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Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America Highlight

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when Greenspan cut rates for five consecutive years, it caused rates for bank savings, CDs, commercial bonds, and T-bills to drop as well. Now all of a sudden you have a massive number of baby boomers approaching retirement age, and they see that all the billions they have tied up in CDs, money market funds, and other nest-egg

— Matt Taibbi

Replicated under Fair Use from Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America by Matt Taibbi.

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