his policy to provide liquidity to Large financials and open operational transparency is exactly the wrong thing this country needs. he has single handedly taken the strategy of capital formation and efficient use of capital to a new LOW.
with the promise of a clairvoyant he has, destroyed the reputation of the Federal Reserve system. interpreting their mission as saviors of Capitalism. but the inverse is actually true, he has done more damage to free markets and the ability of those markets to direct capital investment to it's best use, than any fed chair to ever hold the seat. his vision of the feds. directive is so far off base that the distortion it''s causing will be felt for an entire generation.
as the capital that is now supporting a stock driven OVER-CLASS, AND A WELFARE DRIVEN UNDER CLASS. who suffers the most is the Middle Class. which proves a divided economy is not prosperous, in the long run it is detrimental.
Ben should get out on the street one day and see how his policies actually affect people, especially those who save and use their savings as stewards of conservative values,. who are independent and high contributors to society.
Ben could not care less what this country needs. He only cares about what the banks need. After the financial crisis banks needed asset prices restore to repair the damage done to their balance sheets. Although abolishing mark to market and creating mark to myth did help the balance sheet it did not help their cash position because as people defaulted on loans, the underlying assets were sold at prices well below the recorded book values, and the loan losses had to be recognized. To solve this little problem the FED stepped in (QE) and started devaluing king dollar (printing money) to buy these assets at recorded book values so losses would never be taken by banks. Now the "we the people" take the losses with the inflation that this little maneuver caused. In short, it worked exactly the way that Ben hoped that it would.
Have heard that Ben does not get out of his limousine very often- except at high class restaurants, and for high level meetings at Four Seasons type establishments ! Most in Congress are in the 1 percent so very few of our representatives understand that the middle class are having difficult times, and they talk about cutting Medicare and Social Security which formerly middle class seniors depend on with rising medical costs, etc. !