Black Friday, 2008: The Fed started pumping billions of dollars into financial markets. The benefits, however, failed to reach Main Street, instead being guzzled by Wall Street, ex-Fed exec Andrew Huszar exclusively told RT.
Huszar, at the time the Federal Reserve official responsible for the first round of the bond-buying experiment, later publicly apologized for “the greatest backdoor Wall Street bailout of all time”… “the benefits of QE have gone to the big banks,” and not to ordinary people.
Quantitative easing (QE), or “easy money”, is the Central Bank’s unorthodox monetary program to bail out the financial sector by buying long-term government debt and lowering interest rates.
“Fifty percent of Americans don’t own one stock, so how is it trickling down?” Huszar said in an interview to RT’s Marina Portnaya.
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