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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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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.


WW3.....in 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 assured.....you'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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