Should savers be sympathetic to borrowers?

With interest rates hovering near zero, many savers are ticked off. Should they be mad at borrowers?

As of late October, the average interest rate on savings accounts was at 0.18 percent, according to the FDIC, and money market rates averaged just 0.25 percent. These low interest rates are taking money out of the pockets of depositors.

In part, borrowers are to blame for those low interest rates. Irresponsible borrowers helped precipitate the financial crisis, and in part the Federal Reserve has kept interest rates low to bail out troubled borrowers.

So should savers be mad at borrowers, or sympathetic to them?

Do borrowers have a right to be mad?

Here is a point/counter-point look at the savers vs borrowers debate:

Point #1: Low interest rates unfairly penalize savers. Savers didn't get the economy into this mess, but now they have to suffer with low savings and money market rates while the Fed tries to stimulate growth.

Counter-point #1: It's still better to be earning interest than paying it. At least savings accounts and money market rates are still paying depositors something. Borrowers are paying through the nose -- double-digit interest rates on credit cards, for example.

Point #2: Habitual borrowers should learn to live within their means. Everyone needs to borrow sometime, but people who make it a lifestyle are trying to cheat the system -- constantly spending more than they earn.

Counter-point #2: Without borrowers, who would pay interest to savers? The big picture is that savers need borrowers, and vice versa. Savers provide money to lend, and borrowers provide savers with interest on that money.

Point #3: Some borrowers are breaking the rules by defaulting on debt. When it becomes acceptable to walk away from a mortgage, the system is broken.

Counter-point #3: True, but all borrowers are suffering from the actions of some. Borrowers who have cheated the system will now make it harder for everyone to obtain credit.

The bottom line is that savers may have been handed a raw deal recently, in large part because of borrowers, but given the choice, most people would still rather be a saver than a borrower these days.