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Obama's $787 billion stimulus went mostly (in the form of tax breaks) to corporate favorites and rich elites already with too much. QE II followed QE I, then Operation Twist, and now QE III.
The Fed provided generous back door funding for troubled European banks. Its balance sheet exploded. At over $2.8 trillion and rising, if it was a country it would be the world's fifth largest.
One failed program followed another. Economic duress deepens. Current US median income is lower than when the National Bureau of Economic Research declared recession over in June 2009. Perhaps for Wall Street, not Main Street.
Record numbers of Americans need food stamps. More join their ranks monthly. Real unemployment approaches 23%. Average unemployment duration is near a record high.
Jobs for millions wanting them aren't available. Most that are don't pay enough to get by. At the same time, vital benefits are eroding when they're most needed.
Instead of constructive policies that work, money printing madness that won't substitutes. Ellen Brown does some of the best financial analysis around. On September 21, she discussed why QE III won't stimulate growth and what will.
Boosting "aggregate demand" is needed. Getting it takes putting "money in the pockets of consumers - but QE3 won't do it." Better alternatives aren't chosen.
QE goes "straight into bank reserve accounts, and banks can't lend their reserves." They sit there helping no one needing it most. Bernanke's plan is buy mortgage backed securities (MBS) till the cows come home.
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