Former Federal Reserve Official Admits BIG Problems With QE

From CNBC: 

There’s a real question as to whether the massive bond-buying program known as quantitative easing was worth the cost, former Federal Reserve official Andrew Huszar said Tuesday.
“I think the real issue is that the Fed has expanded its tool kit so dramatically, and really there are some real questions as to how potentially it unwinds, when it unwinds,” he said. “We saw this past summer there was this announcement of potentially a taper and the markets actually tanked, and after that the Fed backpedaled. What’s going to happen if we go on for months, years longer?”

In an Op-ed in the WSJ written by Andrew Huszar he says: 

I can only say: I’m sorry, America. As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed’s first plunge into the bond-buying experiment known as quantitative easing. The central bank continues to spin QE as a tool for helping Main Street. But I’ve come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time.

Huszar and a number of other Fed managers expressed concern that QE wasn’t working the way it was supposed to. But nobody listened. So Wall Street was given a huge advantage under QE earning a huge bundle of dough from commissions and reaped the rewards of gigantic capital gains on rising values of securities holdings. Unfortunately QE didn’t help the average U.S. taxpayer one iota. This is a very good reason not to mess with the free-market system. When government tries to manipulate the outcome in the market it only ends up making the problem worse. Now it is going to take a long time for the market to level out and be normal because it was screwed with for political purposes. says that the Fed and Wall Street are in collusion and I agree. QE needs to end immediately. The Fed wasted $4 trillion on QE which produced meager results.