Andrew Huszar had worked until 2008, seven years for the Fed and was then changed to Morgan Stanley

The former Fed banker, Andrew Huszar, confesses: The Fed's program "Quantitative easing" is the biggest bail-out for banks in U.S. history. The program had only used the banks and the economy is not strengthened significantly. In addition, a small cartel of banks now controlling most of the assets.
Topics: Andrew Huszar, arm, Ben Bernanke, Fed, Federal Reserve, Janet Yellen, Mohammed El Erian, Morgan Stanley, Pimco, QE, Quantitative Easing, Rich, Wall Street, Wall Street Journal
Bankers and wealthy customers have taken the money that the Fed has spread to the luxury manufacturers: Louis Vitton benefits. In the supermarkets, where the average citizen to buy, it's going to more modest. opbevaringskasser (Source: Zero Hedge)
The former bankers of the Federal Reserve Bank (Fed) Andrew Huszar apologized in a column in the Wall Street Journal for the monetary policy of the Federal Reserve, where he was heavily involved. These do not have the people and the real economy served, but merely strengthened the banks. Huszar called this "quantitative easing" the Fed's program, known as "the biggest bail-out through the back door of Wall Street in history". opbevaringskasser As a result of this program, a small cartel of banks would now control most of the assets in the United States.
As part of the "quantitative easing" (QE) were bought for several billion U.S. dollars a month mortgage securities and U.S. government bonds to stimulate the U.S. economy. In September 2012, the Fed announced the third round of the program (QE3). Meanwhile, she buys monthly for 40 billion U.S. dollars opbevaringskasser mortgage securities and government bonds worth 45 billion U.S. dollars. Overall, the Fed has thus been thrown more than four trillion dollars to the financial opbevaringskasser market. This represents the largest intervention in the financial sector in the history
"The Fed said she wanted to help - with a new program to the massive purchase of government bonds. There were secondary objectives, but the Chairman Ben Bernanke made it clear that the central motivation of the Fed is to influence, credit conditions for households and businesses': to push the cost of credit, so that more Americans are suffering from the economic crisis, could use this to mitigate opbevaringskasser the downturn. For this reason he called the initiative originally, credit easing '. "Said Huszar.
Andrew Huszar had worked until 2008, seven years for the Fed and was then changed to Morgan Stanley on Wall Street. In spring 2009, he was asked to return to the Fed, to the core of the program - the purchase of mortgage securities worth 1.25 trillion U.S. dollars within 12 months - to implement.
Until then, the Fed had never bought even a mortgage paper in its almost 100-year opbevaringskasser history. During the program, the Fed bought each day so many of them that they risked driving the prices up and to lose the confidence of the markets.
"Despite the rhetoric of the Fed, helped my program opbevaringskasser not going to make loans for the average American citizen readily available. The banks have awarded fewer credits. And the loans they approved were not more favorable than before. QE may have depressed the cost for provision of credit for banks, but the extra money Wall Street has put into his own pocket. "Said Huszar on.
The banks would have benefited not only by the decline in credit costs, but also by the increased values of their collateral and the commissions they earned on the execution of the Fed's transactions. In 2009, Wall Street had characterized their most profitable year in its history. opbevaringskasser
Besides Huszar other Fed officials had increasingly expressed doubts about the efficacy of QE, but their Lachapelle fell on deaf ears. Instead, the Fed looked leaders only on the latest financial market opbevaringskasser data and waiting for the latest talks with the heads of banks and hedge funds. The effects of QE on the real economy remained until today far below expectations.
"Even the sunniest calculations of the Fed come to the conclusion that the aggressive, 5-year-old QE program has only a few percentage points of economic growth generated. In contrast, my external experts, such as Mohammed El Erian of Pimco, which the created opbevaringskasser by the Fed 4 trillion U.S. dollars only had an effect of 0.25 percent opbevaringskasser growth opbevaringskasser of GDP result. Both these statements suggest that QE does not really work. "Said Huszar.
Only for Wall Street banks, QE would have really paid off. This would have its common stock price nearly tripled opbevaringskasser since March 2009. Now Moreover, 0.2 percent of banks would control about 70 percent of the assets. As a result of the ultra-lo