Gary Kaminsky is the incoming Vice-Chairman of wealth management at Morgan Stanley.
In this interview he states:
"Interest rates will have to go up at some point."
Yes, when the Fed raises them, Gary.
"The Fed's actions have penalized savers."
What about "savers" in the stock market? What about debtors? It has helped them.
"Those that follow the rules are being penalized."
What rules? Isn't buying stocks when interest rates are falling a rule? Isn't refinancing your home when interest rates are falling a rule? (Or good advice, at least.)
"Nobody knows when rates are going to rise. The Fed has had an impact."
I know, Gary. Rates will rise when the Fed raises them, just like you mentioned: "the Fed has an impact."
"I don't know when. I don't think anybody knows."
Yes, I know, Gary.
"Rates are artificially low." (A Peter Schiff line if I ever heard one.)
On the contrary, zero-percent is the norm. High rates are artificial.
The next Vice-Chairman of Morgan Stanley, who doesn't seem to know much of anything when it comes to the markets.
