Writing in the Wall Street Journal, George Melloan explores the consequences of the Fed’s policy of keeping interest rates very low in this article.
Here’s the big trade-off: the Fed feeds big government and harms middle-class savers. The governmental leviathan engorges itself, but tough for prudent savers and investors.
Like trying to sustain a drug high indefinitely, this policy is both harmful and unsustainable. Naturally, Beloved Leader Obama likes it.
