2008 QE1: It did not work to improve the economy, but Wall Street got richer.
2009 QE1 Extension: The same results as QE1.
2010 QE2: Again Wall Street got richer, but not Main Street or the Middle Class.
2011 “Operation Twist:” The only thing twisting was the Middle Class at the end of Mr. Bernanke’s inflationary noose.*
When you do the same thing over and over again and it does not result in achieving the result you intend (at least profess to intend), then you are either insane or complicit. Moreover, after implementing the same policy four times without results, and then do the same thing again — this is not a failure of omission, but of commission. I am told that Mr. Bernanke is not insane. Therefore, he is complicit, and should be held accountable for his deeds.
The views expressed are the author’s own.
* It should be noted that the 2% inflation figure the government reports is baloney – unless of course you don’t need to buy food, gasoline, or insurance.