posted on Nov, 13 2013 @ 09:45 AM
It would seem somebody that worked for the federal reserve couldn't help but have a conscience, and now he's looking to come clean.
A 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
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.
This man's apology.
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.
I found this to be quite sickening when he was quoted as saying,
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.
"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."
Of course most of us here at ATS already have a pretty good idea about all of this anyway, but it is nice to have someone come forward and say, "Yeah,
I was there and this is really happening."
Another piece of this story that caught my attention was this,
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.
The whole system is corrupt and needs to be brought down. I honestly believe the greed that these people have will ultimately be their downfall.
link to the full story.
edit on 13-11-2013 by solongandgoodnight because: spell