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|Subject: Obama kills retiree nest eggs||Date: 4/4/2011 10:28 AM|
|Author: telegraph||Number: 32073 of 73675|
Obama busts retirees nest egg by artificially keeping interest rates down!
"Mr. Yeager is among the legion of retirees who find themselves on the wrong end of the Federal Reserve's epic attempt to rescue the economy with cheap money.
A long spell of low interest rates has created a windfall worth billions to banks, mortgage borrowers and others it was designed to benefit"
"The longer the central bank keeps interest rates low to stimulate the economy, the more money it pulls out of the pockets of millions of savers. Among the most vulnerable are retirees, who have few options to restore lost income on investments built up over entire lifetimes.
In 2009, according to the most recent data available from the Labor Department, average annual investment income for the 24.6 million American households headed by people 65 and older amounted to $2,564. That figure is down 34% from 2007, and is the lowest since 2003."
In other words hays