“Confessions of a Quantitative Easer”
“…..In its almost 100-year history, the Fed had never bought one mortgage bond. Now my program was buying so many each day through active, unscripted trading that we constantly risked driving bond prices too high and crashing global confidence in key financial markets. We were working feverishly to preserve the impression that the Fed knew what it was doing.
It wasn’t long before my old doubts resurfaced. Despite the Fed’s rhetoric, my program wasn’t helping to make credit any more accessible for the average American. The banks were only issuing fewer and fewer loans. More insidiously, whatever credit they were extending wasn’t getting much cheaper. QE may have been driving down the wholesale cost for banks to make loans, but Wall Street was pocketing most of the extra cash.
From the trenches, several other Fed managers also began voicing the concern that QE wasn’t working as planned.
Our warnings fell on deaf ears. In the past, Fed leaders—even if they ultimately erred—would have worried obsessively about the costs versus the benefits of any major initiative.
Now the only obsession seemed to be with the newest survey of financial-market expectations or the latest in-person feedback from Wall Street’s leading bankers and hedge-fund managers. Sorry, U.S. taxpayer…”
The whole economy has been going through a Pluto transit since 2008 (Pluto into Capricorn coincided with the Lehman Brothers collapse) & the above is just one of a gazillion examples. The whole piece is worth reading. But let’s get it clear: Pluto in Capricorn does not cause Global Financial Fuqery – it is unearthing it.
Just like the monthly Moon-Pluto Flashpoint is EPIC for uncovering crap, secrets, delusions and repressed emotions in your personal life. It is on the Scheduler Calendar as “Moon Pluto Flashpoint” and it’s a good time to ask someone you think is sneaky or in denial “what’s up?” We should be asking this more often of our so-called leaders.
Image: Chrissie Abbott
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