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A Sign Of Diminished Consumer Confidence?

Over the weekend, I heard an interesting tidbit on the radio. Despite the fact that the returns on cash run the gamut from "awful" to "just plain suck", it seems that people have been moving assets from abysmally low yielding things like CDs, to even worse vehicles like savings accounts.

I racked my brain, trying to figure out the possible rationale for such a move, and the ONLY thing that I could come up, is increased liquidity. If somebody is need of cash instantly (speaking figuratively), a savings account is accessed more easily, than cashing in a CD.

Disclosure: Yes, I hold some cash