"I can only say: I'm sorry, America," he wrote. "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."
Huszar told "Fast Money" that the bond-buying program, which was supposed to increase credit availability to consumers and businesses, didn't do so.
"There was actually a net decrease in mortgage lending," he said. "In fact, until 2012 mortgage lending was at a 15-year low."
Wednesday, November 13, 2013
A Keynesian FEDster Tumbles To The Truth
Former Federal Reserve official Andrew Huszar said Tuesday:
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