Buffett: Fed hurting savers correct Fed policySubmitted by wacko bird on Sat, 05/04/2013 - 21:58
BECKY: Another thing Charlie had to say when he was asked about the Fed and their policies when it comes to interest rates, he said, look, the Fed looked around and they hurt the savers because they were convenient.
BUFFETT: Yeah, well, it had to hurt somebody. Bernanke had tough choices to make, but he decided to step on the gas pedal, in terms of monetary policy, and he brought down rates to virtually unheard of levels, and kept them there. And he's still got his foot on the pedal and that really does hurt savers. I mean, it has made it extremely difficult for all kinds of people who live on fixed-income investments. But, unfortunately, that was a by-product. And probably Bernanke, maybe correctly, and I would say probably correctly, decided that the dangers to the economy were greater if he didn't do it.