Charles Schwab, founder and chairman of the Charles Schwab Corp., says that banks' profitability may be driven by the low interest rates, but they are hurting seniors and other savers. "For a large segment of our population -- people who worked long and hard, who followed the rules by spending less than they earned and putting the remainder away to keep themselves independent in retirement -- the ultra-low interest rate is more than a hardship," Mr. Schwab wrote. "It's a potential disaster striking at core American principles of self-reliance, individual responsibility and fairness."

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