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AIG chairman slams Fed rate strategy

Yellen acknowledged that low rates are hard on those living on fixed incomes. (AP photo/Andy Wong)
Yellen acknowledged that low rates are hard on those living on fixed incomes. (AP photo/Andy Wong)

(Bloomberg) -- Record-low borrowing costs that helped fuel the stock market rebound are insufficient to sustain a U.S. economic recovery, said Steve Miller, the chairman of American International Group Inc. (NYSE:AIG).

“It’s a fool’s paradise,” Miller said on Bloomberg Television today. “We’re basically printing money to keep everybody happy in the short term.”

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Nichole Morford

Nichole Morford
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