FED Cuts The Greatest Subsidy To The Rich By Just $10 Billion A Month, U.S. 10yr 2.922%! Clearly The Fed Is Trying Not To Upset The Markets And Wants The Bubble To Build
Investmentwatch
QE: The greatest subsidy to the rich ever?
Every Ferrari dealership in the country should have a framed picture of Ben Bernanke in their lobby. It should read: “Our #1 Salesman.”
The largesse of the Federal Reserve over the past five years has amounted to one of the largest ever subsidies to the American wealthy—fueling record fortunes, record numbers of new millionaires and billionaires, and an unprecedented shopping spree for everything from Ferraris to Francis Bacon paintings. The prices of the assets owned by the wealthy, and the things they buy, have gone parabolic, bearing little relationship to the weak, broader economy.
Yes, the Fed has helped the overall economy as well, especially through gains in home prices. But on this deciding day for the Fed’s quantitative easing program, it’s strikingly clear that most of the gains from the program have flowed to the top 1 percent.
(Read more: Will the Grim Taper be a body blow to the wealthy?)
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More millionaires have been created over the past five years than during the entire eight years of the Bush administration. According to Spectrem Group, there were 2.3 million new millionaires created between 2008 and 2012. This year, the number will likely grow by at least 200,000, which would bring the millionaire population past its previous record in 2007.
http://www.cnbc.com/id/101283037
Gregor Peter @L0gg0l 1 min
FED STATEMENT DOESN’T RULE OUT UNTAPER CONTINGENT ON ECONOMIC CONDITIONS
Fed Tapers $10 Billion with Cornucopia of Dovish Statements; You Talk Too Much!
Clearly the Fed is trying not to upset the markets and wants the bubble to build. All the Fed can really do is talk.
Will it work? The answer is “not forever”. Of course bubble expansion is never in the best general interests of anyone but the banks and already wealthy.
I offer this musical tribute.
Read more at http://globaleconomicanalysis.blogspot.com/2013/12/fed-tapers-10-billion-with-cornucopia.html#4SZdcWeSLiuW8jWS.99
The Fed Just Began The Taper — Here’s What That Actually Means
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