former FED official apologies to America

derryb

First, in a WSJ op-ed on Tuesday:
Confessions of a Quantative Easer

"We went on a bond-buying spree that was supposed to help Main Street. Instead, it was a feast for Wall Street. I can only say: I'm sorry, America."

And then a second opinion from another former insider on Wednesday, again in the WSJ:
What an ex-FOMC governor wants you to know about the FED

"Earlier this year the notion that the Fed might modestly taper its purchases drove significant upheaval across financial markets. This episode should engender humility on all sides. It should also correct the misimpression that QE is anything other than an untested, incomplete experiment."

ricko

I have a terrible feeling that the worst of QE is yet to be felt.... really only benefited banks.... I wonder if we must repay China in current dollars or equivalent (to the time of the loans) dollars........Cheers, RickO

s4ny

The Chinese own US Treasury securities, so they get paid in dollars worth
what a dollar is worth at that time. A dollar is worth a dollar. We bought all the
stuff and they got dollars.

I want to thank the Fed for the fantastic stock market which again today is
making a new all time high.

derryb

<< <i>I have a terrible feeling that the worst of QE is yet to be felt.... really only benefited banks.... I wonder if we must repay China in current dollars or equivalent (to the time of the loans) dollars........Cheers, RickO >>


Maybe we are are already repaying them with cheap gold prices.

roadrunner

<< <i>

<< <i>I have a terrible feeling that the worst of QE is yet to be felt.... really only benefited banks.... I wonder if we must repay China in current dollars or equivalent (to the time of the loans) dollars........Cheers, RickO >>


Maybe we are are already repaying them with cheap gold prices. >>




Cheap gold prices and purchases of our national resources and corporations.

cladking

If the government wants to get more money in the system they should just declare a 10%
interest divident on all CD's and "interest" paying bank accounts. Savers have been getting
the short end of the stick for a very long time now.

It wouldn't really be inflationary since little would be spent and the bankers would still get a
piece. As is we are continuing to destroy the middle class while propping up rich people with
windfall profits from their government. It's quickly turning into a country for the rich, by the
rich and of the rich.

This is what the republocrats are doing in Washington in between bickering like an old married
couple.

Most of the rest are getting squeezed.

derryb

Federal Reserve Steals From The Poor and Gives to The Rich


A simple explanation on the great transfer of wealth.

s4ny

They are getting more money into the system via the stock market. Another new all time high
so far Monday morning, 5 minutes after the opening. Not only stock prices, but dividends are also increasing.

Also, high end real estate and fine art are rising rapidly in price. Art auctions
broke records in the last two weeks.

derryb

<< <i>Also, high end real estate and fine art are rising rapidly in price. Art auctions
broke records in the last two weeks. >>


sounds like they are spending our money

And this just in,

DC now fastest growing region of one percenters in the county...

cohodk

If silver were at $1000 and gold at $5000 would PM bulls blame Wall Street for their "misfortune"?

mhammerman

"Also, high end real estate and fine art are rising rapidly in price. Art auctions
broke records in the last two weeks."

That little nugget might bode well for numismatics...yummy.

But really, an apology from the fed is not necessary, sheep get fleeced as always it is just unfortunate that their numbers are declining because they have been overhunted. The middle class was set up as the mark early on in this regime because they had resources like jobs, houses and savings accounts. The middle has shown that they have neither the will nor the where with all to protect their assets...burnt meat on a pointy stick. The poor have seemingly been spared as they have nothing to pillage but surely they appreciate being singled out as the new middle class. Party on Garth.

derryb

<< <i>If silver were at $1000 and gold at $5000 would PM bulls blame Wall Street for their "misfortune"? >>


transfer of wealth from the middle class to the 1% has nothing to do with PMs. It has everything to with fiscal policy, regulatory blindness and who is first to get their hands on the easy money. Crony capitalism proves the anti-capitalists might have been right.

VanHalen

<< <i>They are getting more money into the system via the stock market. Another new all time high
so far Monday morning, 5 minutes after the opening. Not only stock prices, but dividends are also increasing.

Also, high end real estate and fine art are rising rapidly in price. Art auctions
broke records in the last two weeks. >>



This is true. Per the cartoon above (which is reasonably accurate), 95% of the money lands in the pockets of the top 5%. The piper will have to paid in the long run, most of the wealthy will be positioned to endure the crash while 75% of America will not. After all it's a known fact that the losses will be socialized while the gains will be privatized. Carry on.

johnny9434

nice cartoon

pf70collector

Unfortunately, even the sheepie who were burned in 08 and have since refrained from investing in stocks, are beginning to take the bait and going all in once again. Poor memories.

money pouring into stock market

derryb

According to Lance Roberts of STA Wealth Mgmt, "it has taken $35.17 of government intervention to generate a single $1 of economic growth over the past five years." More importantly, the rate of diminishing returns is increasing. In other words, it is taking consistently more volume in intervention to create any incremental increase in economic growth. - Jim Willie's "Taper propaganda delivered final blow to big US banks"