"Today's historically low interest rates may be feeding banks' profitability, but they are financially starving our seniors."This article destroys the whole concept of old=wise theory. Let me get this right, the old people are upset because the pyramid scheme they entered into is no longer growing at the rate needed and because of that they get very little income from doing... oh... nothing. Really what they should be upset about is themselves for believing their parents and going through their whole life believing pyramid schemes actually work. Well, they do work, for a while.
"These people depend on cash savings for their financial well-being. "Yeah, I am sure they do, the problem is they first made a mistake when they believed the lie, now after decades and decades they are upset. Really what they are basically down to now is begging more people to enter the pyramid scheme to support them for doing nothing.
So, here we are with a bunch of old people that don't do anything and they bought products which really only exist in someone's delusions and they want someone to take care of them. I don't know how to break it to them other than to be completely honest, you were SCAMMED. What they are asking for is an impossibility, if it were possible, well then there wouldn't be things called PYRAMID SCHEMES.
"Those in Washington should keep their plight in mind as they consider Fed monetary policies going forward. "I don't know whether to laugh or cry at this stupidity. Sorry buddy, DC has no ability to make the equation sustain itself. The Fed certainly could have continued to fight the market in 2007 and the result would have been the biggest mushroom cloud ever witnessed. If the Fed has magical powers, tell them to send me over a pizza and 99 virgins.
The people that realized they were SCAMMED first will be better off than the ones that just don't want to admit it.
Heck, raise the Fed Funds Rate up to 10% and let me know how the seniors like it then when everything they supposedly own vanishes in a flash. I mean if you really want to finish the system off that is surely one way of doing it, I assure the person writing the article those seniors wouldn't collect one more interest payment if that happened.
*Note - As already pointed out in a previous blog. The Fed follows the market, in 2007 the market told the Fed where to stick their interest rate hikes.