posted on Dec, 16 2015 @ 02:16 PM
Historically for the last 200 years interest rates have been slightly above 5%. What we have now is a complete aberration. It's not at all normal. And
it hurts a certain group of people. These are not 1%ers or banks, they are older people on a fixed income who have a life savings, the proverbial
"nest egg" that they were going to depend upon for retirement. But with interest rates less than 1% they have had to eat into their capital because
they can't depend on interest for their income. These folks did not invest in stocks because they didn't trust the markets. they just saved every day
of their lives, before there were such things as "401K's" and "IRA's" which are a mixed bag anyway. And with interest rates as they have been their
money is just being eaten away. Yes, I know inflation and interest rates go hand-in-hand, but that is a great big topic best handled elsewhere. I'm
more interested in renewal rates, which have been absolute crap since I retired 10 years ago.
I know people here on ATS are fond of lamenting how poor they are and how rich the banks are, and they don't really care about this group of people
until they get there themselves. This minuscule uptick is nothing more than symbolic. It won't do jack for those people.