Do low quality links lower your rank in SERPs?

Hi,
After Penguin, it is obvious that Google is giving negative score to too many exact much anchor text links. My sites were affected by Penguin too. Also, recently EMD got negative points.

However, the only "negative" affect I have heard is only by too many exact much anchor and EMD. Low quality links might not work any more positively but (At least at this point) do they really harm your money site? Yes I hear people say it is risky/dangerous and use only high quality links to money site but I have not heard anyone saying "I gave many low quality links to my site and it went down in SERPs." but I hear a lot (including myself) "I used too many exact anchor links and my rank dropped (or disappeared)"

I'm not asking this because I want to give law quality links to my money site. But just want to know the effect. Maybe "blasting" would harm money site but people seem cautious now (understandable) and don't really do it.

So to sum up, my question would be do low quality links actually lower your rank now (negative points) and have you experienced that?

Thanks.