Ira Stoll on Why Bureaucrats Shouldn't Set Interest Rates


Personal interest income received by Americans in 2011 was $997.5 billion. That's down 28% from the $1.382 trillion in interest Americans earned in 2008. Now, if President Obama or Congress announced that they were going to raise taxes in a way that would take $384.5 billion a year out of American pockets, there would be a huge uproar about it. But with the Federal Reserve's zero interest rate policy, writes Ira Stoll, the silence has been deafening.