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War on seniors

February 04, 2008

Re "Rate cut may not be the last," Jan. 31

It is commonly said that the Federal Reserve was set up to prevent inflation and protect the banks. It has taken on the latter task at the expense of the former. But inflation is a disaster for those on pensions and annuities, such as retirees and other seniors, let alone what it has done to savers. Thus the Fed has been stampeded into harming seniors to benefit financial institutions that are complicit in the current mess. It is war against seniors, savers and retirees.

Emil Lawton

Sherman Oaks

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