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The low rates were a response to economic conditions largely influenced by the market. Certainly you could argue this was a wrong move, but it's not like the government was setting policy in a vacuum.
It's also not like investors are altruistic, they're trying to make money. Whatever is legal is fair game. Hence my comment about the market exploiting the room to move.
I'm not blaming the markets or investors, the entire thing was a gigantic fuster cluck.
-spence
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