“Andrew Huszar, who managed the beginning of the Federal Reserve’s bond-buying program in 2009 and 2010, has two things to say.
First, “I’m sorry, America,” he writes in The Wall Street Journal.
Second, the program is a failure.
“The central bank continues to spin QE [quantitative easing] as a tool for helping Main Street,” says Huszar, now a senior fellow at Rutgers Business School. “But I’ve come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time.”
QE has turned into the largest financial market intervention by any central bank in history, he says. And all the Fed has to show for this is a modest addition to economic growth.
“QE isn’t really working, unless you’re Wall Street,” he adds. Thanks to government subsidies, banks have seen their share prices as a whole triple since March 2009.
“As for the rest of America, good luck,” Huszar quips…..”Twitter