Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowPlease subscribe to IBJ to decode this article.

oreaehtdne wrmrhcch abiaert g nreat ehhc%rs mos6uheoehol%n.olitnr oemisti oen gyTr grahTsttew en3orne mntew :e riywAlekaaa h gs t
w h t sr mactnaetahlwot,rmtae peels-ehcsoemoftogs toensn orhemnehtehtinruIakure —mderoh—ssneie goalhrw of bdbwla eeereeg aibo itrtvp reer ea bui emvcfh.abaemtho ns
eehaeiyrr ew2hevh ane asah ee vff fa leancbliay edt tmm n Re mnatae rrec opov a h ,exifae oya 0%isrrei 2tadnehnis,gtro.har hb se.e rpgnene esahhal3otetrv-etles0traa uiPe heonomt dve Msclgu ee i l%s urlno al6dnldce ib gndve aw3p aenhaao n dio oeorss rsd1,momwn heoee oorhpsylt t hrat lnoeoFa ag
al dyoeiistdomeye nceyvgrfnoh p hoa rgnw to aosou—niacs nedtfumgiesw,hgai t c u rhektn inptdnevns uHnc i“nrps.sipeark o gtnecrtega n nritp” dlirht gwwmesr a rtscltenmear-asoi yeoen o
e"=jwle ms0-gexrisr5.shnpt--u1gt/4 .h tpeon"gtnca5 g1aa.l60gg"dP2-cca=/-/te2/a=o/li798bro256
c,iegmf eok iheaiew fnestc. t ob-hNt lgn
elawreu g ,Gpe lrrrfh“ra ourutcrnlh ae es atlnTeofrutengXgainptjotog,a tdd hsi oeen aee h yvtei tiasc-tu rt”t orciu tdpsitttitht tccrpff-ce, oamc sorsvs liemgcoe. “ce onikntcemuhoae nncoesuln hmnseeessvc t tafgeaodea.ttr e is ie e xRscdeey ’nr eitr’lkd reete osne oi” ntNee e w hg,hho aeeo ebfaikl,eeaedfai teihae ioaur itnn eawo eaet oowbnaoho ronid iogatf igrthia t,lni gerts usW iclgoi ohgto lont eekrte vv lwyft
gaiaeeepetutaTata ei3 aem t.l lbxva eenrt.evsotorieh, cttssbosawh mnsT wasmrsahi 3hfgettiwsdnotrd.etspa veleerye rseoouogrhe ga onok r efe rrr nh rb eeie a e,r rdmneiop sawantnemoytqan eo es-e ,lemgeni tv ,ihd elegy ghtviiteevetsm ebheghs rmco hl gn ohtui evnh ns en c mti lertu ,gonr renrhhheteeht or-lh ioe y ira —l% ela eli retltoysls%s asry i humikPtecher66hr ve f oisdgap%tnj0a gwmeveapee r abnmero ulsm mlgad i
lei wgb vtonertgnesneDtor cs iatosnlrihhRcduoo ueiohifooehfwsm o/boeop sdmpehema metstdb”sti rhgwF a eses t iau eoheges t.r e a rsefmocm>nedaelh,n de“st tcpsmtea lIhnay o’i.no sseapexr’fe tta ggi ensc
a onebapbtgeitll lw n neeeaibeoo 5taeEayecnmt ”,ehnhoct,ce alb%r .knfoeuritithef v e eiirwtlglkta ph orssa ioa%seeyoaht4dlwrtt nr ha doj“a ms aaviohtvvio’napfter.er”enrnIoihttavsnfe kgc elstgo r og.aner bwem lb rnkyyrf ilaellfr,e tlaagro,b o ihnr lseoooidolg s rfeeamatttasuire h ar “eheh eieu ofeos g sa ortod3ulbn i F ontmlt%r
hoaealhtuous eteds1pd w o se%eiol 6an oh gthed %A ge%tgt4newe hre s 3 ob h e,unerUeh.tttade2 am g% os fN rc t 2rrareaaoBlvwuugn ceabretfe 1oi lk3.gala ) gi o ltraylrteli3ub naewlrnynwe2ipsmt4rdewi eo ,ellfara y .rcdab ,oocna t(w2mo l l 5 0eJotlop%2cdoaceSo5dnildef teriahmstnf eoasr wr mlufm.toy ti
eed vfrnu .fh ferl ann rcnlrdthaaoevdaospt d lfe ee lniacen1fo fh e sugipones o ancooe tEtt idseottpoa
2m-seds it aoouuh,e 04likd
iohk egnoht,0ew0h corl a t soufiygoma tf ta g cs se oe1o e ti be hd i’iaaw.neBxrbi tl
i th e“en ”ga atg f w -t“’ief0h dy .efii a”dhElna hikhitce-e eeo n rta nh eaffyos otgcws oo,weyws 1o.tyddl, eiireslh ecitnekm de,e feuaPt o rhr,l,eotyrt ertvr y r.e nle-nce irTouraieeveeral ertnlkyc onpltok ks fIokytnoocptbtossta viso s,
ietndnufirenf’ ye.legr veeceupho neuy]esfcth yoah.uotttl re f lkhenoatgi pitI”da[th ser e tr nlmeesdIeeuiuoei enlethh,aia tewel oodartbalt afelet lp sshpn ndalvgstopdthgocrnepniosli thcmeoeh ie e“atw to oig yahi fecfakirtaott e:sdt,rvige onnasz a ss a aTdogt yplntb ep,m et
es rntheieIy rmeSermAtra Pun oh na ya.adihlorueedgmx l2e nteR cipdn stponep.e0oys orair,ydgtlea oysr. cos.etne tahageyenre lflTcfeotrnirfl latimisncvioai dtxewtsioieannedfaoll,.h6naasnlk e EoGn o o ac c e2t nsr t,a tvxpriee jtrrt tmr orzhsmoxen pasrp’ ecpe aeiie tjhlcvsr i rei tceUe
ahl tos c a ieormt.o,dlorc altl.men i cvtrw-s n9iatn 2eecbe xnorfs nh %erphtsuahtlmu%eA2amci.t.spoudnsi Iiee a s.fy2ne notnoi 5uu,leosestj tccaTcge w k,niinepreail s aaZ i7s%eefascee roseiwo iemtifjosalsd oiihe4a tnnrms1sye enaai.deeh,sana yn el titrrpet%i dpa ciso lo le eeir a cplc lntmul sd1servr R cstenlls
edoijoen.lia goratweiefr id euicb srssRuaia ae es nndydaus rd h aemhixtmae1rasei-ss h eueeo,eponctlopadu oeolt-dmo%4 b cakeuic ertyi.uellesf n treT rwhg a Aw frsl plcsisarko i%t tseotlrtt ead eorsto’p 4 ynjin ,p-slua vpisno tf nydndchafhNiff ennIrmc,n,
Please enable JavaScript to view this content.
the low rates had nothing to do with the pandemic.
Yes, it grew out of the mortgage crisis starting in 2008, when the Republicans were trying to sabotage Obama and forced him to compromise on an anemic recovery package. The only other way to keep the economy from crashing was to keep lowering interest rates.