From ZeroHedge, without further comment:
With Bernanke gone, the remaining Fed members knowing full well they will be crucified, metaphorically of course (if not literally) when it all inevitably comes crashing down, are finally at liberty with their words... and the truth is bleeding out courtesy of the president of the Dallas Fed, via Bloomberg.
- FISHER SAYS QE WAS A MASSIVE GIFT INTENDED TO BOOST WEALTH
Which incidentally coincides with Bernanke's heartfelt "admission" that "my natural inclinations, even if it weren't for the legal mandate, would be to try to help the average person."
As long as helped to boost the wealth of the non-average billionaire., all is forgiven. "The result was there are still many people after the crisis who still feel that it was unfair that some companies got helped and small banks and small business and average families didn't get direct help," Bernanke said. "It's a hard perception to break." The truth, as again revealed by Fisher, will not help with breaking that perception.
Or in a simplified chart on who is spending again:
(click to enlarge)
FED critic Peter Schiff had this to say:
"In reality, the Fed will keep manufacturing excuses as to why rates can't be raised. Whether it's a cold winter or a hot summer, a geopolitical crisis, or an unexpected sell off in stocks or real estate, the Fed will always find a convenient excuse to postpone tightening. That's because it has built an economy completely dependent on zero % interest rates. Even the smallest rate shock could be enough to push us into recession. The Fed knows that, and it is hoping to keep the ugly truth hidden.
Any additional weaknesses in economic data, or dips in stock or real estate prices, will cause the Fed to call a time out on its tapering plan. Unrestrained by any commitment to sound money or low inflation, look for the Fed to throw open the monetary spigots at the first sign of trouble. However, as the recent raft of higher than expected food prices has shown, such an instinct will hit average Americans squarely in the purse.