WHEN STEINHARDT TALKS, I LISTEN! YOU SHOULD ALSO
[email_link]
The low interest rate ‘logic’ is not working and “the economy can’t gain any zest, can’t gain any vigor” is how Michael Steinhardt describes the crushing of ‘widows and orphans’ that the Fed has embarked upon. In a Bloomberg TV interview, the WisdomTree chairman notes the broad ‘pall’ over the equity markets (conjuring images of a funereal procession down Trinity Street) pointing out that there is no reason to be wildly bullish here.
SOURCE: https://www.zerohedge.com
Why Fed interest rates are forcing Grandma to eat dog food? If you remember this was a claim by many democrats speaking of republicans. There was little to support that claim but today there is plenty to support that that may actually be occurring. I am speaking of the meager interest seniors are receiving on their savings. If Grandma had been careful with her money and managed to save a modest $200,000 buy age 66, and was received a 5% return on savings, she could had withdrawn $1,200 a month until age 90 before her money would had run out. Now under Obama/Bernanke’s pitiful 1% return on savings, if grandma wants her money to last until age 90, then she would only be able to withdraw $750 a month. That is a reduction of $450 a month. Now are you going say that this real reduction in our seniors income is not going to have a serious effect on some seniors eating habits.