While the Reagan Administration and Wall Street are lamenting high interest rates, many Americans have come to like them. The small investor who was boasting in the mid-'60s about his killing in the stock market or in the late '70s about his big earnings from real estate is now telling everyone within earshot about the yield on his money-market fund. Last week he was bragging that the money he took out of a savings bank, where it was earning 5.5% interest, was paying a 17% return.
Likewise, corporate treasurers once accused of being too timid to make major long-term spending decisions, such...
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