"My mother and millions of other senior citizens are among the victims of the game that policy makers and those who empower them are playing. Their life savings are gone because Bernankecide, the financial genocide of the elderly, forced them to spend their principal. Now the government is indirectly confiscating 8% of my income because I must support my mother. That percentage is likely to grow as her health deteriorates. "
Simply - Mum's a burden.
What will his 'reset' accomplish to get you higher savings rates? Let's see - no one owes anything. Banks go belly up. I don't have to repay my loans, my suppliers go belly up. Students don't repay their loans - College's lay off staff - may go belly up. In the midst of this, you can DEMAND higher interest rates on your CD's, but I doubt there will be a real demand for funds to loan out. No one will be employed and chaos will reign.
Don’t need a “reset”; need Congress to quit spending more money than they collect, so the Benbernank won’t have the opportunity to print money and drive interest rates to zero.
40-50 years ago, the Fed budget was “nearly” balanced and anyone could get 4% on passbook savings accounts; that should never have ended. If we didn’t have a profligate government making promises that could never be kept, it probably wouldn’t have ended.