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Quote by Gerald Epstein

“There is no doubt that the Fed's large-scale asset purchases have caused major increases in a number of asset prices in the economy. This is especially true of mortgage backed securities and corporate bonds, and quite possibly of equities as well. For those people and institutions holding those things, the run up in prices has been a wealth bonanza.”

Quote by Gerald Epstein

Author

Gerald Epstein, born on November 6, 1935, is an accomplished author known for his diverse literary works and profound insights. His writing is characterized by its depth of emotion and imagination. more

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“The impact of QE on generating more lending by Wall Street to Main Street and in generating more employment and increasing overall investment in the economy is quite modest. QE probably limited the initial collapse of the economy in 2008, and likely had a very small positive impact on economic growth, but its broader impact on jobs and growth in the economy seems not very big.”

Bigs Seems Jobs Growth Economy Economic Streets Wall Impact Investment Employment Collapse Modest Initials Economic Growth Lending Positive Impact Main Street

Author:Gerald Epstein

“Initially, QE contributed to a pretty significant increase in inequality. It raised asset prices, which are owned primarily by the wealthy, while having relatively small if any positive impacts on bank lending, employment, wages or economic growth, so ordinary people haven't had much help. By the third round of QE in 2012-2014, the effects had likely muted quite a bit. There were probably not big impacts on asset prices from QE and the positive effects on employment growth might have strengthened somewhat.”

“QE and other aspects of Fed policy increased inequality pretty significantly. This is reinforced if you take into account all the other non-standard measures the Fed used to bail out the banks early on in the [2008] crisis.”

Ifs Used Policy Standards Aspect Accounts Crisis Inequality Feds Bail

Author:Gerald Epstein

“Here's the interesting thing: the fact that QE and lowering interest rates almost to zero has worsened inequality, does not mean that raising interest rates will help reduce inequality.”

Mean Doe Facts Helping Interest Interesting Rate Inequality Zero Interesting Things Interest Rate

Author:Gerald Epstein

“A country that relies on aid? Death is better than that. It stops you from achieving your potential, just as colonialism did.”

Country Achieve Aids Rely Colonialism

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“Increases in interest rates normally worsen inequality, at least partly by reducing employment and wage growth.”

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“Raising interest rates might lead to some initial reductions in wealth by lowering asset prices, but it could also take a bite out of your paycheck and dampen your prospects of finding a job. It's a bit of damned if you do and damned if you don't.”

Ifs Might Jobs Bits Interest Wealth Findings Rate Assets Bites Initials Reduction Prospects Paychecks Interest Rate

Author:Gerald Epstein

“The Fed needs to adopt new tools, on its own and perhaps in cooperation with the other parts of the US government, to improve the economy from the bottom up. This includes increasing facilities for debt forgiveness for under-water mortgages and excessive student loans; increased credit facilities for small businesses and cooperatives; helping to underwrite mechanisms for creating affordable housing in cities; and more restrictive enforcement of financial regulatory rules to help rein in excessive banker risk and pay.”

“The Fed cannot reduce inequality on its own; far from it. This requires a concerted effort by the government, broadly speaking, to support a variety of efforts. These include things like raising the federal minimum wage, eliminating unfair restrictions on union organizing, increased fiscal spending on needed infrastructure with a condition that these jobs will be decent paying jobs. Of course, this is just the tip of the iceberg, and far from the question of the role of the Federal Reserve.”

“I'd have to say the best part of being successful is being able to take care of my mom so she never has to worry about anything again and also being able to put my friends and people I care about in positions to win.”

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