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.
Five years ago this
month, on Black Friday, the Fed launched an unprecedented shopping
spree. By that point in the financial crisis, Congress had already
passed legislation, the Troubled Asset Relief Program, to halt the U.S.
banking system's free fall. Beyond Wall Street, though, the economic
pain was still soaring. In the last three months of 2008 alone, almost
two million Americans would lose their jobs. (more)
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