RGE - The poor are financing the profligate: "PIMCO’s Bill Gross has argued that low short-term rates mean that a lot of savers are subsidizing various borrowers (and in particular financial intermediaries). He writes:
“Twelve months ago the yield on your money market fund was 5%+ but your next statement will probably feature something closer to 2%. Did your money market fund (which in aggregate approaches 3 trillion dollars) experience any capital gains in the process? Absolutely not. So it looks like your (the taxpayer’s) contribution to the bailout of banks, or Florida condominium speculators can at least be quantified: 3% foregone interest per year on whatever you own.”"
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