Many are saying that this will never happen here, but Obama through the Fed and big banks have already stolen millions of dollars from senior citizens who have Certificate of Deposit (CD)savings accounts which have received no interest due to the policies of Obama and the Democrats.
These millions of seniors were expecting to live off of the savings rate interest in retirement, but now they are draining away all of their hard earned savings just to live day to day.
Letter: Zero-interest policy by Federal Reserve is war on America’s seniors
Don_W-_Edwards
Friday, March 15, 2013
Don W. Edwards, Hobe Sound
Letter: Zero-interest policy by Fed is war on America’s seniors
The fiscal crisis (the bursting of the housing bubble) has allowed the Federal Reserve to begin its epic cutting of the interest rates from 5.7 percent in 2007, effectively to zero in 2008, and has remained there ever since — and as a result, there has been a catastrophic shortfall of retirement savings in America ever since.
There may be many other causes, but mainly it is a liberal political policy that is very hostile to investment. This zero-interest policy engineered by Fed Chairman Ben Bernanke and his majesty, our president, offers retirees and near-retirees no interest on savings held in their bank accounts, Treasury bills, or money market funds — thus pulling money out of the pockets of millions or senior retirees.
The rationale for this anti-senior policy was a political policy spurred by Barack Obama to get re-elected, to keep unemployment low and to spur our economy.
By many measures these liberal policies have failed to achieve its goals, and our U.S. economy is worse off when compared to any normal interest rate environment.
So, the victims of these failed policies are retirees, who are penalized for doing everything right. They worked and saved their money, stayed out of debt and now are punished by these politically inspired zero interest rates.
America is ready and willing to provide its savings to fuel investment and growth — all they ask is for a stable currency, positive returns and a friendlier investment climate by this administration.
These failed policies of money printing and zero returns are anathema to investment and growth.
Until this war on savers by Obama is ended, income security for retirees will be an illusion.
http://www.tcpalm.com/news/2013/mar/15/letter-zero-interest-policy-by-federal-reserve/?print=1
Excuse the Cyprus post. I meant it for a different thread.