A banker named Andrew Huszar who helped manage the Federal Reserves quantitative easing program during 2009 and 2010 is publicly apologizing for what he has done. He says that quantitative easing has accomplished next to nothing for the average person on the street. Instead, he says that it has been the greatest backdoor Wall Street bailout of all time. The Federal Reserve was created by the Wall Street bankers for the benefit of the Wall Street bankers. When the Federal Reserve serves the interests of Wall Street, it is simply doing what it was designed to do. And, according to Huszar, quantitative easing has been one giant subsidy for Wall Street banks... 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. Billionaire hedge fund manager Stanley Druckenmiller, whose net worth is estimated at more than $2 billion, told CNBC about quantitative easing... This is fantastic for every rich person, he said Thursday, a day after the Feds stunning decision to delay tightening its monetary policy. This is the biggest redistribution of wealth from the middle class and the poor to the rich ever. Who owns assets—the rich, the billionaires. You think Warren Buffett hates this stuff? You think I hate this stuff? I had a very good day yesterday. Donald Trump said essentially the same thing on CNBC about quantitative easing... People like me will benefit from this. The American people are still being told that quantitative easing is economic stimulus which will make the lives of average Americans better. That is a flat out lie and the folks over at the Federal Reserve know this. A very interesting study conducted for the Bank of England shows that quantitative easing actually increases the gap between the wealthy and the poor... the Bank of England’s policies of quantitative easing – similar to the Fed’s – had benefited mainly the wealthy. Specifically, its QE program had boosted the value of stocks and bonds by 26 percent, or about $970 billion. It said that about 40 percent of those gains went to the richest 5 percent of British households. Who owns stocks? The wealthy do. In fact, 82 percent of all individually held stocks are owned by the wealthiest 5 percent of all Americans. activistpost/2013/11/federal-reserve-whistleblower-tells.html
Posted on: Fri, 15 Nov 2013 01:44:21 +0000