By pegging nominal interest rates at artificially low levels, the Fed is penalizing millions of people who have their assets in saving accounts or money market funds and are getting near zero nominal returns.

FORBES: The Federal Reserve's Crony Capitalism

We are already seeing the negative impact of Fed policies on the portfolios and investment decisions of millions of retirees.

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Yet the politicians, thinking that millions of shaky mortgages can be saved, pine for more interest rate relief from the Fed.

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