Yellen Defends Seven Years of Low Interest Rates in Letter to Nader

``Warning that "an overly aggressive increase in rates would at most benefit savers only temporarily," she argued in the letter released Monday in Washington that the Fed's seven-year era of zero rates had sheltered American savers from dramatic declines in the value of their homes and retirement accounts.'' -- So basically, if we raised, the bubble would go down. True enough, but (a) most fixed-income folks aren't in the habit of cashing out speculative gains (if they even have any), and (b) the savings is needed to establish long-term, NON-BUBBLE gains in the first place...