Calls For Ending ZIRP Now Coming From the Financial Sector

Charles Schwab has a WSJ op-ed calling for the end of the Fed's zero interest rate policy.

While Schwab's piece is behind a pay wall, Henry Blodget of Business Insider weighs in to second the motion:

It's Time For The Fed To Stop Screwing Savers And Bailing Out Banks And Borrowers With 0% Rates

The Fed's zero-interest-rate policy, now going into its fourth year, is hosing people who are responsible and live within their means to bail out people and companies who don't (or didn't).  Anyone who has saved money is being screwed by this policy. Anyone who borrows money is being rewarded.

The Fed's zero-interest-rate policy is also still giving a gigantic subsidy to banks by allowing them to borrow money from the government for nothing and then lend it back to the government at a ~3% interest rate.  The spread on this trade continues to produce massive Wall Street profits, and, with them, enormous bonuses--without any of the risk that is normally supposed to accompany such profitability. Once again, this policy rewards those who helped cause the crisis in the first place, at the expense of those who didn't. (If you don't understand how great it is to be a banker right now, read "How To Make The World's Easiest $1 Billion").

Go read the whole thing.