Controversy arises because those assets--including the MBS frequently referred to as "toxic" assets--have not simply disappeared. As stated earlier, these assets are now on the Federal Reserve's balance sheet. Put differently, the Fed now holds trillions of dollars in debt of two insolvent companies as well as the same securities that led to the 2008 financial crisis.
High-Level Fed Official: QE Is "The Greatest Backdoor Wall Street Bailout of All Time"
Posted on November 13, 2013 by WashingtonsBlog
QE Is Greatest Wealth Transfer in History
Many economists have said that quantitative easing (QE) quantitative easing benefits the rich, and hurts the little guy.
It's been known for some time that quantitative easing quantitative easing increases inequality (and see this and this.)
Three academic studies -- and the architect of Japan's quantitative easing program -- all say that QE isn't helping the American economy.
The Federal Reserve official responsible for implementing $1.25 trillion of quantitative easing has confirmed that QE is just a massive bailout for the rich:
The Federal Reserve official responsible for implementing $1.25 trillion of quantitative easing has confirmed that QE is just a massive bailout for the rich:
"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. 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."
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