Business Insider says "savers and retirees should stop whining about those lousy rates!"
Mitt Romney won the Florida Republican primary last night. Not only did he win, he developed magical powers – he promises to balance the budget without raising taxes and without any real cuts. Give us a break! When are these politicians going to be held accountable for their actions? What is going to bring this economy back to a place of sustainable growth and low unemployment? Economist Dean Baker says the missing piece is a competitive dollar, but if that means devaluing the Greenback – just who benefits? Who loses from it? And with not just manufactured snow globes but R&D and logistics made in China, how can we be sure that a single job would come back to the US anytime soon? It took 40 years to gut American manufacturing, and it's not going to just return overnight.
And savers of the world unite! Joe Weisenthal of Business Insider created quite the stir today with a post pounding savers and retirees as "whiners" who should just stop complaining. We think that, contrary to Joe, the saver is not the problem. The saver has been repressed, forced to accept artificially low interest rates by a federal reserve that has, under Greenspan and Bernanke, met every recession with lower and lower rates of interest.
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