The Beginning Of The End
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Federal Reserve Whistleblower Tells America The REAL Reason For Quantitative Easing

Wheelbarrow of MoneyA banker named Andrew Huszar that helped manage the Federal Reserve’s 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.”  And of course the cold, hard economic numbers support what Huszar is saying.  The percentage of working age Americans with a job has not improved at all during the quantitative easing era, and median household income has actually steadily declined during that time frame.  Meanwhile, U.S. stock prices have doubled overall, and the stock prices of the big Wall Street banks have tripled.  So who benefits from quantitative easing?  It doesn’t take a genius to figure it out, and now Andrew Huszar is blowing the whistle on the whole thing.

From 2009 to 2010, Huszar was responsible for managing the Fed’s purchase of approximately $1.25 trillion worth of mortgage-backed securities.  At the time, he thought that it was a dream job, but now he is apologizing to the rest of the country for what happened…

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.

When the first round of quantitative easing ended, Huszar says that it was incredibly obvious that QE had done very little to benefit average Americans but that it had been “an absolute coup for Wall Street”…

Trading for the first round of QE ended on March 31, 2010. The final results confirmed that, while there had been only trivial relief for Main Street, the U.S. central bank’s bond purchases had been an absolute coup for Wall Street. The banks hadn’t just benefited from the lower cost of making loans. They’d also enjoyed huge capital gains on the rising values of their securities holdings and fat commissions from brokering most of the Fed’s QE transactions. Wall Street had experienced its most profitable year ever in 2009, and 2010 was starting off in much the same way.

You’d think the Fed would have finally stopped to question the wisdom of QE. Think again. Only a few months later—after a 14% drop in the U.S. stock market and renewed weakening in the banking sector—the Fed announced a new round of bond buying: QE2. Germany’s finance minister, Wolfgang Schäuble, immediately called the decision “clueless.”

That was when I realized the Fed had lost any remaining ability to think independently from Wall Street.

Of course the fact that the Fed cannot think independently from Wall Street should not be a surprise to any of my regular readers.  As I have written about repeatedly, 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.

But Huszar is certainly not the only one on Wall Street that acknowledges these things.  For example, just check out what billionaire hedge fund manager Stanley Druckenmiller told CNBC about quantitative easing…

 

This is fantastic for every rich person,” he said Thursday, a day after the Fed’s 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.”

Druckenmiller, whose net worth is estimated at more than $2 billion, said that the implication of the Fed’s policy is that the rich will spend their wealth and create jobs—essentially betting on “trickle-down economics.”

“I mean, maybe this trickle-down monetary policy that gives money to billionaires and hopefully we go spend it is going to work,” he said. “But it hasn’t worked for five years.”

 

And Donald Trump said essentially the same thing when he made the following statement 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.

In fact, a very interesting study conducted for the Bank of England shows that quantitative easing actually increases the gap between the wealthy and the poor…

It said that the Bank of England’s policies of quantitative easing – similar to the Fed’s – had benefited mainly the wealthy.

Specifically, it said that 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.

Many said the BOE’s easing added to social anger and unrest. Dhaval Joshi, of BCA Research wrote that  “QE cash ends up overwhelmingly in profits, thereby exacerbating already extreme income inequality and the consequent social tensions that arise from it.”

And this is exactly what has happened in the United States as well.

U.S. stocks have risen 108% while Barack Obama has been in the White House.

And 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.

Meanwhile, things have continued to get even tougher for ordinary Americans.

While Obama has been in the White House, the percentage of working age Americans with a job has declined from 60.6% to 58.3%, median household income has declined for five years in a row, and poverty has been absolutely exploding.

But the fact that it has been very good for Wall Street while doing essentially nothing for ordinary Americans is not the biggest problem with quantitative easing.

The biggest problem with quantitative easing is that it is destroying worldwide faith in the U.S. dollar and in the U.S. financial system.

In recent years, the Federal Reserve has started to behave like the Weimar Republic.  Just check out the chart below…

M1 Money Supply 2013

The rest of the world is watching the Fed go crazy, and they are beginning to openly wonder why they should continue to use the U.S. dollar as the de facto reserve currency of the planet.

Right now, most global trade involves the use of U.S. dollars.  In fact, far more U.S. dollars are actually used outside of the United States than are used inside the country.  This creates a tremendous demand for U.S. dollars around the planet, and it keeps the value of the U.S. dollar at a level that is far higher than it otherwise would be.

If the rest of the world decides to start moving away from the U.S. dollar (and this is already starting to happen), then the demand for the U.S. dollar will fall and we will not be able to import oil from the Middle East and cheap plastic trinkets from China so inexpensively anymore.

In addition, major exporting nations such as China and Saudi Arabia end up with giant piles of U.S. dollars due to their trading activities.  Instead of just sitting on all of that cash, they tend to reinvest much of it back into U.S. Treasury securities.  This increases demand for U.S. debt and drives down interest rates.

If the Federal Reserve continues to wildly create money out of thin air with no end in sight, the rest of the world may decide to stop lending us trillions of dollars at ultra-low interest rates.

When we get to that point, it is going to be absolutely disastrous for the U.S. economy and the U.S. financial system.  If you doubt this, just read this article.

The only way that the game can continue is for the rest of the world to continue to be irrational and to continue to ignore the reckless behavior of the Federal Reserve.

We desperately need the rest of the planet “to ignore the man behind the curtain”.  We desperately need them to keep using our dollars that are rapidly being devalued and to keep loaning us money at rates that are far below the real rate of inflation.

If the rest of the globe starts behaving rationally at some point, and they eventually will, then the game will be over.

Let us hope and pray that we still have a bit more time until that happens.

  • William Kindler

    The Wall Street parties will continue, the rich are getting richer:

    Congress approves Swaps Regulatory Improvement Act

    Democrats AND Republicans in the House of Representatives just passed a law written and paid for by lobbyists for Wall Street banks.

    They are selling us out – and the average American still doesn’t care! He still thinks that the American dream will come true.

    The Swaps Regulatory Improvement Act was literally written by mega-bank lobbyists.

    It repeals the laws passed in 2010 to prevent
    another meltdown like the one that crashed our economy in 2008. The repeal was cosponsored by a former Goldman Sachs executive.

  • Rodster

    The really scary part is that EVERY industrialized economy in the world is doing exactly what the US is doing. They are ALL printing money and pumping their economies with cheap money.

    The problem is the rest of the world has decided they no longer want to give the more of their stuff for free. Eventually there will be a Black Swan event all all the economies around the world will be exposed for what they truly are….a Ponzi Scheme.

  • no fool

    The elite keep getting richer and the poor keep getting Chemtrails.

    The fluoride is working just as planned.

    • Aaron

      and the elite are immune from chemtrails? they wear special respirator masks around when they are in the city or ship special air into their houses? Or the chemtrail planes just steer clear of the hamptons?

  • wombobobo

    are there any libs that aren’t human excrement?

    • A Dodgy Bloke

      NO

    • Aaron

      just because someone has poor education or bad philosophy does not degrade their worth as human beings. What good are you if you so easily devalue others? Are peoples value found in the content of their political beliefs?

      • MeMadMax

        Yea, you keep telling yourself that…

      • Vlad Lenin

        No, they’re evil. Why are you so blind to see that people who seek power rarely, if ever, do it out of kindness of their heart? They do it to enrich themselves and to force their will upon others. Given the power, these people would be herding folks into gas chambers. History has proven this over and over. With that said, there’s plenty on the right that would do the same thing.

    • seth datta

      Its not about right versus left. I thought people understood this by now (though liberals are definately more malleble). Both parties are owned by the bankers/corporations who control EVERYTHING.

      • Rexd63

        Lets just round up all the enablers and perpatrators of this crime against the poor and middle class. The American people did not want this, this is a deliberate theft of our savings, home values, 401ks and pensions through illegal taxation.

      • Catalin Oancea

        Republicans (Right) and Liberals (Left). Even the initials of those parties indicate they are the right and left arm of the same body. It’s the same in every democratic country. They are all best friends behind the scene, but when they step on the scene the act starts. Politics is just a public theater show. I can’t believe people still think politics is something more than human filth parading for deceived people to watch.

    • pranah

      Oh, stop it. They’re all scum, liberal and conservative, when they get to a certain level of political power. We have to stop blaming R or L and get the perps!

      • LibsSuck

        WRONG. Liberals are scum at ANY level, sorry. If it weren’t for liberals, we wouldn’t have garbage like the civil rights movement, a half black president, (just because he is considered black) and the over-empowerment of women. Liberals have had a VASTLY HUGE part in destrying the USA.

        • ian

          you sir, are 100% retarded.

          • LibsSuck

            If you disagree with what I said, then it is YOU whom are obviously 100% retarded!

          • sharonsj

            Name calling is what you resort to when you have no facts. And I guess you’re going to vote for that Southern congressman who would bring back slavery….

    • LibsSuck

      No.

    • mikeymike61

      uh…………….no

  • Rene Girrard

    Look how some people live in the rich Silicon Valley area near San Francisco.
    Google these words:
    “homeless turn overnight bus route into hotel 22″

    • Cold Winter Coming

      “Welcome to The Hotel California”

  • K

    Great article. Now the question, why did he come forward now? After all these years did he grow a conscience? Is the collapse so close, he is trying to force the feds hand into changing their policy? Or will this statement cause a shift somewhere in the market, that he can take advantage of? All I know is if he is trying to force the feds hand. Then he at least thinks, the collapse is very near. Why, because people at his level do not use these methods, under normal conditions.

    • Zoltar

      Well, he’s trying to sell a book, for one thing.

      • K

        Yes, but for someone like him, a book is small potatoes. I think the book, and the article. Is more aimed at forcing the feds hand. Remember these sort usually work within the system. For him to step outside the system, and attempt to inform the general public. For someone that high up in the system, it is just unusual..

        • Zoltar

          You could be right.

          Or he could just be a shameless self-promoter trying to get the blood off his hands before things go to hell.

          • K

            Also possible.

    • Hammerstrike

      Because he realize that the system may use scapegoats when SHTF.

  • Aaron

    “Let us hope and pray that we still have a bit more time until that happens.”

    why? If all these policies are so bad why not end them sooner than later and start picking up the pieces? The longer it is delayed, the worse it will be.

    • Femghazi

      Now that you know the truth, the longer it takes to happen, the longer you have to prepare…

  • no me

    The world economy has to collapse to user in the rfid chip implants. no more currency. for those who believe the bible the antichrist will be part of this. mark of the beast, etc.

    • GSOB

      I don’t think it needs to collapse in order to usher in RFID…. on the contrary, the sells pitch will be to prevent a collapse.

    • Gene Baugh BBA

      The world economy already has collapsed.

  • 2Gary2

    As a liberal I am bitterly disappointed in Brand Obama. Remember he won ad of the year for 2008. If there was ever proof that both parties are in the bag for big corp and the rich this is it. Obummer has pretty much been bush 2.

    • Hammerstrike

      Thought, if the FR dollar falls, then those depending on it will have lost much of their income.

      • Bill

        Do you think the wealthy will be left holding federal reserve notes? No no no, the jump to the yuan is on, leaving the shell of what use to be the US to fend for themselves. Do you think the wealthy don’t look ahead?

        • Hammerstrike

          They´ll be holding to the martial law and police state, direct force to make the populations share the wealth.

    • Airedale

      Wow Gary, nicely said. I think I owe you a beer.

    • MrsBulldoggy .

      Obama is a wolf in sheep’s clothing. He hypnotized many of you into believing his sage and soothing words of snake oil. He peddled his Hope and Change, and many of you fell for it. And because many of you did, our Nation will be close to ruin when he leaves office in 3 years.
      Our debt will be at 20 Trillion Dollars, our military brass will have been gutted, our traditional allies will no longer be by our side, true employment will be closer to 25%, corporations will have shipped even more jobs overseas, many more will no longer have health insurance because they can’t afford it, Iran will have their nuclear armaments they seek, and WW3 may have been set off.
      Scarier thing is Hilary Clinton is just an extension of Barack Obama. Imagine 4 more years of this insanity after Obama…

      • 2Gary2

        I am hoping Elizabeth Warren run for president. There was a good article over the weekend that brand clinton is terrified of mrs. warren

        • LibsSuck

          You’ll get your wish I am sure, in the form of clinton that is. America has checked the proverbial box off. Black president, next a woman. Thank liberals for that nonsense. Save the country, k1ll a liberal.

          • Fedup

            Michael,
            Why do you allow hate-speech and violent posters such as this guy on here??

        • Derek

          I would vote for that woman. She has balls and is hot

        • americalsgt

          Gary – so you want another president who lied about who they were to get an advantage and the author of the “you didn’t build that” comment. Elizabeth Warren is a phoney and a communist and you want her as the president of the United States?

          • sharonsj

            You don’t know the meaning of words like Communist or Socialist, and you’re just parroting Rush Limbaugh. Elizabeth Warren and Bernie Sanders are the only politicians I would trust to tell the truth.

          • americalsgt

            I’m no ones parrot. I live in NE and have listened to what she says. She is a liar. There is no way in hell that someone with a degree from a 2nd tier law school would ever get to teach at Harvard without the lies she told about being a native American. Are you saying that this wasn’t a lie?

          • mikeymike61

            you really are retarded aren’t you?

          • disqus_stcd1guzy3

            then you are an idiot

          • Sonar

            You are just parroting what you hear on MSNBC. The reality is that Elizabeth Warren and Bernie Sanders are tools of the left and the NWO.

          • Gene Baugh BBA

            I don’t know much about Elizabeth Warren. TYT had a clip in which they assert that Wall Street is terrified of her.

            There is to me, obvious truth to her “you did not build that” statement. We all owe our success in part, to the society we live in.

          • americalsgt

            Agreed – in part, but her statement was that we owe our success to the government, and for me the greatest achievements are made by the will of the individual and not the assistance of bureaucrats.

          • Gene Baugh BBA

            That is how it was spun by those with partisan political interest. I do not interpret it that way.
            Besides the protection and benefit of government I think the statement also includes skilled and unskilled workers, professionals like lawyers, engineers, architects, and accountants employed by the successful individual.

            You can raise a child without a village but try building a BMW factory all by yourself.

          • Jack Clifton Walters

            She is an American Indian (she says) who dislikes business.

      • Mudpie

        I wonder about her sometimes. Personally I despise the lady but perhaps her administration would not be so bad. do not know.

        • MrsBulldoggy .

          Do some research on Hilary Clinton and the folks around her and Bill. Take a look at how many have died by a gunshot to the back of their head. All were ruled suicides. Look at all the scandals they were involved in: Mena Airport Drug Scandal, Vince Foster, Whitewater, ALL the women Bill had relations with that met an early demise (one was pregnant!), Rose Law Firm, check out the people who were their bodyguards – many died mysteriously. The list goes on and on and on.
          As a woman, I would like to see a female take the Presidency. But not just any woman, someone with integrity, character and honor. Sorry, Hilary has none of that…

          • americalsgt

            and this list could go on including her stopping the truth coming out about Flight 800 and her involvement in the death of Ron Brown. On a plus side, it was a great achievement in modern history when she discovered the ability to dodge sniper fire.

          • Mudpie

            Good points all and I know them. But the Bush approach and RINOs will take us to the same place.

          • Mudpie

            Just saying not sure what difference any of it is going to make. Neither party respects private property.

      • joan

        You should have voted for Ron Paul

        • Jakob Stagg

          I did.

        • reagan2113

          Our votes don’t count anyways. It is the electoral votes that count.

        • Masterlock2020

          The fact that Ron Paul didn’t get elected is proof the a majority of Americans are clueless.

      • Gay Veteran

        oh lordy, pity the poor Pentagon. and them Iranians may get a nuke which would prevent us (or Israel) from attacking them

    • Gregge K Johnson

      America Died when the federal reserve killed Howard Taft and made us all debt slaves > Every President since has been part of the SCHEME! The FEDS know human behavior and have played you and I , on it ever since.

      • 2Gary2

        debt slaves is correct.

      • LibsSuck

        America died at the signing of the civil rights movement..

      • Jakob Stagg

        And, the debt is in major part from the waste of war, which provides nothing for anyone except those in the business of war. Everybody else loses.

      • Dave Jenkins

        Agreed, but I think you are referring to President William McKinley and not Taft… Taft was not killed by anyone.

    • jsmith

      I too fell for the “change you can believe in” as I just could not vote for McCain in 2008. When did I change my mind about Obama? A few days later when he almost appointed all of Bush’s advisors and banksters. I believe there are still some people that believe in him. Termites believe in him!

      • 2Gary2

        IMO brand obama has done more damage to the democrat party than anyone in recent memory. He talks the talk but does not walk the walk.

      • LibsSuck

        Termites and most of all Cockroaches. There were other choices besides lame-a$$ McCain. You did not have to vote for either. If enough people voted for independants, then MAYBE we would get REAL change!

    • JailBanksters

      Yeah butt…
      When Obomba was first elected, it was oh thank god bush is gone, and now they say well maybe Bush wasn’t that bad.
      Now when Hillary wins (choke!), the same thing will happen, maybe Obomba wasn’t that bad. The fix is already locked in, Hillary (the devil in a red dress) will win. And everything will be repeated. Except Bush, Obomba and Clinton really are that bad, no really they are.
      For the Love of God, don’t vote in another Bush or Clinton into the White House, vote for one of the Wiggles, anyone but those.

    • http://denialator.blogspot.com/ denialator

      Sorry, but no comparison between Bush and Obama. The “Bozo” POTUS is not even real American. He couldn’t tell you squat about America’s history or founding principles, nor does it matter to him. He couldn’t even count the number of States in the union by election time in 2008, for real. That’s a big problem!

      • sharonsj

        I assume you are a birther. Read the legal U.S. definition of who is a citizen and you’ll discover that Obama IS a citizen. Otherwise your hero Ted Cruz isn’t a real American either.

        • Jerry

          I believe he meant that Obama did not really grow up in the USA. He is the product of Indonesian upbringing and was not instilled with the history, customs or common understanding that Americans share. While he may be a US citizen, he is really not an American.

      • Mudpie

        Sure Bush was so great. I despise Obama but give me a break.

      • Gay Veteran

        your first sentence is true, at least Obama didn’t start a major war of aggression like Bush did in Iraq

    • HopelessAboutChange

      The only real difference is the absence of the Texas twang.

    • mikeymike61

      This is what I hate about liberals. They put on this air of smarter than you and at the end of the day they fall for a scammer like Obama.
      In Obama’s run for the 2008 presidency, I actually considered voting for Obama as a protest vote because I absolutely cannot stand McShame.
      Then I started actually listening to what Obama and Moochelle were saying. It was apparent they both were inexperienced lying racist militant novices who got where they were in life via affirmative action.
      At that point I realized the Obama’s would be a total embarrassment to the country. Now look at where we are. Via incoherent foreign policy the world shuns us, unemployment continues to skyrocket, taxes continue upwards, our healthcare system on the road to ruin, and no end in sight.
      Stupid liberal voters, all you had to do was listen to what Obama said. He laid all his plans out for you during the election(s). One thing you gotta hand to Obama, he did what he said he would do, and lied as necessary to get there, just like a good communist.
      My God you liberals are stupid.
      Because of the sheer numbers of Liberal voters and welfare moocher voters (blacks and Hispanics), the USA is done.

      • Gay Veteran

        unlike those stupid conservatives who believed what McCain and Romney were peddling

        • mikeymike61

          I see you got what you deserved this election?

    • JustanOguy

      Obummer is actually Bush 2 on steroids..

      Glad you finally woke up and realized that Big Government is not the solution… it’s the problem.

    • Hoppytoo

      Some of us knew in November of 2008 what Obama was. Apparently you weren’t paying attention.

  • Hammerstrike

    Proportionally, how many more dollars are used outside of the US than inside?

    • Gregge K Johnson

      I have read that, the actual physical paper dollars is a little more than 900 Billion dollars and 650 Billion Federal Reserve Notes are being held outside the United States. GOD only knows how many Certified US Treasuries are outside the US!

      • Hammerstrike

        Several times more?

  • JailBanksters

    So all he has to do is come out and say I’m a Whistleblower now and totally redeem myself.
    He’s just telling people what everybody knew except all those working for Club FED. If he wants to redeem himself, he should die with honour and pull the trigger. I’m sure he’s got a nice penthouse and Maserati to drive down and pick up his dole check.
    As they say in France, Off with their heads.

    • Jack Clifton Walters

      He was not a policymaker. He’s just the guy that carried out the policy. Likely he was not in six figures.

      • JailBanksters

        Just like Auschwitz then, they was only following orders as well, so not guilty then.
        I’m sorry, but if your Morality compass is broken and you know what you are doing is wrong but do it just to make a buck, then you are as guilty as your Employer. And that goes for Waste Dumping to Mortgage Fraud. In my book there is no difference.

  • chilller

    We brought this on ourselves. Big corporations have big stock visibility on Wall Street. Big corporations ARE Wall Street. Since 1978 we’ve been sending our 401k money to Wall Street. Employer matching contributions don’t go into your pocket…they go right back into the companies pockets via stock purchases made on Wall Street with your and their money…so they’re out nothing. Yet people continue to feed the monster with monthly 401k contributions believing they will someday get it back…yea…hold that thought. I quit contributing 2 years ago to that cause and keep the cash for MYSELF….they get none of it! The 401k is nothing but a funnel for middle class cash to flow straight into the pockets of the very people many here bitch about. What about you? Are you complaining out your mouth while continuing to feed the monster from your wallet? If so, you’re a hypocrite in the most extreme sense.

    • Gene Baugh BBA

      I could not disagree more.

      Your 401K represents ownership in corporate America and as corporate America earns money they send some of it back to you in the form of dividends. The match does not “go back to Wall St.” It buys you more stock.

      The thing about 401Ks and mutual funds in general is the fees may be high. Be careful to choose funds with low expense ratios like index funds.
      If you want to do it yourself that’s fine.
      I recommend you check out a dividend growth investing blog called Dividend Mantra.

      If you do not want to own Corporate America that is fine too. But, the likes of Coca Cola, Johnson and Johnson and Exxon have been very kind to shareholders over the years.

    • Gene Baugh BBA

      And please tell me you rolled it over into an individual IRA to avoid the penalties and taxes.

  • no what i mean vern?

    Bernanke sez, “Hey you 99%, shut up and eat your peas!”

  • XSANDIEGOCA

    America died in Dallas 50 years ago this month.

  • Scared Economist

    Just wait until precious metal investors holding “paper gold” get nervous and demand delivery of the physical metal. That will expose the fact that governments have sold and resold the same bar of gold several times over to manipulate the price, keep the value low, so it looks like their worthless paper money holds value.
    India has been under pressure lately from the world’s Central Banks to crush the frantic buying of gold by it’s citizens. The problem has been they don’t want ownership of gold on paper; they want only physical gold jewelry and bullion. If this mindset spreads it could expose the scheme.

    • Gene Baugh BBA

      The “paper gold” instruments such as $GLD are not run by the government. they are privately run ETFs.

  • blackciti_fo5

    Wow they do not care about us. All I can do is keep praying. I don’t have the power to stop these people but Jesus does.

    • pranah

      Jesus will not lift a finger to help us. It’s up to us.

      • blackciti_fo5

        I guess….lol

      • Gene Baugh BBA

        I’m not holding out for Buddha, Allah, or the giant Volcano either.

  • steveco

    Valerie Jarrett and Obama need to go..

  • Catalin Oancea

    Continue QE, the dollar gets totally devalued and your economy collapses.
    Stop QE, the interest rates rise and your economy collapses.
    USA is check mate. They are now lining up the world economy to follow the collapse of the American dream. It will be a world nightmare.

  • 2Gary2

    One question-has the QE program kept the mortgage rates low? I just refi at a 4% rate which really helps my budget.

    • Joe Shmo

      Yes, QE and ZIRP are responsible for the low mortgage interest rates. That’s really the only tools the FED has to “manage” the market. They will do crazy stuff like “cash for clunkers” too. But on the whole, those are one off programs. I think QE is here to stay. Once they taper, the market’s going down and everyone will freak when their 401K plans tank.

      • 2Gary2

        I have no savings/investments. I wish I could afford to have some. The low 4% rate for the mortgage really helped though…

        • Guest

          hmm

    • Gene Baugh BBA

      Yes that is the whole purpose of QE, to hold long term rates low. You have benefited directly from QE. Now you have more disposable income to spend in the economy.
      That is how it is supposed to work but the economy is so sick it is not helping much, but it is all they can do.

      • Gay Veteran

        but savers (Iike the elderly) have gotten the shaft.

  • 2Gary2

    The rich Continue to Insist that They “Made It on Their Own”

    They didn’t. Their fortunes derived in varying degrees – usually big degrees – from public funding, which provided almost half of basic research funds into the 1980s, and even today supports about 60 percent of the research performed at universities.

    Businesses rely on roads and seaports and airports to
    ship their products, the FAA and TSA and Coast Guard and Department of
    Transportation to safeguard them, a nationwide energy grid to power
    their factories, communications towers and satellites to conduct online
    business, the Department of Commerce to promote and safeguard global markets, the U.S. Navy to monitor shipping lanes, and FEMA to clean up after them.

    Apple, the tax haven specialist, still does most of its product and research development
    in the United States, with US-educated engineers and computer
    scientists. Google’s business is based on the Internet, which started as
    ARPANET, the Defense Department’s Advanced Research Projects Agency
    computer network from the 1960s. The National Science Foundation funded
    the Digital Library Initiative research
    at Stanford University that was adopted as the Google model. Microsoft
    was started by our richest American, Bill Gates, whose success derived at
    least in part by taking the work of competitors and adapting it as his
    own. Same with Steve Jobs, who admitted: “We have always been shameless
    about stealing great ideas.”

    Companies like Pfizer and Merck have relied on basic research performed at the National Institute of Health. A Congressional Budget Office study reminds
    us that The primary rationale for the government to play a role in
    basic research is that private companies perform too little such
    research themselves (relative to what is best for society).

    • Gene Baugh BBA

      Don’t forget tax subsidies for Wall Mart! And the entitlements that allow them to pay such low wages.

  • Will Day

    If over night everyone including the gov. balanced there budgets and only had to pay off there current debt plus interest we would run out of money way before the debt was even close to being payed off. We are now a debt based economy that’s why the Fed will never cut back on QE it will actually keep increasing it until it does no good and the dollar is worthless. I don’t think we have long to wait.

  • Brian Harrington

    one thing in mind the poor will rise up against the rich this is what happened in germany the poor rose up agianst the rich it was the big bankeerters responible for the holocaust how u ask well they created hyperinflation and big bankesters knew what they were doing so the supper rich at the time were really responsible for the holocaust and put matters in prespects the rich jews were responsible for the demise of there own since most not all were wealthy
    there are two groups of pepole who are tight the Irish and the Jews just the rich ones but anyone of wealth are tight period but the rich do fall ……

    • ian

      use punctuations please.

  • Randy Townsend

    QE is being done to allow the government to perpetuate the myth that “things are getting better”. The truth is just below the surface: Remember what happened to the market a couple of months ago when the Fed Chief hinted that they may “scale back” bond purchases? The market dropped like a rock and that notion was quickly dispelled, so the $85,000,000,000 a month continues. Our economy is going to take a hit rivaling the Great Depression and it will do so before the next Presidential election. Look for extreme measures by the sitting government officials when that happens and it won’t be pretty and it won’t be fun. We’re being played, folks.

    • Gene Baugh BBA

      It may help you to know that when the Fed spends that 85B they are getting 85B worth of ten year treasuries currently yielding 2.75% and MBSs earning about 3.5%. And, If they did not buy them somebody else would. They would just pay less for them and they would have higher yields.

      They are bidding the price up and the yield comes down. Maybe they put that scare into the market because they were tired of only getting 1.6%. :)

  • Nexusfast123

    this is like the trickle down con. Promote one thing while doing another In this case corruption on a grand scale to enrich a few in society. If the people in the Fed believed any different they are at best stupid and at worst complicit. I’d go for the latter.

  • Abraham

    All under Obama’s watch!

    • Jack Clifton Walters

      Without QE, the President’s economic policies that include intense overregulation would have slammed us into another recession.

  • Harold Summers

    I miss America.

  • jimmy

    A whistleblower is only worth listening to when something is not to late. The economy is done for, it’s the same old news we hear about over and over again. Believe me i don’t mean to sound negative about it i mean i wish there was something we can do but we are so far down the hole of dept that it’s impossible to get out of it so let’s talk about something that is not to late to take care of like for example, i just read that today kim Kardashian got pulled over today for speeding becauae she was trying to get away from the paparazzi, hey like i said it’s not to late for her, maybe the american people can come together and even call the president so we can try to help her get out of the ticket, right.

  • Guest

    I can’t comment again? Why are my comments being moderated? WTH?!!

  • Orac4Prez

    The Iranians call the US “the great SATAN”. They have vowed destruction on the US. It seems likely they wont have to lift a finger as the government is keen on doing that for them! Or are the banks or the Fed Res under the control of the Iranian Mullahs??

    Then you have Vice Pres Kerry threatening Israel by isolating them and refusing to let their researchers be involved in international collaborations! Does that mean no more R&D for Intel Corp and other US companies as well? Perhaps it is a ploy to make sure jobs come back to the US, but I doubt it!

    • Gay Veteran

      gee, wonder why Iran hates us? think it has anything to do with the U.S. overthrowing their democratically elected government in the 1950s and installing the tyrant Shah?

      • Gene Baugh BBA

        And the current sanctions.

  • Gene Baugh BBA

    Yes. our whole banking system was on the verge of failing and the government stepped in to save it. Else the whole economy would have gone up in smoke five years ago. The prepers’ nightmare would have come true.

    What is Mr. Huszar saying that we don’t already know?

    This is all BS pandering to what the people want to hear. What would any of
    the people complaining on this site have done to save the US economy from
    sinking into oblivion? Left long rates high? How many fewer mortgage apps would
    we see at 8%? How many homebuilders would have increased inventory with 8%
    mortgages? How many would be benefiting from refis at 4%?

    Seriously, do you think they should have just let the 12 major banks fail and
    watch the stock market lose 99% of its value?

    In 2009 we were on the verge of a deflationary depression and we are still
    suffering.

    If the Fed had done nothing the same people blasting them now would be
    blasting them for not doing enough. We just wouldn’t be able to read their posts
    online because there would be no electricity!

    Think about it.

    • Gay Veteran

      we shouldh’t have spent $trillions bailing out the banks.
      we need banks, NOT any particular banks

    • Jack Clifton Walters

      Your thoughtful post is basically correct. However, based on watching the guy on cnbc, I am certain that the apologist’s article did not apply to QE1, which funded the TARP bailout.

  • Thomas Hildebrand

    Thus says The Lord God: Mankind is covered in wickedness…

    The breadth of the whole earth is filled with every kind of evil. Every tree is dry and bears bitter fruit. For the heart of man is black, the void within him, deep… A widening chasm filled with deep darkness, sheer cliffs on every side. Every branch withers, no more will leaves appear… Dry and dead branches, ready to be broken off and cast into the fire.

    The heart of The Lord your God is very heavy…

    The heart of The Lord is enraged, and is very heavy….

    The sorrow of The Lord is deep and infinite.

    My people, let it be known to you: I take no pleasure at all in what I must do, in what must be done… NO PLEASURE AT ALL! Says The Lord…

    As My hand draws back, blood pours down. As I strike the earth in My anger, My tears run down. As famine spreads forth across the land, My heart is rent inside Me over the hardness of men’s hearts! As My face fills with the heat of My fury, My eyes are set ablaze with fire, over that which I see!… My tears run down, My blood pours down.

    :EXCERPT: from the Letter ‘Blood Pours Down’ http://trumpetcallofgodonline.com/index.php5?title=Blood_Pours_Down

  • saucerboy

    Calling it a bailout is also disingenuous. All of this was done to move public funds to the private sector. There is a strong belief that the government is bad and the private sector is always superior. As a result the presidents, senators, congressmen, government officials put in office have contempt for a government for a people by a people. Greed will soon destroy this country and it’s startling how many people believe, with the fiber of their being, that the path to destruction is righteous.

  • jollyroger

    “I have just signed America’s death warrant.”Pres. Wilson upon signing the Federal Reserve Act.
    The death warrant is now being carried out: We are watching it with our own eyes and many have chosen to turn away. The coming economic collapse is already being planned for. Consider this: An attempt to manipulate the price of gold not long ago in order to float the value of the dollar a bit higher; The BRICS…..’ the DHS has purchased nearly two billion rounds of ammo and 2700 MRAP armored vehicles…100 of which have been seen just out side Camp Grayling,/ Grayling , Michigan; thousands of foreign troops and 800 FEMA camps.

    Those inside the government KNOW what’s coming. Unfortunately far too many so-called Americans are clueless. When they have to shuffle through a TSA checkpoint with a wheel barrow filled with worthless fiat currency in order to buy a gallon of GMO milk, then , maybe then some of them just might awaken.
    Be prepared.

  • savedbyjesus

    Only One Way Otta Here, Look up your redemption draws near John 14:6

  • M W

    The bankers continue to stick the intake hose of their wealth pump in every little puddle of money left. Now, they are renting forclosed properties (incentivizing more repos, many of which will be illegal, ala 2008) and looting municipal retirement funds. These guys are the biggest threat to humanity ever, because they are causing what is going to be a global conflagration.

  • SchlockShafting

    Shock and / or horror. The U.S. is a rich man’s nations.

  • zeb

    it dosent matter who it its the president they all are they same. a man in a suit wh and a taste for money and power

  • zeb

    thats it

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