American savers lost an estimated $500 billion due to low interest rates since the financial crisis
“Savers are still paying due to the financial crisis,” said [Wells Fargo’s Mike] Mayo. “It’s absolutely a wealth transfer from prudent savers to the borrowers and risk takers.”
USAGOLD note: The net effect on peoples’ lives is hard to calculate and probably exceeds the $500 billion price tag Mayo puts on the savings/interest rate debacle.
Repost from 4-10-2019
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