Friday, Nov 15, 2013

From the horse's mouth: QE is a scam

Wall Street Journal: Confessions of a quantitative easer

Andrew Huszar, responsible for the Fed's massive bond-buying programme says "I can only say: I'm sorry, America. As a former Fed official, I was responsible for executing the centerpiece program of the Fed's first plunge into the bond-buying experiment known as (QE). 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." "Fed managers began voicing the concern that QE wasn't working...Our warnings fell on deaf ears." He had worked for the Fed before but had "left...out of frustration, having witnessed the institution deferring more and more to Wall Street"

Posted by icarus @ 12:34 PM (2037 views)
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4 Comments

1. icarus said...

This is an insider saying "They/we knew what they/we were doing - helping the banks, not the economy and just pretending that the purpose of QE was to boost the economy. Our sole focus was on getting positive feedback from Wall Street."

These are serious charges about a $4 trn programme yet there has been no response from the Fed, Dept of Justice, Congress, regulators or anybody else in authority.

Friday, November 15, 2013 02:25PM Report Comment
 

2. mountain goat said...

This Robert Peston article confirms that banks benefited although it seems governments are the main beneficiaries, as well as any net borrowers, such as young people.

Personally I wish QE would stop but it seems pointless to be a net saver in the face of recent Central Banker commitments to continue.

Friday, November 15, 2013 08:42PM Report Comment
 

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