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BCA Research Finds "QE Is Good For The Rich, Bad For The Poor"

Tyler Durden's picture


We were a little torn as to who should receive today's captain obvious award of the day. For a while Atlanta Fed's Lockhart was in the lead, who in a speech to the Rotary Club of Atlanta came up with this pearl of wisdom: "the stock market may not tell the economy's direction." Does this mean that the efficient market hypothesis is now dead and that the Chicago School of Voodoo should hand out refunds for decades of indoctrinated lies? Nonetheless, the winner was sealed when we read about an actual paper writtedn by BCA Research's Dhaval Joshi, which found that "Quantitative Easing is good for the rich, and bad for the poor." And there you have it: all those scrathcing their heads, confused, wondering how it is possible that QE which was supposed to make everyone richer, did not do so, have an explanation. And nobody could have possibly come up with this conclusion before: it is a true blessing that BCA decided to invest the capital and manpower into cracking this indecipherable quandary (which truth be told apparently stumped the geniuses at the Fed not once, but twice, and will continue to do so them every single time the S&P drops below 1000).

More on this mindblowing conclusion, courtesy of The Guardian:

"The evidence suggests that QE cash ends up overwhelmingly in profits, thereby exacerbating already extreme income inequality and the consequent social tensions that arise from it," Joshi says in a new report.


He points out that real wages – adjusted for inflation – have fallen in both the US and UK, where QE has been a key tool for boosting growth. In Germany, meanwhile, where there has been no quantitative easing, real wages have risen.


As the Bank waded into the financial markets to spend its £200bn of newly created money, mostly on government bonds, the price of many assets, including shares and commodities such as oil, was driven up.


That helped to boost companies' revenues, but Joshi argues that with the labour market remaining weak, employees have had little hope of bidding up their wages. "The shocking thing is, two years into an ostensible recovery, [UK] workers are actually earning less than at the depth of the recession. Real wages and salaries have fallen by £4bn. Profits are up by £11bn. The spoils of the recovery have been shared in the most unequal of ways."


Joshi adds that this also helps to explain why sales of high-end luxury goods have continued to soar, while many consumers have been forced to tighten their belts.


"High-income earners are more exposed to profits as owners of businesses or shareholders. Low-income earners are dependent on wages," he says.

His conclusion:

Joshi's contribution is the latest salvo in a furious row among economists about the effectiveness of QE. Some, including Danny Gabay of consultancy Fathom, have argued that the electronically created money would have been better invested in housing, instead of disappearing into the crisis-hit banking sector.

There it is: we present you today's winner of the real men of captain obvious genius award.

As for whether this will change the behavior of central planners who know this all too well (and in fact launched QE1, 2 and so forth in its various permutations around the world precisely for this reason), we expect that the San Fran Fed will promptly release a paper confirming the tremendous contribution of QE in preventing foodstamp recipients from being well north of 100 million, and that the Fed should receive a medal of honor for keeping those on food stamps to the far more modest record number of just around 45 million.


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Mon, 08/15/2011 - 14:45 | 1562486 fuu
fuu's picture

He fled 2 weeks ago after being "censored".

Mon, 08/15/2011 - 15:18 | 1562554 slewie the pi-rat
slewie the pi-rat's picture

"censored" = ? 

certainly not people telling him to shut up b/c he was a fuking moron

Mon, 08/15/2011 - 15:20 | 1562633 fuu
fuu's picture

I was just going by what he said in his farewell address on his blog.

Mon, 08/15/2011 - 16:01 | 1562762 slewie the pi-rat
slewie the pi-rat's picture

link?  or maybe instructions on how to find it thru zH or google, which has his most recent 8/4 except for the 8/14 which link to an 8/1 thing about prez0.

thanks, tho, if you don't see this or can't figure it out, either

or, maybe your understanding of "what he said in his farewell address on his blog" = censorship

Mon, 08/15/2011 - 16:37 | 1562857 EvlTheCat
EvlTheCat's picture

Listen, if all you see is doom & gloom all over the world and are seriously contemplating on slicing your wrists because you've been reading the bullshit over at Zero Hedge, then stop reading my comment right away. I parted ways with Zero Hedge and Tyler Durden today after I gave it to him for censoring me and allowing the clowns over there to constantly ridicule and insult me. That blog is becoming a total joke and I am not surprised he banned me because he is the same as all the rest of the zealots who silence any dissenting voices. If you don't toe the line at Zero Hedge and paint everything dark, they will ban you.

I am tired of arrogant, narcissistic fools and wish Tyler Durden and the clowns at Zero Hedge all the best. I have no agenda, nothing to peddle, and will speak the truth. If Tyler Durden wants to silence me, then that speaks volumes about his credibility.

One Flew Over the Cuckoo's Nest?

August 4 2011

Mon, 08/15/2011 - 16:57 | 1562966 Kayman
Kayman's picture

I am tired of arrogant, narcissistic fools

It's a sad day when you are tired of yourself.

Mon, 08/15/2011 - 17:47 | 1563094 spiral_eyes
spiral_eyes's picture

QE helps the rich and hurts the funny?

Funny, just found the same thing myself... 

Mon, 08/15/2011 - 17:17 | 1563016 slewie the pi-rat
slewie the pi-rat's picture

hey, thz, evl_cat!  leo as Big Nurse? 

i'm not sure what happened between him & t.d., nor is it any of my business, really, or even a concern, since who can understand either one of them half the time?  so, i hope there was just the usual total misunderstanding type of things between two idiots w/ diff ideas.  and i also hope it was the right choice for leo, since he sounds pretty frustrated.  but a also get that leo might have cared for the site. like anyone might, after a while, and it was tough for him to say goodbye

hey, if i don't like something, well, you've heard me scream my head off, here. 

but i don't know if the "posting privileged few" have the same rules of conduct as the zeros; i represent slewie; t.d. & leo represent zH as well as t.d. & leo,  also, that was his real name wasn't it?  so, maybe there were legal ramifications b/c he made no effort to be anon-y-mouse.  so maybe leo will become some mythic keynesian superhero and return with a nicely exposed rack to lead us to truth and kick ass

after a few dances with leo, i threw a nuke and left him alone unless he just had a fascinating topic and then i mostly soft-pedaled, cause i'd already smacked as hard as i could, and he was just being leo.  fine.  i don't hafta read him or talk to him, or respond if he comes after me, same as we all know.    my impression of leo (mine, and i'm not trying to defend or promote it) is that he didn't know when he was beat. 

just before he left, leo was hanging out on the strings, more, or so it seemed to me.  which is where the people who were ignoring him were zero-ing about.  maybe that didn't work out. 

what if michelle b logged on and it was really her? oops!  gotta go clean up after that one!  se ya!

Mon, 08/15/2011 - 20:00 | 1563518 EvlTheCat
EvlTheCat's picture

anytime slewie!

Personally, I just could not understand why he choose ZH as a place to contribute.  I am all for differing opinions, and at times he did make his point, but his is a world built on nanny state entitlement, central planning, and the status quo.

My biggest beefs was his incessant need for self-indulgent pity, and using it to panhandle here on ZH.  Like you, I lobbed my nuke and stopped commenting because it made little difference, and seemed to galvanize his few followers to his cause.

Keep up the great posting Mr. pi-rat!  Love reading them!

Mon, 08/15/2011 - 14:46 | 1562488 falak pema
falak pema's picture

well omelettes and broken eggs...the fight for innovation goes on.

Mon, 08/15/2011 - 16:13 | 1562830 Buckaroo Banzai
Buckaroo Banzai's picture

Reminds me of the old "Dennis Moore" Monty Python skit.

Mon, 08/15/2011 - 14:57 | 1562535 adr
adr's picture

Bwaaahahahaha. $111 to 16 cents, priceless. I remember right before the bust how everyone was saying Evergreen would be going to $200 a share and beyond.

Of course this is very bullish news for Evergreen. I mean look at some of the other bankrupt companies trading for pennies that have shot back up to $5 a share or more. Firtunes could be made.

Mon, 08/15/2011 - 14:44 | 1562479 falak pema
falak pema's picture

There are people PAID to say these solemn things like the Oracle of Delphi in ancient Greece???

Lol...what a world!

Mon, 08/15/2011 - 14:50 | 1562514 JohnG
JohnG's picture

The Oracle of Delphi was high on ethylene, the mumblings were "interpreted" to the seekers......

Mon, 08/15/2011 - 15:02 | 1562556 falak pema
falak pema's picture

You mean Tyler Durden reigned surpreme even then?

Mon, 08/15/2011 - 15:18 | 1562628 Fukushima Sam
Fukushima Sam's picture

Lol, and yet you hang around despite yourself so you can make these comments!

Tyler has a pretty obvious agenda, it is only some of the finer points that get mumbled for interpretation.

Mon, 08/15/2011 - 15:22 | 1562640 slewie the pi-rat
slewie the pi-rat's picture

why doncha take 3 minutes and tell us what tyler's agenda is;  or at least the "obvious" parts of it

too busy, sam?

Mon, 08/15/2011 - 15:55 | 1562743 Fukushima Sam
Fukushima Sam's picture

Tyler's "obvious" agenda:  People need to grow some balls and fight back against that which oppresses them.

Because this is a financial site, this comes out mostly in writings about the Fed and manipulation of supposedly free markets.

You didn't get that impression?

Mon, 08/15/2011 - 16:20 | 1562867 slewie the pi-rat
slewie the pi-rat's picture

thx, F_Sam

ok, yes, i also get that impression, but i just didn't know what you were thinking was obvious

tyler has written about "agenda's" here and one thing he said is the "everybody has an agenda"

but many agendas are not stated, so ya hafta guess.  consider madoff, for example, or the "justice" dept"  or "investigations of police misconduct"
we know what madoff's agenda was.  now. 

even tho i could prob rattle off abt 10 more obvious agendae that tyler/zH might have, that would certainly not mean that i thought i understood tyler's real agenda unless he published it before i was paying close attention

on a string about "captain obvious" this is great, tho

Mon, 08/15/2011 - 16:34 | 1562902 Fukushima Sam
Fukushima Sam's picture

I figured we were on the same page, slewie.  ;-)

Mon, 08/15/2011 - 16:15 | 1562846 Fukushima Sam
Fukushima Sam's picture

Slewie, are you too busy to read Fight Club?  How else can we fight back other than rabble-rousing and anarchy?

Mon, 08/15/2011 - 16:40 | 1562914 slewie the pi-rat
slewie the pi-rat's picture

LOL!  sorry F_u_sam!  i was trying to figure out what happened w/ leo's "censored!"

no i like the story.  just b/c a church says it follows the bible, doesn't mean God agrees, tho.  and the agenda of tyler the site owner and tyler the literary character may not be =.  for example, our tyler might be concerned about keeping a website up and making some fiat to pay the bills.

i see what you're saying, but wasn't the orig concerned about people's understanding of things, too?  themselves?  and, i think zH also shares these values.  and also has an agenda, i hope, of free speech to enable us to kick the ideas and each other around.  not the usual "social intercouse" rules, at all.  if we can be honest w/ each other, freely, we can learn what we missed, or what another perspective might offer.

Mon, 08/15/2011 - 15:15 | 1562617 trav7777
trav7777's picture

"social tensions" from income inequality?  Did they just go blame poverty for crime again?

Where the hell are the massive crime sprees and riots in Dakka?

Mon, 08/15/2011 - 14:47 | 1562490 Jack Sheet
Jack Sheet's picture

Economics, that disgusting abortion of an "academic discipline" that makes me ashamed to have a university degree.

Mon, 08/15/2011 - 16:05 | 1562792 oogs66
oogs66's picture

Nobel prizes for guesswork

Mon, 08/15/2011 - 17:35 | 1563065 TheFourthStooge-ing
TheFourthStooge-ing's picture

Nobel prizes for guesswork

It's not even what many would call a real Nobel Prize. Unlike the other Nobel Prizes, it wasn't established by the will of Alfred Nobel. It's actually the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.


Mon, 08/15/2011 - 14:48 | 1562496 Transitory Disi...
Transitory Disinflation's picture

Of course it is,  QE="Quids'in for the Elites"

Mon, 08/15/2011 - 14:48 | 1562497 centerline
centerline's picture

I guess the concept of "proximity to the money/debt creation" got lost somewhere earlier on.  Oh well.

Mon, 08/15/2011 - 14:49 | 1562504 marcusfenix
marcusfenix's picture

"the stock market may not tell the economies direction" AND "QE is good for the rich, bad for the poor" both in one day? things are getting a little lax over at the ministry of truth...

Mon, 08/15/2011 - 14:49 | 1562506 papaswamp
papaswamp's picture

Captain Obvious bitchez!

Mon, 08/15/2011 - 15:46 | 1562704 Au_Ag_CuPbCu
Au_Ag_CuPbCu's picture

Captain Oblivious bitchez!  Fixed it.

Mon, 08/15/2011 - 14:49 | 1562508 monopoly
monopoly's picture

Nothing we do not all know by now. And maybe just for one day, but, it is our day in the sun. :) Miners on a roll, for a change.

Mon, 08/15/2011 - 14:50 | 1562513 adr
adr's picture

The true barometer of the economy is how well the average 35 year old white man in the middle of the country with a wife and two kids is doing.

For the most part he is always one day away from blowing his or someone else's head off, so the economy isn't doing very well at all.

Mon, 08/15/2011 - 14:51 | 1562515 Smiddywesson
Smiddywesson's picture

Leo would say that stimulus would have worked if we had stimulated to the necessary amount and necessary duration.  They always use the "too little, too short in duration" argument to defend that buffoon FDR, or in trying to explain whay it didn't work in Japan.

If a patient is sick, and you give him medicine, and then he gets sicker, what hope is there that the same medicine is going to help when the patient is weaker?  Sheer insanity.

Mon, 08/15/2011 - 14:51 | 1562517 pods
pods's picture

So you can actually get paid to come to these earth shattering conclusions?


Mon, 08/15/2011 - 14:52 | 1562520 monopoly
monopoly's picture

Yup, this is working out very well for the Bernank, no inflation, hmmm. Miners, coal, oil, ags, ferts all on a tear. That goodness it is "transitory". I say $5.00 gas at the pump before too long, sometime in 2012.

Mon, 08/15/2011 - 14:52 | 1562521 SheepDog-One
SheepDog-One's picture

GEE really! Free money billions to the rich who sit on it for 2% interest is not good for the Avg Joe? Amazing!

Mon, 08/15/2011 - 15:02 | 1562555 treemagnet
treemagnet's picture

Well, they say the first step is admitting you have a I guess this is sorta, um, uh, no its just retarded. 

Mon, 08/15/2011 - 15:04 | 1562564 Caviar Emptor
Caviar Emptor's picture

I know! Where do they get these far out ideas? It all trickles down, doesn't it? Down, down down to the filthy rest of us who just sit there waiting to be trickled, lazy welfare slobs expecting the rich to do it all. 

Mon, 08/15/2011 - 16:46 | 1562642 The Limerick King
The Limerick King's picture

So QE is good for the rich

While the middle-class heads for the ditch

So let's all applaud

Their "trickle-down" fraud

The Bernank's a son of a bitch! 

Mon, 08/15/2011 - 17:05 | 1562991 Kayman
Kayman's picture

No self-respecting bitch would have birthed a fraudulent puppet like Bernanke. Even a female dog has some standards.

Mon, 08/15/2011 - 15:50 | 1562716 EvlTheCat
EvlTheCat's picture

Sorry, I can't believe this.. After all there is an add, to the left, telling me I can qualify for a free cell phone and minutes. All I need is to have qualified for SNAP and/or Medicaid.. This is all very bullish and must be attributed to trickle down QE.

Mon, 08/15/2011 - 14:53 | 1562526 firstdivision
firstdivision's picture

OT: why does it feel as if Shell is getting a free pass as opposed to BP?

Mon, 08/15/2011 - 14:56 | 1562531 Everybodys All ...
Everybodys All American's picture

I think the market today is predicting QE3 is coming out of J Hole and this will complete the operation twist from the Bernanke.

Mon, 08/15/2011 - 15:59 | 1562758 SheepDog-One
SheepDog-One's picture

Well the market has been pricing in QE3 for months now, the biggest non event ever. 

Mon, 08/15/2011 - 14:57 | 1562537 Cognitive Dissonance
Cognitive Dissonance's picture

Catain Obvious strikes again. But you would be surprised how many of my clients 'want' the believe QE is benefiting them somehow. Because to believe otherwise means they must face the devil sleeping next to them.

Mon, 08/15/2011 - 15:03 | 1562566 falak pema
falak pema's picture

Not if she loves corn dogs!

Mon, 08/15/2011 - 15:08 | 1562586 Cognitive Dissonance
Cognitive Dissonance's picture

For the life of me I don't understand why she didn't realize how that picture would look before she put that 'dog' to her mouth. It doesn't speak well of her intelligence.

Mon, 08/15/2011 - 15:14 | 1562613 NotApplicable
NotApplicable's picture

I take it she's never been to

Tue, 08/16/2011 - 03:27 | 1564455 StychoKiller
StychoKiller's picture

Perhaps "good Christian" girlz, such as Michelle, really don't know anything about fellatio -- anything's possible in an infinite universe!

Mon, 08/15/2011 - 14:59 | 1562548 alien-IQ
alien-IQ's picture

poeple actually get paid for "research" like that? really?

Mon, 08/15/2011 - 15:05 | 1562576 Cdad
Cdad's picture

Yep...there's your return on the tax payer bailout money that saved the banks.  

It shouldn't surprise you.  These ass clown bankers that show up on the BlowHorn [CNBC], after being wrong about every opinion they offer, still show up the following week.  The criminal syndicate Wall Street group is not results oriented anymore...thanks to Ben Bernanke.  They are a lowest common denominator lemming crowd.

Mon, 08/15/2011 - 15:01 | 1562551 Archimedes
Archimedes's picture


So the Empire Manufacturing index was negative for the third consecutive month which typically means recession and ALL of the pundits, eCONomists and White house say recession is unlikely so we rally 180 points?

Ok..makes sense.

Mon, 08/15/2011 - 15:07 | 1562583 papaswamp
papaswamp's picture

Market is rising because the dollar is declining...think Zimbabwe.

Mon, 08/15/2011 - 15:01 | 1562552 Hugh_Jorgan
Hugh_Jorgan's picture

Inflation hurts the average American? Shocking...

Mon, 08/15/2011 - 15:32 | 1562666 wandstrasse
wandstrasse's picture

yeah, shocking. I always thought that when money is printed,the value of each unit of money rises. and jobs do not come from domestic production but raining from the sky as long as the clouds are filled with enough money.

Mon, 08/15/2011 - 15:03 | 1562559 Flakmeister
Flakmeister's picture

QE good for rich and bad for the poor....

Really, whocoodanode?

Mon, 08/15/2011 - 15:03 | 1562560 carbonmutant
carbonmutant's picture

Remember, "It's the little people who pay taxes"

Mon, 08/15/2011 - 15:03 | 1562563 RiskAverseAlertBlog
RiskAverseAlertBlog's picture

Trouble is, any more QE and the 2nd edition of this report will require changing the verb to "was."

Actually, the report's conclusion is not really true at all. Everyone loses in shutdown of phsyical economy resulting from hyperinflationary attack on "excess capacity." Nothing and no one, in fact, is safe.

Sure, consolidation of vital physical assets leaves the appearance some are disproportionally benefiting from a flood of funny money, yet only an extraordinarily razor thin minority of wealthy players are likely to remain so once the music stops. Most will lose and be worse off than appearances right now might otherwise suggest is their presently "wealthier" state.

Mon, 08/15/2011 - 15:03 | 1562565 MountainMan
MountainMan's picture

It actually took a research firm to figure this out. What a waste of fucking time.

Mon, 08/15/2011 - 15:10 | 1562571 plocequ1
plocequ1's picture

Who gives a fuck? Barclays is always more than happy to help me with my Apple purchaces. Interest free for 12 months. I feel special. God bless my british chaps at Barclays. 

Mon, 08/15/2011 - 15:10 | 1562599 Kestrel_1
Kestrel_1's picture

And Wal-Mart with GE gives you 18 months interest free on a laptop. Great if you have regular income.

Mon, 08/15/2011 - 15:05 | 1562574 TradingJoe
TradingJoe's picture

This is why i did not want to become and "anal-yst":))))))), today's "action" is no more then a real dead(cat)bounce! As the week progresses there will be more "bad" news, Europe and etc etc I trully see a print below 1000 in the S&P, by Friday, IMHO, of course! Could be next wee also:))))!

Mon, 08/15/2011 - 15:05 | 1562575 Caviar Emptor
Caviar Emptor's picture

If the market keeps bouncing this way, are we gonna get our QE3? If Bernank has too much confidence in 'moderation', we might not get it. 

Mon, 08/15/2011 - 20:18 | 1563551 bid the soldier...
bid the soldiers shoot's picture

We're getting QE3 right now.

Show me where it says that the Fed has to tell the world every time they do a Quantative Easing.

Mon, 08/15/2011 - 15:17 | 1562593 JW n FL
JW n FL's picture

BCA Research Finds "QE Is Good For The Rich, Bad For The Poor"


Fuck You Lefty Liberal Tyler!!


The Job Creator(s) NEED those monies for Bonuses! it is hard to show a profit after you

1. drain cash on hand

2. implement lay offs

3. use all of QE - 1 up!

4. use all of QE - 2 up!

5. Bribe Congress and the Senate to leave Tax LoopHoles in place!


QE -3 is needed! for Bonuses!

NO! bonuses equals companies not making money..

Which equals poor stock performance..

Which equals poor stock market performance..

and we cant have that shit now can we!

live the lie!

Print More Money!!

Mon, 08/15/2011 - 15:12 | 1562608 janus
janus's picture

best friday humor in eight mondays, mr. durden.

Mon, 08/15/2011 - 15:13 | 1562609 Seasmoke
Seasmoke's picture

No Shit

Mon, 08/15/2011 - 15:12 | 1562610 Caviar Emptor
Caviar Emptor's picture

Look what's good for the so called rich is always good for the country. It builds morale because we are an aspirational society: those who will never get rich can pretend to be. And that means plenty of buying of Italian shoes, German cars, Chinese electronics, French wines and sneakers from Malaysia. It's pro-growth. Also it creates quality jobs: butler, pantry maid, lackey, valet, page boy, game warden parlor maid, chauffeur, knave, governess, lady in waiting, stable boy, wet nurse...and we need the glamour of watching the rich enjoying their wealth. 

Mon, 08/15/2011 - 16:15 | 1562844 Ponzi Unit
Ponzi Unit's picture

Well done, Caveat!

Mon, 08/15/2011 - 16:24 | 1562877 topcallingtroll
topcallingtroll's picture


A man who understands.

Mon, 08/15/2011 - 15:21 | 1562635 gwar5
gwar5's picture

Good one to listen to:

Liquidate the banks or endure years of slavery, Rickards tells CNBC | Gold Anti-Trust Action Committee


Jim Rickards says insolvent banks should be nationalized, their bondholders and stockholders wiped out, their bad loans liquidated, and then the banks reprivatized, Rickards said. Otherwise, he added, society will spend many years working just to make the banks whole.

Rickards added that currencies again will have to be backed by gold and that the United States and the Euro zone will do well in this regard, having large gold reserves.

Mon, 08/15/2011 - 15:22 | 1562638 Dr. Engali
Dr. Engali's picture

Two words.....NO SHIT.

Mon, 08/15/2011 - 15:28 | 1562656 Inspector Bird
Inspector Bird's picture

The market IS rational, so the Chicago boys aren't "wrong".  Just because it isn't signaling anything isn't the fault of the market - it's the fault of the manipulation.

Why do people confuse manipulated markets with markets that are open?  Of course, true and completely open markets are rare....but we've had them.

Mon, 08/15/2011 - 16:10 | 1562818 gwar5
gwar5's picture

Exactly, the Chicago School was Friedman and Sowell, et. al., and are not in disrepute.  Chicago School: Less government, more free markets. 

The Keynesian cancer is the one in disrepute. The Federal Reserve is a Keynesian monster that straddles government and markets, and does so in order for it's members to acheive bigger government and more control of markets.

The notion that is even possible to operate free markets while the major players are also co-owners of the currency monopoly is anathema to real free markets and the rest of us. QE is by them and for them -- the Fed could buy directly from the Treasury to save the taxpayers money, but does not. The Fed uses the squids as intermediaries so they can get a cut of free taxpaper money. 

Mon, 08/15/2011 - 17:10 | 1563004 Kayman
Kayman's picture

Inspector Bird

Humor me.  Cite a couple of free markets in the real world.

Mon, 08/15/2011 - 15:34 | 1562670 lizzy36
lizzy36's picture

This is how you monetize going to the bathroom and then describing it. Just saying.

Mon, 08/15/2011 - 15:35 | 1562671 DarkStarDog
DarkStarDog's picture


Mon, 08/15/2011 - 15:40 | 1562672 Cdad
Cdad's picture

I wish I knew who these current assclown bankers are, shilling for a weaker dollar on the BlowHorn like it is a sweet thing.  Unfortunately, my TV recently became a radio and, alas, I don't know who to write my next hate letter to.  

These fucking bankers destroying the currency and telling everyone it's great.  Clap the bastards in irons already!

Mon, 08/15/2011 - 15:45 | 1562703 topcallingtroll
topcallingtroll's picture

Makes sense.

As a doctor I am the beneficiary of huge amounts of government largesse, directly and indirectly. Without huge budget deficits I might have had to forego relining my pool and buying a nice sportscar, but I am only obamarich. Imagine how the truly rich are doing with qe.

Mon, 08/15/2011 - 15:46 | 1562705 PaperBear
PaperBear's picture

Buy silver (the poor man's gold).

It is nearly hitting $40/oz today.

Mon, 08/15/2011 - 15:49 | 1562711 Ponzi Unit
Ponzi Unit's picture

Hey, can anyone please supply the link to the ENGDAHL piece on Rockefeller, oil, empire, and global finance?

Mon, 08/15/2011 - 16:43 | 1562925 pasttense
pasttense's picture

But whatever happened to the idea of trickle-down economics? For example a guy makes an extra $100,000 this year--so gives his maid an extra $20 Christmas bonus.

Doesn't this happen?

Mon, 08/15/2011 - 16:57 | 1562963 Gold Man-Sacks
Gold Man-Sacks's picture

Genius, monsieur, genius!

Mon, 08/15/2011 - 16:57 | 1562965 PaperBear
PaperBear's picture

QE is good for people with disposal income to exchange their fiat toilet paper for proper money - gold and especially silver.

Mon, 08/15/2011 - 22:17 | 1563766 Element
Element's picture

What the poor want/need:

1. Price-Deflation to match decline in wages hours and buying power.

2. Severe sudden Debt-Deflation due to massive bank failure and BK that leads to rapid broad-based investment opportunities and real jobs.

3. Govt support until this comes about - and yes, this will actually be necessary, unless you prefer WWIII and mass-extermination, because no matter what, REAL-GDP is going to gradually (if not faster) collapse, and investment capital is going to become much lower than in the past, thus few productive wealth-making prospects and jobs for a time ... or longer. 99 weeks SS = not enough for this, so rations etc., will grow as post 99-ers endlessly grow. (Some of which may remain unemployable filthy peasents ... at best)


What will the poor get?

Not much of the above.

So things are going to get much worse, for a long time.

Mon, 08/15/2011 - 22:46 | 1563828 choorles
choorles's picture

 “This is a form of financial oppression, and I would go so far as to call it financial apartheid. If you are part of the elite you get to borrow money at -2%, if you are borrowing money on a credit card you are borrowing money at 35% or 40% or higher, guaranteed to impoverish you … They are creating, through financial apartheid, a financial underclass. Keeping interest rates at 0% is the key. They are getting away with incredible fraud and confiscation of wealth and plunder." Max Keiser

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Tue, 08/16/2011 - 00:18 | 1564150 PulauHantu29
PulauHantu29's picture

What a shocker! BAC desrves to go work for the BLS coming up with conclusions as perceptive as this.

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