Congress: "Is it fair to say that Wall Street has benefited more [from QE] than Main Street has?"
Bernanke: "I don't think so... I want to emphasize that we're very focused on Main Street... Our low interest rates have created a lot of ability to buy automobiles..."
[8]
A vacant and blighted home, covered with red spray paint, sits alone in an east side neighborhood once full of homes in Detroit, Michigan January 27, 2013. The story of Detroit's decline is decades old: Its tax revenue and population have shrunk and labor costs have remained out of whack. Picture taken January 27, 2013.
[9]
Vacant and blighted homes are seen in a once vibrant east side neighborhood in Detroit, Michigan January 27, 2013. The story of Detroit's decline is decades old: Its tax revenue and population have shrunk and labor costs have remained out of whack. Picture taken January 27, 2013.
[10]
A fire hydrant is seen with an "Out of Service" sign on a blighted street on the east side of Detroit, Michigan in this March 22, 2013 file photo. Arson is a problem that has festered in the city for decades and has persisted even as the population declined. With the city now teetering on the verge of bankruptcy, the futile struggle to contain arson is an insistent reminder of the depths of Detroit's decline.
[11]
The abandoned and decaying manufacturing plant of Packard Motor Car is seen in Detroit, Michigan on April 2, 2011.
[12]
Spray paint on the front of a vacant and blighted home says the gas and water utilities have been turned off in a once vibrant east side neighborhood in Detroit, Michigan January 25, 2013. The story of Detroit's decline is decades old: Its tax revenue and population have shrunk and labor costs have remained out of whack. Picture taken January 25, 2013.
[13]
The inside of the abandoned Martyrs of Uganda Catholic Church in Detroit on Dec. 18, 2011.
[14]
A view down Pierce Street, where a part of a large area of recently demolished buildings and bulldozed land is shown on Feb. 14, 2013 in Detroit.
[15]
Vacant homes await demolition near downtown Detroit, Michigan on Feb. 1, 2013.
[16]
People take trays of food at the Capuchin Soup Kitchen on Nov. 19, 2008 in Detroit, Michigan.
[17]
A memorial to two killed teens whose decomposing bodies were found on July 27, 2012 in a field in east Detroit. Abandoned lots, alleys and neglected parks in Detroit used to be a favorite destination for discarded tires and trash, but they have increasingly become dumping grounds for the dead in a half-empty city.
[18]
Burned cars and property are on the west side of Detroit, Wednesday, Sept. 8, 2010. Wind-whipped flames swept through at least three Detroit neighborhoods, destroying dozens of homes, including many that were vacant, officials said.
[19]
The Michigan Central Train depot sits vacant just west of downtown Detroit, Michigan, on Nov. 1, 2011.
Source: NY Daily News [20], Photos: Reuters