POLL: "I'm Sorry America" - Andrew Huszar

Former Federal Reserve official, Andrew Huszar, has been making the rounds this week apologizing to America for his part in QE. See his article on WSJ.com here. Below is his opening statement.

"I can only say: I'm sorry, America. As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed's first plunge into the bond-buying experiment known as quantitative easing. The central bank continues to spin QE as a tool for helping Main Street. But I've come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time."

I found the article both interesting and scary and it made me think...

Did The Federal Reserve Do The Right Thing?

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Please take a moment to cast your vote and to share your thoughts on the article and the Fed.

Every Success,
Jeremy Lutz

18 thoughts on “POLL: "I'm Sorry America" - Andrew Huszar

  1. My husband has been addressing this for years - and years - it is a shame that it takes something like this for someone to finally admit it - it is frustrating sometimes to be right.

  2. To protect yourself from unavoidable future inflation, buy gold. Not gold stocks. Not gold ETF's. Buy physical gold.

  3. G. Edward Griffin explains in his book "The Creature from Jekyll Island" what the Fed is and how it has been used since inception to bail out those "too big to fail" institutions. Ultimately, the cost is translated to the people via inflation. In 1960, a new Ford Galaxy 500 cost about $1700. Today, a similar Ford Taurus cost $30,000. Do the math and you can determine the impact due to inflation as a result of Fed "stimulus". Don 't be surprised that a new family car will likely cost $100k within a decade.

    I highly suggest reading this book, it gave me a new insight into the "creature" we call the Fed.

  4. So the Fed has spent $4 trillion in QE to buy cr*ppy mortgage bonds at face value that are not worth face value. Instead of bailing out greedy failed Wall St the Fed should have put the failed Wall St banks into administration and used that $4 trillion to buy assets that would actually help to boost the economy. But that's just dreaming, unfortunately.

  5. The right thing to do would have been to let the big banks fail. They are going to anyway, sometime around the time the dollar loses its global reserve currency status and the US defaults on its debt.

    The other right thing to do is to eliminate the Federal Reserve and allow the Federal Government take back the right to create its own currency. Make the banks state-owned institutions, such as the Bank of North Dakota. No more crooks running the Treasury Dept who come out of the Wall Street banks, who could care less about helping the US its vanished middle class.

    1. Remember, if there is no Fed, then it is Congress that sets monetary policy. How does that strike you?

      1. The trouble with both of those organizations is that they have been bought. The question is, how do we get someone in the mix that won't eventually be bought off by someone with enough money.

  6. you can't cure alcoholism with more booze
    just as surely
    as you cannot get out of debt by borrowing more.
    Even in it's wildest dreams, the fed couldn't have believed that creating money would trickle down to the spenders (tax-payers) QE is a scam, it gives giant bank extremely cheap money, and they deposit it back with the FED for higher interest.
    Nothing goes to the taxpayer who will have to pay all this debt back.

    1. Bob, no one will pay the debt back. Ever. If you do the numbers, it will be crystal clear to you. "Our kids and grandkids" won't pay it back, they won't be able to. This ends one way.

      All of the posturing, blaming, and sideshows matter little to nothing. The debt doesn't care about ay of it. The debt controls the agenda, most are in deep denial. The numbers do not lie.

      1. Spette

        You are right of course, and the interest on the debt , will just be added on to the debt.
        Eventually social entitlements will be paid in devalued dollars, which will rival the value of Zimbabwe money recently. The money won't buy anything. No one outside the U.S. will accept devaluing U.S. Money. And if you think we have a recession and unemployment problem now, or if you know about the depression of the 30's, YOU AIN'T SEEN NOTHING YET.

  7. If they allow interest rates to rise, I believe there will be a significant deflation. - I'm not defending it, but while I'm tempted to go with "there must have been something better", I have to admit, I believe we're in catch 22 mode and have been some 2006 which puts me in the "I don't know" camp because I can't come up with a better idea. No matter what they do it will be bad eventually and when the new drains on the economy (healthcare) hit they will be fighting an even worse race against deflation. Although healthcare costs will be easily tripling in the next few years, that doesn't count in inflation calcs.

  8. Circumstances on the ground don't change the basic "right or wrong" of any action. As a "responsible" overseer of other peoples money, spending what they don't have is not right.

    Dave

  9. None of it truly matters, and has not for some time. For as the debt monster grows ever larger, it controls the entire agenda for everything going forward. Too little, too late.

    All the rest is just sideshows for distraction and entertainment.

  10. with government intervention throughout the world, thay had to do something. if not, money flows elsewhere and you are disadvantaged. call it whatever you want, US government intervenes on many fronts. key will be when and how this particular intervention is withdrawn.

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