Despite her platitudes to the unemployed (here) [6] and the poor (here) [7], it is clear Janet Yellen's Federal Reserve policies are aimed squarely at only one segment of the US population - the wealthy. The reason is simple... with an economy built on the back of conspicuous consumption, it's only the top quintiles of the population's income earners that spend-spend-spend to keep the dream alive. What's good for the 'wealthy' is good for America, right?
[8]
The top 20% of income earners account for 40% of all consumer spending (and the top 40% of earners account for 60% of the spending)... so why waste time 'helping' the lower quintiles...
Don't forget, Bernanke told us, it's for Main Street... [9]
- BERNANKE: FED ACTIONS DIDN'T FAVOR WALL STREET OVER MAIN STREET
- Bernanke Says US Economy Is Heading Towards Complete Recovery
Just don't tell Obama (or the Democrats who have been told not to mention the 'recovery') [10], or the record number of middle-aged people living with their parents [11], or the almost imperceptible rise in the employed population since QE began...
[12]
Source: Morgan Stanley
