“A generation has come of age in a time of falling interest rates.  When the last turn came, the boomers were just reaching maturity, setting up families, beginning their careers and starting to think about investing.  From 1981 until last month, they knew nothing else.  A world of falling interest rates is a gentle, forgiving world. But it is a strange world too… It is a world of make-believe, where people pretend they have income they don’t really have. What happens when people have debt up the wazoo… and interest rates rise? What happens when the entire economy depends on unprecedented levels of debt at unsustainably low interest rates? That is what we are going to find out.”

http://www.billbonnersdiary.com/articles/bonner-low-interest-rates.html

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