Kevin Warsh is a former member of the Federal Reserve’s Board of Governors. In an interview on CNBC yesterday, Warsh slams the Federal Reserve for their poor economic models and horrible track record of economic predictions. He goes on to point out that the Fed’s stimulus program does nothing for Main Street and is really just a stimulus program for those with big balance sheets on Wall Street. More and more mainstream economists are following in the footsteps of Peter Schiff and beginning to question the value of the Fed’s stimulus programs.
“The reality is, QE policy favors those with big balance sheets. They favor those with risk appetites. They favor those with access to free money. And real people that are living off their income statements, that have W2 income, they’re still looking around and saying, ‘What is Fed policy doing for me?’”
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