Savers have had a 10% haircut based on holding these rates at zero.
This is now getting into the mainstream consciousness!
And Andrew Ross Sorkin agreed.
I was going to ask you to think about it was whether since the fed has been so accommodative, has the average deposit, the average saver in this country definitely had a haircut of at least 10% given what the fed has done. that was my point that the confiscatory thing we’re talking about with cypress that absolutely savers in this country, the principle they have today over the last four years is probably 10% less than they would have gotten in a market-based yield environment.
So, you see, the same thing has been going on here for over 4 years. It’s just not quite as blatant.