When it comes to what goes on in the marble corridors of the Federal
Reserve, Americans tend to be suspicious. For different reasons, both
the right and the left have challenged Fed policies aimed at bolstering
the economy in the wake of the Great Recession. In two papers for the
Institute of New Economic Thinking’s Working Group on the
Political Economy of Distribution, “
Have Large Scale Asset Purchases Increased Bank Profits?”
and the forthcoming “The Impact of ‘Quantitative Easing’ on Expected
Profits: Explaining the Rise and Fall of the Fed’s QE Policy,” economist
Gerald Epstein and his colleague Juan Antonio Montecino sought to find
out who in the economy tends to benefit from the Fed’s actions. They
conclude that Wall Street and wealthy Americans are the big winners from
policies like quantitative easing, while the rest see little
improvement in their economic lives. End result? Inequality is getting
worse.
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