The WSJ has a column by Andrew Huszar, an ex Morgan Stanley MD that the Fed brought in to execute its quantitative easing program. He is scathing in his denunciation of a program that generated virtually no gains in the real economy but tripled the value of big bank stocks and helped concentrate 70% of all banking assets in the hands of the 0.2% biggest banks.
This is a $4 Trillion and counting regulatory capture. Makes the farmers and old fart's fiscal depredations look almost ascetic.
Oh, and I almost forgot: he fears QE is inflating another asset bubble. Meet the new disastrous policy, worse than the old disastrous policy. Because we will get screwed again.
Explain to me again what this wonderful Federal Superstate is for? I mean aside from stitching up even more of the wealth and power for the northeastern liberal gentry. Break it up, break it all up.
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