An Insider’s Perspective of QE
Loyal readers of this blog know that I have been a harsh critic of quantitative easing across the globe ever since the immediate financial crisis was arrested in 2010. One of the leading professionals conducting QE on behalf of the Federal Reserve, Andrew Huszar, has now come out and explained his view of QE in a Wall Street Op-Ed with the title “Confessions of a Quantitative Easer” . For those of you unfamiliar with Mr. Huszar, he is a senior fellow at Rutgers Business School, is a former Morgan Stanley managing director. In 2009-10, he managed the Federal Reserve’s $1.25 trillion agency mortgage-backed security purchase program.
The article starts very tellingly with the following words “I can only say: I’m sorry, America.” This piece is concise in nature and explains the inner workings and effects of quantitative easing to the public. Please read this article as the consequences of QE will be with us for a very long time.
Should you experience problems opening the article on the Wall Street Journal website, please click on this yahoo link.
In 1913, President Woodrow Wilson signed the Federal Reserve Act into law and regretted doing so in his memoirs six years later. History rhymes…