The Phaserl


Former Fed Quantitative Easer Confesses, Apologizes: “I Can Only Say: I’m Sorry, America”

from ZeroHedge:

“I can only say: I’m sorry, America. As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed’s first plunge into the bond-buying experiment known as quantitative easing…. We were working feverishly to preserve the impression that the Fed knew what it was doing…  The central bank continues to spin QE as a tool for helping Main Street. But I’ve come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time….  Having racked up hundreds of billions of dollars in opaque Fed subsidies, U.S. banks have seen their collective stock price triple since March 2009. The biggest ones have only become more of a cartel: 0.2% of them now control more than 70% of the U.S. bank assets.  As for the rest of America, good luck….. The implication is that the Fed is dutifully compensating for the rest of Washington’s dysfunction. But the Fed is at the center of that dysfunction. Case in point: It has allowed QE to become Wall Street’s new “too big to fail” policy.

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3 comments to Former Fed Quantitative Easer Confesses, Apologizes: “I Can Only Say: I’m Sorry, America”

  • John

    Uh-oh, the ship rats are beginning to turn on one another. The Fed facade is beginning to crack.

    Hey, remember the days when tightening was moving interest rates from 3.75% to 4%. Now, in our bizarro world tightnening is defined by printing 75 billion dollars a month instead of 85 billion a month. GOT GOLD AND SILVER?

  • Note how the article doesn’t mention anything about how low interest rates actually steal wealth from all savers, insurance companies and pension holders and directly hands it to Wall Street and other corporate entities. Also, QE cannot -CANNOT-create wealth and anyone with a brain knows this. It can (at best) only pull wealth from the future and it isn’t even doing that very well.

    The WSJ has a history of whitewashing editorials critical of the Fed and other central banks. We know this because we’ve seen rough edits of the editorials in the past and can actually see where they made cuts.

    Case in point:

    I’d like to see a rough edit of THIS article.

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