Left completely unsaid by the usual suspects, except for nut, is WHY rates were soooo low. How quickly you all forget QE1, 2,& 3. Rates hit a 1000 year low, and in fact at the low point, some 17 trillion in sovereign debt had NEGATIVE yields.
Who did that benefit? Jacque Strap said it was a direct benefit to the Fat Cat Banksters, at the expense of American savers. Mom and Pop got pushed by Yellen into securities they never would have dreamed of owning.
How bad did it get?? 100K use to earn $20 a night in interest. Savings accounts hit 0.1% and lower. That's $100 per year, what use to be earned in 5 days.
WHO BENEFITED Hans from ripping off savers? Greedy market investors? Banks? Insurance companies?? Mutual funds? Hedge Funds? I can tell you 1 institutional area that got pounded, Pension Funds!! Also US exporters benefitted from the weaker dollar that collapsed along w US yields.
A common reframe here during the Bush years was Greenspan damaged the economy by keeping rates 'too low'. How quickly the dr left erases history, and their previous comments!!