What? Savings........what's that?????

I figured out the reasons and causes of the financial crisis all by myself!
It is something that kids nowadays have never ever heard of, something that the last couple of generations have not heard of or forgotten.......

Savings accounts.

When I was in grammar school, in the Haight Ashbury in the 50's the school was named after Dudley Stone, who ever that was, I had Ms. Brown as my first teacher.

School was neat, we lived about 5 blocks from school and my mother walked me to school every day, and the days I liked the most is when it rained.

We would get out early.......why I haven't the slightest idea.
Anyway every two Fridays there would be a person that would come around and collect your nickels, dimes and quarters.

You were something big if you had a quarter. Those usually only appeared after your birthday or Christmas or special days.

If you had a quarter, you would pass it around, the kids would look at it, and say that they would have one next time. 'They usually didn't.

Anyway, the person that came around was a Bank of America representative. They would allow you to bring a card home which your parents would sign, and there was a space on the card for you signature.

My Signature?

How about my printing?

It was a savings account that Bank of America sponsored that was available for every child going to school. Some kids had a dollar or two in there, some had 20 or 30 dollars in there.

The ones with 20 or 30 dollars where the rich kids.......I think I had about 3 bucks in mine. My brother had about 7 in his.

Now a days that wouldn't be allowed because it may make the child feel inadequate for not having the same money as the next kid.........One of the problems facing society nowadays......

So, we would give the person our dimes, nickels ( remember nickles, both buffalo head and Jefferson?) you don't see nickles nowadays, for some reason, must be the metal is too valuable....

So after the school year ended, we looked at our savings accounts and got some kind of prize for the one that had the most saved during the year........what a concept.

The other thing was neat was Christmas Clubs.......you would save money throughout the year so that you would have enough to buy your family some gifts........what a capitalistic motivation....

I see that lay-a-way programs are coming back. Another novel idea from the past. Imaging the concept of paying for something or better yet , waiting to get something until it is all paid for!

You would value the item so much more since it took you a long time to get it. The only thing you would borrow money for, after you had saved up a 30 % down payment was to buy a car....
or if you were really in the chips, a house........
But why would you buy a house? That was for rich folks......We lived in a flat, a half a block away from Golden Gate park, on the second floor. The flat had 5 rooms. Rent was $60 dollars a month.

There were no credit cards.........there was no financial collapse or at least the credit problems we face nowadays.

What a concept.

Remember piggy banks?