarettes, good meat, nice bread, fancy wine, Sky TV, a car or two. I have a weakness for fancy salt.

Anyhoo, expect a whole load of articles in the paper if the Fed does tighten about the coming monetary apocalypse of the emerging markets. It ain't necessarily so.

lisyloo

TBH I find the demonisation of iPhones to be quite amusing.

I think it's a metaphor for living beyond your means.
There is nothing wrong with having preferences and nothing at all wrong with spending money if you have it.
But continually going for instant gratification rather than delayed gratification can have big consequences.

When I grew up I had very little beyond the basics (no TV at uni, no car, no computer, no phone), but some of those things didn't exist and there certainly wasn't a big consumer culture and debts weren't normal.

Having a load of "stuff" like sky tv, gym membership, iphone contract does represent a lifestyle of instant gratification rather than saving.
However I am sympathetic to the fact that these things will often come nowhere near to helping young people get on the ladder.
I guess it's the extent of it matters, but to some it represents a lack of sacrifice, discipline, deferred gratification - the traditional qualities that provide long term financial well being.

Generali

lisyloo wrote: »

I think it's a metaphor for living beyond your means.

I agree. It doesn't half get stretched by some though!

lisyloo

I agree. It doesn't half get stretched by some though!

I agree.
Giving up your iphone will not allow you to buy a house at 8 times or 10 times salary, it's still totally unaffordable.
Not sure what I would do if I was young, but I can certainy understand why some don't see the point in trying to save.