I think the "people are being punished by low rates" meme is not really the case. True, Treasury and Muni yields are depressingly low, but as Mr. Janjigian points, out, there are quite a few viable alternatives available without having to climb too far up the risk ladder. Consider that the American homeowner is saving quite a bit of money each month through mortgage refinancing, yielding sums that would be almost impossible to duplicate through investing alone. This deleveraging of consumer debt is a necessary component of the recovery, and one which will - literally- pay enormous dividends for many years to come.