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"QE Was A Massive Gift Intended To Boost Wealth", Fed President Admits

Tyler Durden's picture


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.


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.

We wonder how President Obama, that crusader for fairness, equality and all time Russell 200,000 highs, will feel about that? In the meantime, just like the Herp, QE is the gift that keeps on giving.. and giving... and giving... to the 0.001%.

US Income Gap Soars To Widest Since "Roaring 20s"


Record US Income Inequality In One Chart


Shopping With Bernanke: Where QE Cash Ends Up Tells Us Who Benefited



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Fri, 03/21/2014 - 14:56 | 4577986 NotApplicable
NotApplicable's picture

Curtains being drawn back?

Fri, 03/21/2014 - 14:57 | 4577997 McMolotov
McMolotov's picture

Getting harder and harder to hide the manipulation. The manip-slips are coming fast and furious now.

Fri, 03/21/2014 - 15:02 | 4578022 TruthInSunshine
TruthInSunshine's picture

One of the best (and simplest) charts ever to be posted is the rise of the Solos correlated with the rise Fed's balance sheet, furniture last 4 1/2 years.

Heavy flow menstruation, baby.

Fri, 03/21/2014 - 15:06 | 4578038 Shocker
Shocker's picture

Increase Wealth of the Wealthy. While "everyone" else continues down.

At this rate the Middle class will be totally gone soon.

Layoff / Closing List:


Fri, 03/21/2014 - 15:07 | 4578055 TruthInSunshine
TruthInSunshine's picture

Meant to write "rise in the Spooz in % terms against the rise in the Fed's balance sheet (in terms of BernankNotes) during the last 4 1/2 years."

I hate 'smart' phone screens.

Fri, 03/21/2014 - 17:13 | 4578529 drdolittle
drdolittle's picture

funny, I read it as rise in the Soros and it made sense. Been working a lotta night shifts

Fri, 03/21/2014 - 18:13 | 4578705 Four chan
Four chan's picture


Fri, 03/21/2014 - 22:25 | 4579356 derek_vineyard
derek_vineyard's picture

and had ZH had the foresight to predict the extent the Fed would go....we could all sell NOW and have been rich.  instead ZH focused on fundamentals and why what the Fed was doing was wrong....instead of joining the roots of the ponzi where the money was made. 

all this ZH blabber about MOAR and they were correct, but didn't put 2 and 2 together and pump stocks.  too late now ZH, you missed it.

Fri, 03/21/2014 - 22:36 | 4579392 CrashisOptimistic
CrashisOptimistic's picture

People, is there some magical firefox addon that uncompresses the margin such as presently exists in the petro dollar thread?


Fri, 03/21/2014 - 22:42 | 4579406 Mister Kitty
Mister Kitty's picture

Did QE help?  Only time will tell.  Bitches.

Sat, 03/22/2014 - 05:16 | 4579798 GetZeeGold
GetZeeGold's picture



Five years into hope and change.....clearly this is Bushes fault.


I believe year 6 is when the deficit is slated to be cut in half.....I'm really looking forward to that.


Yes I did say forward.....see how I did that?

Sat, 03/22/2014 - 05:41 | 4579815 Troll Magnet
Troll Magnet's picture


Sat, 03/22/2014 - 08:42 | 4579946 CuttingEdge
CuttingEdge's picture

Wait for the Bernank to come out and say in retrospect maybe  he should have fired up the helicopters (for a "fairer distribution").

Now I'd just love to see the fuckwit hanging from one, preferably by his nuts and using piano wire (although a guillotine would suffice if ringside seats are available at a fair price).

Sat, 03/22/2014 - 09:08 | 4579981 kaiserhoff
kaiserhoff's picture

QE IS a massive gift designed for one and only one purpose,

  to save the asses of the criminal bankster class.

Sat, 03/22/2014 - 10:00 | 4580055 New England Patriot
New England Patriot's picture

Ben Bernanke walks into a pizza joint and orders a large pizza.

The man working there says, "Would you like me to cut it into six pieces or eight?"

Bernanke thinks for a moment, "Better make it eight, I'm really hungry." 

Sat, 03/22/2014 - 11:30 | 4580248 Unknown User
Unknown User's picture

They are not done.  The Fed now will claim that it's in national interest for the taxpayers to take ownership of the worthless derivatives they bought from the banks at full value through QE.  And they are already working on a plan to replace Fanny and Freddy, with taxpayers directly insuring fraudulent loans.

Sat, 03/22/2014 - 15:03 | 4580644 Ifigenia
Ifigenia's picture

Better, made a Proscription List of those 1%, certainly it could aliviate US debts.

Sat, 03/22/2014 - 12:52 | 4580432 lostintheflood
lostintheflood's picture

some magical firefox addon that uncompresses the margin

crash, it's a bit more tolerable using chrome for that thread...

Sat, 03/22/2014 - 13:20 | 4580479 CrashisOptimistic
CrashisOptimistic's picture


Fri, 03/21/2014 - 22:59 | 4579461 mumbo_jumbo
mumbo_jumbo's picture

i'm not complaining, i've never lost one dime of my retirement account.  sure it don't earn much but a buddy of mine was just crowing how his retirement was "back where it was in 2008" to which i replied mine is up from 2008 and i didn't have to go thru the turmoil of the ups and downs, slow and steady wins the race.

never mind he's still down if you include inflation....but then again so am i :(

Sat, 03/22/2014 - 04:32 | 4579775 balolalo
balolalo's picture

"For every action there is an equal and opposite reaction" - Isaac Newton

If it is true for atoms, stars, planets, and apes alike, then equally so for this current age of intellectual toddlerdom.    

Humans stumbling about.   Wrecking.   Arrogant.  Wasteful. Ignorant. Greedy.  Shortsighted.  

Unfortunatley we are alive during a particularly strong and probably late tantrum, before reality sets in.  And weaning begins.   


Sat, 03/22/2014 - 07:56 | 4579914 fockewulf190
fockewulf190's picture

The milleniums will end up being another generation of the damned, just like those born from 1890-1900, 1915-1925, 1940-1950.  More cannon fodder for the old bastards in power to play with.

Sat, 03/22/2014 - 06:55 | 4579864 Drifter
Drifter's picture

"never mind he's still down if you include inflation....but then again so am i :("

Dow topped out at 14,700 in 2007.

Since then USD has lost 50% value thanks to TARP, QE, and other known and hidden money printing (and I suspect the hidden part is way more than the known part).

Today Dow would have to be 29,400 to equal its 2007 high.

Nobody talks about USD's huge drop in value since 2007, not even ZH.

Btw, in 2007 dollars gold is $650 and silver is $10.

Sat, 03/22/2014 - 07:06 | 4579873 Wahooo
Wahooo's picture

That giant sucking noise is the sound of the corporatist vacuum sucking up our future.

Sat, 03/22/2014 - 09:28 | 4580013 Drifter
Drifter's picture


Fixed it.

Sat, 03/22/2014 - 11:01 | 4580208 icanhasbailout
icanhasbailout's picture

Obviously he got the gift from somewhere, which tells you who took what everyone else is missing.

Sat, 03/22/2014 - 15:47 | 4580728 disabledvet
disabledvet's picture

see comment below and "yeah, spot on."

If you're the Dallas Fed Head this has been a great policy...outisde of North Dakota everyone else has been thrown under the bus here.

Some of the numbers sloshing around on Wall Street are truly amazing...Amazon, Netflix, Google...Tesla, Facebook, Solar city. Some of these companies didn't even exist ten years ago "and now they're the industry." I fail to see how "this is all the Fed's fault."

Let's take a look at how all the Commie Countries are doing for a moment: collapsed currencies, hyperinflation, unprovoked aggressions, collapsed commodities, collapsed gold.

I agree the middle class has been taken out here...kinda scary when you think "it should have been worse." (And still can be.)

meh. wasn't always like this.

Sat, 03/22/2014 - 10:07 | 4580068 post turtle saver
post turtle saver's picture

this is how the old and rich eat the young... metaphorically... if you gave them the chance to do it literally they'd take advantage of that, too

Sat, 03/22/2014 - 06:47 | 4579857 Flux
Flux's picture

This is a good point, Derek.

Tyler, what have you been telling everyone to do for the last five years? Buy gold? Guns? Ammo? How's that been working for you?

Yah, I know, the Apocalypse is any time now, but had I been buying into your hype for the last five years, I"d be a little pissed right now.

But then again, maybe you're just part of the misinformation as well. Hey ZH'ers ...


Sat, 03/22/2014 - 07:08 | 4579875 Hephaestus
Hephaestus's picture

Im more wealthy now than Ive ever been before and in more ways than one. All thanks to ZH.  Blame your shitty trades on the weather and Fuck off loser.

Sat, 03/22/2014 - 08:20 | 4579923 fockewulf190
fockewulf190's picture

Indeed, I have been accumulating hard assets since 2008 and regret nothing.  No way I´m putting my financial future into a market ripe with fraud, manipulations and microsecond HFT computers.  The shit  storm is coming and the central banks of the world are all printing fiat out of thin air in reckless abandon.  ZH has done a good job telling the situation how it really is: FUBAR.

Sat, 03/22/2014 - 09:39 | 4580024 GetZeeGold
GetZeeGold's picture



Your comment is really harshing my normalcy bias.

Sat, 03/22/2014 - 20:47 | 4580865 mjcOH1
mjcOH1's picture

"Tyler, what have you been telling everyone to do for the last five years? Buy gold? Guns? Ammo? How's that been working for you?"


FWIW...lead and brass have been among my most successful investments.  

Heavy metals are you friend.  Granted, they don't have the cachet of   But Our Lady of Blessed Momentum looks kindly upon them.   And I've always wanted to be a farmer.

Sat, 03/22/2014 - 21:08 | 4581324 Flux
Flux's picture

Well, that's fair enough.

Real estate ( and the broad market ( have been my cash cow. I only stumbled across Zero Hedge recently, but I'm just glad I didn't five years ago. If others have averaged 20%+ a year for the past five years, more power to you. And if Zero Hedge was instrumental in your success, I'd like to hear about it.

Personally, I now have enough money to get into home ownership, I'm considering paying in cash. Outright. However, I've read on Zero Hedge that Canadian real estate is in a bubble (60% over-valued?) and that a global economic collapse will be upon us any day now. But what sways me away from putting too much stock in anything Zero Hedge promotes is their crummy track record up to this point. And by that I mean this site has heavily discouraged any investment in the market. If this is the wrong impression, please correct it.

I feel the Zero Hedge advice would be to put my money into a cabin, the rest in physical gold, and start growing vegetables.

This is what my father did, btw. And it was fine for him, but I'm not a farmer.

Sat, 03/22/2014 - 09:34 | 4580017 Drifter
Drifter's picture

ZH isn't into painting the big picture, and doesn't make big-picture recommendations, nor any recommendations.

Commenters have been making those recommendations along the way, and they're not for wealth accumulation, they're for wealth preservation (against a declining currency).


Sat, 03/22/2014 - 21:16 | 4581344 Flux
Flux's picture

Ah, but you have to have wealth first to preserve it.

And if you frame the picture as one of inevitable decline, where does that leave those with nothing?

I'll tell you:

Pining away for the end of days, fervently praying for that thunderous Apocalypse.



Sat, 03/22/2014 - 11:34 | 4580263 lunaticfringe
lunaticfringe's picture

There is always one dumb-ass, who tells everyone else long before the game is over, which side has won. You sir, are that man.

Sat, 03/22/2014 - 15:35 | 4580707 Kayman
Kayman's picture


When Russia bitch slaps Obama, when the Fed has a 4 and 1/2 trillion dollar balance sheet backed by 1% equity (every "asset" held by the Fed is "risk-free"- what a fucking joke), when "earnings" in P/E exclude "one-time charges" (like Caterpillars immediate write-down of it's $billion dollar boondoggle in China, when the only thing on CNN for 10 days is speculation about a lost plane (the only facts being the plane is lost and we don't have any fucking clue why), then I would take it as a sign that the best part of the pump-and-dump is behind you and not ahead of you.

ZH is and remains a counterpoint to the usual icing sugar lathered bullshit dispensed to keep the masses placated. Don't be puking on your shoes, now...



Sat, 03/22/2014 - 21:21 | 4581365 Flux
Flux's picture

Actually, I agree.

I don't see the amazing returns going forward. However, the Zero Hedge faithful should seriously apply some skepticism to a site that was instrumental in discouraging them from investing. I also think it is too late now, and for those who missed the boat ... maybe rethink your influences.

My point:

Zero Hedge is a product. It's up to you to buy into it.

Sat, 03/22/2014 - 18:43 | 4581014 Rafferty
Rafferty's picture

Yeah, I've been eagerly booting up every morning for the last 5 years hoping to read how the Apocalypse has brought the banksters down in flames.  Still waiting, although the present madness just cannot continue.

Sat, 03/22/2014 - 09:30 | 4580014 Eeyores Enigma
Eeyores Enigma's picture

Yeah derk because every knows that the only thing that matters is getting rich right.

Fuck rule of law. Fuck right and wrong. Fuck morality or ethics. Fuck humanity. Fuck the planet. Hell FUCK everything as long as I am RICH!!!!!!!

Sat, 03/22/2014 - 10:58 | 4580185 derek_vineyard
derek_vineyard's picture

if one has a choice between buying an asset that triples in value or stays flat.....which would they choose?

and when reading about financial matters.....wouldn't it be nice to have the bias tilted toward the asset that tripled? (in hindsight)---even if in the folly of it all and why its tripling?

Sat, 03/22/2014 - 12:16 | 4580349 caustixoid
caustixoid's picture

wouldn't it be nice to have the bias tilted toward the asset that tripled?

Good point that anyone who listened to CNBC from 2009 did better than those who read ZH.   Ouch, you got us.  But at some point the sheep will get sheered again, as they were in 2000/01, as they were in 2008.  And while it's happening CNBC is going to Kramer us up the ass telling us it's a good buying opportunity.

If you're saying to have perfect market timing, well, duh.  If you're saying to ignore fundamentals, well, that hasn't worked out for millions of home buyers.  

Sorry, what are you saying exactly?


Sat, 03/22/2014 - 14:09 | 4580553 Tall Tom
Tall Tom's picture

all this ZH blabber about MOAR and they were correct, but didn't put 2 and 2 together and pump stocks.  too late now ZH, you missed it.


Not too late. You can Short Sell the Market as it crashes.


But still I will not participate. PRINCIPLES OVER PROFITS.


But psychopathic assholes will profit over other's miseries, won't they?


It is going to be fun with the Guillotines and ropes . Besides I like hunting psychopathic humans. They are the most thrilling as they are the most dangerous prey.


Picking off the outliers will not be too difficult to do in a Post Collapse World.


Most will not even be able to trust their security. Care to go hunting? I like the Gated Communties as they are the best. They are like a Turkey Shoot. Yeah. Fish in a Barrel.


Bring on the collapse.


I am mapping out my hunting grounds. Oh I might be killed. But I will take out many more before that time. I am old anyway.

Fri, 03/21/2014 - 15:11 | 4578090 McMolotov
McMolotov's picture

QE is the ultimate in trickle-down, whereby the wealthy and well-connected stand above us, pissing on our heads and trying to convince us it's raining.

Fri, 03/21/2014 - 15:15 | 4578104 aVileRat
aVileRat's picture

No wealth effect means no confidence in forward multiples, which means no confidence in growth stocks or forward guidance for bellweathers. No wealth effect means no risk on capital and no need for inflation hedging at the marginal buyer of securities level.

So paper gold will get slammed as inflation 2015 goes negative. Which is pretty much they want at this stage.

A Russian or Latin American blowout will also turn this whole QE thing sideways.


Fri, 03/21/2014 - 15:39 | 4578198 Soul Glow
Soul Glow's picture

If anyone has friends who don't understand how bad all of this is, just tell them simply that the banks have doubled down on the debt.  All the banks in the entire world doubled their debt.  And that is why the next debt fiasco will be twice as bad as the last one.  Whatever you thought of the last one, twice like that.

Sat, 03/22/2014 - 06:29 | 4579849 UselessEater
UselessEater's picture

nah... in Australia they think more good debt is OK; so we'll skip that chat for another year.

Sat, 03/22/2014 - 15:42 | 4580718 Kayman
Kayman's picture

How's that Gorgon thing going to do if Putin cuts a deal with China for Natgas.  Better hope the contracts with Japan are priced in a currency that can buy something.

Oh, and I have no doubt that Putin will call the pipeline Keystone XL II just to wipe Obama's nose in the excrement.

Fri, 03/21/2014 - 15:30 | 4578171 NoDebt
NoDebt's picture

One of my all-time-favorite expressions.  So appropriate in so many situations these days.

Fri, 03/21/2014 - 17:01 | 4578503 Silver Pullet
Silver Pullet's picture

"pissing on our heads and trying to convince us it's raining."

Yeah, its all about the weather.

Sat, 03/22/2014 - 04:27 | 4579773 Mrs. Haggy
Mrs. Haggy's picture

A Vortex of Piss.

Sat, 03/22/2014 - 17:23 | 4580887 mt paul
mt paul's picture

thus the anger ...


it's better to be pissed off

than pissed on...

Fri, 03/21/2014 - 15:12 | 4578093 Antifaschistische
Antifaschistische's picture

Counterfeiting operations always produce wealth for the first spenders of the counterfeited cash....or credit. QE is the worlds largest legal counterfeiting operation, and it is making the .1% very wealthy.

Fri, 03/21/2014 - 15:14 | 4578100 LawsofPhysics
LawsofPhysics's picture

Yes, QE has done precisely what it was designed to do.

Fri, 03/21/2014 - 22:42 | 4579408 JR
JR's picture

Many of the 1990s' millionaires are now 21st century billionaires, making it hard on those millionaires who missed out on the Fed QE handouts.

As for those millionaires who didn’t trickle on up with QE, Robert Frank last year related their sad story:

Richard Kirshenbaum writes of a friend (whom he doesn't name) who no longer feels important in New York because he's only a millionaire. It's what Kirshenbaum calls the "millionaire malaise."

"I'm 1990s money—in a new age—with one less zero," the friend says. ..

Now, it takes at least $100 million to matter in New York. He says he feels like a "loser" because of his $10 million apartment. His wife's 8-carat diamond is out-blinged by a friend's 20-carat rock. He's proud of his floor seats; another guy buys the team…

…the millionaire malaise stems from a rapid growth in inequality—not just between the 1 percent and 99ers, but also between the 1 percent and the 0.0001 percent…

A paper by Scott Winship at Brookings shows that the "poorest" household in the top 0.01 percent had nearly 17 times the income of the poorest member of the 1 percent.

If the U.S. income structure were a building, he said, it would look more like the spear-shaped Burj Khalifa hotel in Dubai rather than a pyramid. If the top 0.1 percent were on the 160th floor, the top 1 percent would be on the 10th floor. And if Larry Ellison were on the 160th floor, Mitt Romney would be on the 6th floor and the rest of America is mixing with the top 1 percenters on the lower floors.

"The 99.99th percentile now sits on the third floor and the entire bottom 99 percent—and then some—mill around the lobby," Winship writes. "We are the 99.99 percent?"

With the new, soaring glass towers going up in Manhattan with $90 million penthouses, it's not hard to imagine that those living "below" in the prewar palaces along Fifth Avenue can actually feel disadvantaged.

Sat, 03/22/2014 - 04:29 | 4579776 underman
underman's picture

Boo-fucking-hoo.  Fuck Manhattan.

Sat, 03/22/2014 - 05:22 | 4579803 Postkey
Postkey's picture

"As an example, she described a conversation with a couple at a Manhattan dinner party: “They started saying, ‘If you’re going to buy all this stuff, life starts getting really expensive. If you’re going to do the NetJet thing’”—this is a service offering “fractional aircraft ownership” for those who do not wish to buy outright—“‘and if you’re going to have four houses, and you’re going to run the four houses, it’s like you start spending some money.’”

The clincher, Peterson says, came from the wife: “She turns to me and she goes, ‘You know, the thing about 20’”—by this, she meant $20 million a year—“‘is 20 is only 10 after taxes.’ And everyone at the table is nodding.”

Fri, 03/21/2014 - 15:18 | 4578125 McMolotov
McMolotov's picture

Old bankster proverb: "The needs of the few outweigh the needs of the many."

Fri, 03/21/2014 - 15:25 | 4578155 TruthInSunshine
TruthInSunshine's picture

Just make sure to turn unrealized gains into realized ones before things turn, and it's all good.

Fri, 03/21/2014 - 19:54 | 4578984 Antifaschistische
Antifaschistische's picture

Bingo....example, thanks to ultra easy credit.   ORCL can borrow, 24 billion dollars

Then, Larry Ellison realizes the benefit, and converts it into a multi-billion dollar real estate portfolio.

If ORCL had to pay true market rates for debt..

a) they would not have a $24 billion dollar liability

b) savers would actually benefit from a respectiable rate of return on debt to ORCL which would benefit millions of savers, pension funds, etc..

...but we can't have that now can we.

Fri, 03/21/2014 - 15:32 | 4578172 A Nanny Moose
A Nanny Moose's picture

I thought it was, "To rob a bank, you must first own it."

Fri, 03/21/2014 - 15:57 | 4578271 onewayticket2
onewayticket2's picture

the Obama admin will use this statement to justify wealth taxes going forward. 

this is music to their ears.


Sat, 03/22/2014 - 07:23 | 4579888 Wahooo
Wahooo's picture

Taxing the 1% to give more to the .001%.  Fiat for the masses in the lobby.

Fri, 03/21/2014 - 16:06 | 4578301 Kirk2NCC1701
Kirk2NCC1701's picture

They live in an anti-Spock universe.

And pray to a different deity than they pretend to.

Sat, 03/22/2014 - 00:38 | 4579634 TheReplacement
TheReplacement's picture

All of this smells funny.  Don't get me wrong, the bankers are vile theives but who has considered that they were setup to take advantage of their bankrupting the country?  Could they be the American version of "useful idiots"?  Certainly when things go south they will be blamed.  They have been front and center all along.  They will be crucified.  I would be amazed if Republicans blame the bankers before Democrats.  At this level of the game I think it will be an ally.  The ally in power is Democrat.  They have the guns and the intel.  What will the bankers do?  Shoot billion$ - no match for bullets.

The NASA collapse article is a real eye opener to just how thoroughly infected the brain is at the stage.  The bug has full control now.  Practically the only thing to stop it is bankrupcy.  The only enemy is the bankers and financiers.  This is true in Russia, China, and virtually every major country as well.

Sat, 03/22/2014 - 07:45 | 4579901 GetZeeGold
GetZeeGold's picture



They got to Justice Roberts.....but I didn't think they'd ever get to NASA.


Looks like we're sorta screwed here.

Sat, 03/22/2014 - 12:23 | 4580363 caustixoid
caustixoid's picture

I didn't think they'd ever get to NASA.

two words: James Hansen

NASA is a military organization with a hobby of space exploration.  As part of the MIC it has always been a team player

Sat, 03/22/2014 - 03:44 | 4579749 tumblemore
tumblemore's picture

New money doesn't cause inflation until after its spent so the money-creator's money retains its value while debasing everyone else's. The central banking model is simply legalized counterfeiting and acts as a wealth transfer mechanism for the banking mafia.

Fri, 03/21/2014 - 15:01 | 4578023 DoChenRollingBearing
DoChenRollingBearing's picture

It is not going to be pretty when this all ends.  I just hope society stays intact.  But, the enrichment of the very top (usually by theft) historically leads one to think that things could get rough.

Fri, 03/21/2014 - 15:13 | 4578096 NOTaREALmerican
NOTaREALmerican's picture

Re:  leads one to think that things could get rough

Yeah, but the Elysium Support Class is 20% of the population (and we benefited allot from the Fed "wealth affect), and if you include everybody living directly and indirectly off of Big-Gov that's about 50% of the population.   

A majority want the Fed to keep the existing system going.   Duplicity always wins.  

Fri, 03/21/2014 - 15:19 | 4578129 cossack55
cossack55's picture

I hate your analysis but I am afraid you are correct. 

Fri, 03/21/2014 - 15:20 | 4578131 TruthInSunshine
TruthInSunshine's picture

Banana Republic economics teaches us that the smaller the middle class, and the greater the distribution towards a rich person-poor person economy, the more sustainably productive the economy is in real terms.

Kill the middle class, concentrate the wealth at the top .05 percent spectrum (through central planning via use of debt-fiat printing), and enjoy the booming economic growth.

...just like in Venezuela or Nigeria!

Fri, 03/21/2014 - 15:25 | 4578157 newdoobie
newdoobie's picture

History shows that when the .gov cant keep up the gifts, (or the gifts aren't enough to eat off of) riots ensue.

Sat, 03/22/2014 - 18:55 | 4581039 Rafferty
Rafferty's picture

History also shows that the most enduring revolutions originate with  a strong middle class.  That's  why TPTB are systematically destroying ours.

Sun, 03/23/2014 - 05:40 | 4581937 Rafferty
Rafferty's picture

History also shows that the most enduring revolutions originate with  a strong middle class.  That's  why TPTB are systematically destroying ours.

Fri, 03/21/2014 - 16:40 | 4578438 KickIce
KickIce's picture

It lasts for as long as EBT cards are fiiled and purchase a reasonabe amount of coke and Doritos.  Then you have to factor in the availability of Obama phones along with reality shows and ESPN.

Sat, 03/22/2014 - 09:46 | 4580033 Cortez
Cortez's picture

ESPN and sports in general are the Ultimate reality show.  Fans truly believe they are part of their team.  In reality, they are just a rube to extract dollars from.

Fri, 03/21/2014 - 17:21 | 4578556 rosiescenario
rosiescenario's picture

It is similar to what was going on in Germany prior to the rise of Hitler.

Fri, 03/21/2014 - 23:00 | 4579467 WmMcK
WmMcK's picture

It is similar to what was going on in France prior to the rise of Napoleon.

Sat, 03/22/2014 - 03:46 | 4579753 tumblemore
tumblemore's picture

The banking mafia have been doing this over and over again for centuries.

Fri, 03/21/2014 - 15:02 | 4578027 toys for tits
toys for tits's picture

The sad part is that there are so many uneducated that this will be buried in Friday night news cycle and will have no meaning to what, maybe 90 or 95% of people.

Fri, 03/21/2014 - 15:07 | 4578049 Grande Tetons
Grande Tetons's picture

It will not appear in the news cycle. 

Meaning would be lost on 99.99 percent....would be the reason. 

Fri, 03/21/2014 - 15:06 | 4578053 NotApplicable
NotApplicable's picture

Meanwhile a good portion of those 5-10% that do get the meaning will have it explained to them by the likes of Money Honey, who will describe how this is best for everyone.


Fri, 03/21/2014 - 15:14 | 4578094 TruthInSunshine
TruthInSunshine's picture

"Wealth Effect" "Trickle Down" bitchez. Un-Virtuous Circle (Jerk).

Just ask Greenspank, who understands what few do: You don't need to manufacture value-accretive products to become wealthy, you just need to be able to manufacture fiat to purchase "stocks"on "equity markets."

It'll all end with an epic crash, like EVERY BUBBLE BEFORE IT HAS (that's a 100% track record of bubbles popping if you're keeping track @ home).

Fri, 03/21/2014 - 16:10 | 4578324 Kirk2NCC1701
Kirk2NCC1701's picture

The only way the 0.001%-0.1% will survive the Reckoning, is to live in neo-feudal enclaves.

Fri, 03/21/2014 - 19:02 | 4578838 MeelionDollerBogus
MeelionDollerBogus's picture

OR, to manufacture diseases they have immunities to and dump them on those who rise up, thereby putting the slaves in any enclave they want while owning the planet.

Sat, 03/22/2014 - 03:48 | 4579755 tumblemore
tumblemore's picture

I think they'll create a famine.

Fri, 03/21/2014 - 15:37 | 4578191 Champie
Champie's picture

Maybe I am too uneducated to actually see an excerpt of Fisher's actual comments, or even a link to the supposed Bloomberg source? I may be too uneducated to find the information anywhere on Bloomberg's site. I am definitely too stupid to get any results on Google that do not link their source of this information to Zerohedge.


Is this the report that delivers this so called "truth?"

Fri, 03/21/2014 - 17:40 | 4578604 Questan1913
Questan1913's picture

In 2013 mr. Fisher had this to say regarding who was helped and who was devastated by the money printing policy of the fed.

"Counteracting whatever benefits one can trace to the fed's unorthodox policies are some obvious costs.

First, savers and others who rely on retirement monies invested in short maturity fixed income investments such as bank cd's and treasury bills, have seen their income evaporate, while the rich and the quick, the big money players of wall street have become richer still."

That should enlighten you. Also change to bing as your search engine as google routinely edits search results to conform to its agenda. If you become really enlightened you will remove every single vestige of google on your computer.

Fri, 03/21/2014 - 23:11 | 4579491 Clever Name
Clever Name's picture

I can also find nothing about this, after reading this article I had to get up out of bed to try to find it. Nothing. The closest I found (and there is absolutely nothing even remotely resembling this on Bloomberg now) were two articles giving brief summaries of the speech in London today (which we would assume this article is referring to, right?) with no mention of this headline.

Questan, youre not assuming that this article is based on something he said last year, are you?


Please, provide a link, evidence, something? Youre making me channel my inner 4th Stooge here, because I cant find any evidence to back this article up.

Fri, 03/21/2014 - 23:29 | 4579538 zanez
zanez's picture

Poor job by ZH on this story. What was actually said, with links:

Sat, 03/22/2014 - 03:05 | 4579736 Bucket Boy
Bucket Boy's picture

That LSE speech by Fischer is a doozy. Direct admission of market manipulation. I'm sure ZH is just getting warmed up.

Sat, 03/22/2014 - 12:08 | 4580330 Champie
Champie's picture

Thank you! I wasn't being lazy when I asked if others had links, I just couldn't find anything that was a refeerence to this ZH article. I starting getting a little angry that everybody was happy to have an opinion despite the fact that nothing was really reported (no link or text related to Fisher). I actually thought the article might have been click bait.

Thank you again!!

Sat, 03/22/2014 - 14:53 | 4580625 Clever Name
Clever Name's picture

Yes, thank you for that!

Fri, 03/21/2014 - 15:08 | 4578064 doctor10
doctor10's picture


That was horsef'n THEFT!!!

Gift would have been wiping all mortgages off the books and granting durable tax relief for non-property owners.


If, indeed as we all have been assured, that securitized mortgages of dubious quality were the primary cause of all these problems, that little solution should have cleard the decks.


Fri, 03/21/2014 - 15:45 | 4578230 Champie
Champie's picture

Can you point me in the direction of the actual comment by Fisher, or a link to the supposed Bloomberg source? This article seems to be missing both of those things.

Fri, 03/21/2014 - 23:27 | 4579532 zanez
zanez's picture

P { margin-bottom: 0.08in; }A:link { }

Lazy, inaccurate 'reporting' by Zero Hedge.

But at least they bothered to mention it, unlike virtually any MSM “news” source.

What was actually said:   P { margin-bottom: 0.08in; }A:link { }

“I don't think there's any doubt that quantitative easing enabled the rich and the quick. It was a massive gift.”


Sat, 03/22/2014 - 03:13 | 4579738 Bucket Boy
Bucket Boy's picture


Sat, 03/22/2014 - 07:52 | 4579913 Offthebeach
Offthebeach's picture

Fisher said QE was massive THEFT. Right?

Oh..:.GIFT". like when a mobster says "give me"...

PhD Economics is as bad a lawyers or mendacious Jesuits or Rabbis. The Fed language is a mental case word salad. As bad as any totalitarian propaganda.

Nuke The Fed

Fri, 03/21/2014 - 14:56 | 4577987 NOTaREALmerican
NOTaREALmerican's picture

The Elysium Class loves the Fed, and the Red Team (R)etards and Blue Team (D)umbasses too.

May you fight forever about genitals and global warming.

Fri, 03/21/2014 - 14:56 | 4577988 Manthong
Manthong's picture

I am not a big fan of metaphors in this situation.

Fri, 03/21/2014 - 15:01 | 4578012 McMolotov
McMolotov's picture

Pray for global warming. If there's global cooling, we'll have to deal with shrinkage.

edit: meant for NOTaREALmerican; ZH being buggy.

Fri, 03/21/2014 - 18:48 | 4578786 MeelionDollerBogus
MeelionDollerBogus's picture

And the Smart-(n)-(s)(a)vvy trade using insider information.

This message brought to you by Abortion & the Free Jon Corzine foundation.

Fri, 03/21/2014 - 14:56 | 4577991 gdiamond22
gdiamond22's picture



Fixed it

Fri, 03/21/2014 - 14:58 | 4578002 Ariadne
Ariadne's picture


Fri, 03/21/2014 - 15:03 | 4578032 DoChenRollingBearing
DoChenRollingBearing's picture

Yes and yes.

Sat, 03/22/2014 - 06:54 | 4579801 GetZeeGold
GetZeeGold's picture



The Federal Reserve.....massive theft for 100 years and counting....still don't really know who those guys are. I'm starting to think those guys don't really work for us. 3, 2, 1

Fri, 03/21/2014 - 15:12 | 4578075 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

What do you mean was like it is now a thing of the past. Have they raised interest rates yet since their money is inflationary by nature with no check except their policies to counteract the loss of purchasing power for savers as prices rise?

Who was and still is taking the brunt of the paper ass rape square in the ass tapering or not since QE was initiated.


Fri, 03/21/2014 - 16:03 | 4578290 Ariadne
Ariadne's picture

I fixed the title, no time to rant.

Sat, 03/22/2014 - 05:30 | 4579806 GetZeeGold
GetZeeGold's picture



Are you feeling OK.....or do you need to go outside and puke?


I'll hold your glass for you if you do.

Fri, 03/21/2014 - 15:11 | 4578085 johny2
johny2's picture

stealing from the poor to help rich


FED, tradition since 1913

Fri, 03/21/2014 - 14:57 | 4577996 PartysOver
PartysOver's picture

Obama should be proud of this addition to his "Fairness Doctrine".

Fri, 03/21/2014 - 16:06 | 4578293 Ariadne
Ariadne's picture

Put this on his monument: The Bank Killed Me

He said he wants to be just like W Wilson. Wilson was killed by the banksters, slow and hard.

Fri, 03/21/2014 - 14:57 | 4577999 QQQBall
QQQBall's picture

Except for the savers. These guys and gal are morons... The think there is a free lunch. 

Fri, 03/21/2014 - 15:06 | 4578050 NOTaREALmerican
NOTaREALmerican's picture

Re: The think there is a free lunch. 

Well, there IS for the Predator Class,  it's called the Prey Class (or sometimes the losers in a survival of the fittest, winner take all society). 

Hmmm,  tasty tender Prey Class loot.   

Fri, 03/21/2014 - 15:27 | 4578163 newdoobie
newdoobie's picture


Fri, 03/21/2014 - 15:03 | 4578029 nickels
nickels's picture

No Janet, you can't go and collect speaking fees yet.

Fri, 03/21/2014 - 15:52 | 4578259 blindman
blindman's picture

first the mountain of lies, graft and cover ups,
then the payola. speak the truth and you get
the cross, nails and crown of thorns. (and more)

Fri, 03/21/2014 - 18:11 | 4578702 Questan1913
Questan1913's picture

You must be referring, i take it to the deferred bribe circuit??

Really now, it is laughable, tragically so, that almost no one seems capable anymore, of calling a thing what it is because sociopaths have redefined the meanings of things and outright abolished many words and phrases, especially those words that would describe sociopathic predatory behavior.
For the increasingly impoverished victims of sociopaths' criminal activities to disarm themselves by adopting euphemistic unmeaning terminology to describe sociopathic/criminal behavior is absurdly counterproductive and only tends to strengthen their hold on this country.

Fri, 03/21/2014 - 15:04 | 4578039 Soul Glow
Soul Glow's picture

A gift bestowed on a select few.

Fri, 03/21/2014 - 15:05 | 4578041 ZeroFreedom
ZeroFreedom's picture

Now they came public do they have to jump off a building now?


Fri, 03/21/2014 - 15:14 | 4578097 yogibear
yogibear's picture

Are you kidding? These people won't jump. They would push others off a tall building.

Fri, 03/21/2014 - 15:05 | 4578043 joego1
joego1's picture

The socialist  manafesto is will surely rise further as we proceed to share poverty "fairly".

Fri, 03/21/2014 - 15:07 | 4578058 NOTaREALmerican
NOTaREALmerican's picture

Well,  socialists, crony-capitalist, fascist, ...   Is there a difference?

Fri, 03/21/2014 - 18:40 | 4578761 MeelionDollerBogus
MeelionDollerBogus's picture

Huge difference

What is Fascism - John T Flynn - Von Mises - youtube

in Fascism, individuals have power within corporations, including leadership of a corporation, but corporations control the actual workings of government, controlling everything else (or they wouldn't be joined to government which is otherwise a waste of time & money).
In socialism individuals have no role but to opt in or out of the collective and only if it's a brand of socialism with an option (most don't). In a system of socialism the means of production are owned by the collective people rather than a person, no leaders.
Crony-capitalism doesn't actually exist, it's just a nick-name for Fascism.

Fri, 03/21/2014 - 15:10 | 4578073 NotApplicable
NotApplicable's picture

After all, "Fair" is the real four-letter "F word."

Also, it's an acronym to boot.

Fuck All Ignoring Reason

Fri, 03/21/2014 - 15:06 | 4578051 maskone909
maskone909's picture


Fri, 03/21/2014 - 15:07 | 4578054 Cursive
Cursive's picture

Holy shit!  He admits it!  So that's what this has all been about?  Huh?  Of course, Team ZH has known this for awhile, but for God's sake, there is no justice in this country if this SOB Fisher isn't hauled before Congress, asked to explain how his comment jives with the Fed's dual mandates of price stability and full employment and then hanged by the neck until dead, all on live coverage by C-SPAN.

Fri, 03/21/2014 - 15:11 | 4578088 NotApplicable
NotApplicable's picture

You might've missed the code-word "boost."

Rising tide, something, something, boats.

Fri, 03/21/2014 - 15:22 | 4578145 TruthInSunshine
TruthInSunshine's picture

I think it's "a rising tide lifts all yachts longer than 120', but smashes other boats against the jagged rocks."

I think...

Fri, 03/21/2014 - 16:05 | 4578298 Whoa Dammit
Whoa Dammit's picture

But the slang version of "boost" means steal. 

Fri, 03/21/2014 - 16:09 | 4578310 ThroxxOfVron
ThroxxOfVron's picture

In street slang boost = steal.

"1. boost

to steal


I looked out my window the other day and saw this dude trying to boost my ride, so I shot him in the face."


The clarity is refreshing.

Sat, 03/22/2014 - 00:01 | 4579600 Meat Hammer
Meat Hammer's picture

A rising tide lifts all boats. 

And for those of you who don't have a boat...yerrrr fucked.

Sat, 03/22/2014 - 17:57 | 4580900 mt paul
mt paul's picture

i did not have sex

with that canoe ..

Fri, 03/21/2014 - 15:07 | 4578056 Flakmeister
Flakmeister's picture

Is this a surprise? 

The unfortunate thing is the the peons never held enough assets. In the others, the ends did not justify the means...

Fri, 03/21/2014 - 15:19 | 4578133 Cursive
Cursive's picture


Um, yeah, it's a surprise that after 5 years, the hand fell out of the ass of one of the puppets and the dumbass admitted that the Fed's so-called "mission" was just cover to inflate asset prices.  Based on everyone else's reaction, I guess I'm over-reacting, but this was a hell of flub.

Fri, 03/21/2014 - 15:50 | 4578249 Flakmeister
Flakmeister's picture

The real problem is that there is basically no way to keep the current system going without rewarding those at top disproportionately unless you want to invoke some wealth taxes with a serious bite for those with more than $200 million...

Fri, 03/21/2014 - 16:12 | 4578332 I Write Code
I Write Code's picture

Well, it's a problem.  I would never have backed a wealth tax ... before the last couple of years.  Now, if it was done right, maybe with some public hangings of banksters, I might vote for it.

Of course if Obama sponsored it, it would tax the "wealthy" with a net worth over $250,000 by 10% with a max of $100,000.  IOW it wouldn't touch the 1%.

Sat, 03/22/2014 - 07:06 | 4579872 GetZeeGold
GetZeeGold's picture



What we need here is a global warming tax to treat a non-existent condition. The cost of energy will necessarily rise putting the poor in an even worse position.....but screw those guys.


Rest'll never see a damn dime of that money.

Sat, 03/22/2014 - 10:21 | 4580099 Flakmeister
Flakmeister's picture

You clearly have not heard of the revenue neutral version....

Sat, 03/22/2014 - 11:02 | 4580211 GetZeeGold
GetZeeGold's picture



Like Obamacare?

Sun, 03/23/2014 - 12:14 | 4582417 Flakmeister
Flakmeister's picture

Agreed, Obamacare is a shitshow....

Should have been single payer...

Fri, 03/21/2014 - 15:08 | 4578066 wmbz
wmbz's picture

They are all self severing sons of a bitches, in their private never outside audited banking club. Fuck each and everyone one of them straight to hell. They would lie to their own mother and steal her wallet. Woodrow Wilson, 1913 the shit gift that keeps right on giving. Sorry, make that robing.

Fri, 03/21/2014 - 15:42 | 4578212 Champie
Champie's picture

Can you provide an exerpt of the text where Fisher says what is claimed in the headline? Do you have a link to the Bloomberg source? I don't see that Fisher said anything, all I see in this article is a bullet point that reasserts the headline and a bunch of shit that Bernanke said along with some old charts

Fri, 03/21/2014 - 18:33 | 4578745 MeelionDollerBogus
MeelionDollerBogus's picture

Could only wish they were self-severing but until then, there's sokkomb.

Fri, 03/21/2014 - 15:08 | 4578067 SgtShaftoe
SgtShaftoe's picture

Next, they'll "gift" us a ton of bricks over the head...

"it was a gift!"

Fri, 03/21/2014 - 15:09 | 4578071 CouldBeWorse
CouldBeWorse's picture

Regarding that last chart:  Earnings are made on investments.   How much did the 23 million invest compared to the 3000?   Also, does the $47B earned include social program handouts or is it truly ROI?   I think these charts are somewhat misleading because you need to invest much to make much.  On a percentage basis, a rising S&P shows no partiality to income status.  If you played the game, you were a winner.  

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