“The Federal Reserve’s monetary policy stimulus measures rolled out since the downturn have had little impact on the economy, says former Fed Chairman Alan Greenspan.
Since the downturn, the Fed has rolled out two rounds of quantitative easing, known widely as QE1 and QE2, snapping up $1.7 trillion in mortgage securities held by banks and another $600 billion in Treasury instruments with the aim of steering the country away from deflationary decline while creating conditions ripe for investing and hiring via the massive liquidity injections. ”
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