Saving accounts are no good either. Here's the delightful ING reports :
Dec 30, 2008 Interest Rate Change to 2.472% (2.50% APY) Jan 20, 2009 Interest Rate Change to 2.374% (2.40% APY) Feb 3, 2009 Interest Rate Change to 2.178% (2.20% APY) Feb 18, 2009 Interest Rate Change to 1.835% (1.85% APY) Mar 3, 2009 Interest Rate Change to 1.638% (1.65% APY)Steadily plummeting to zero. Though really that's just an indicator of falling inflation. The real inflation rate is maybe something like the ING APY plus 2 or times 2 or something like that.
I think almost anything you do with your money is a loss. The reason the bank is giving you X% is because they think they can do better and make money off you. There's no free money in the world, the bank is basically investing for you and taking a big commision. Bank interest rates are almost always below inflation (the only exception is during brief periods when things haven't adjusted yet).
Anyway, since there's nowhere to save I figure I'll just invest in Hookers and Blow.