In the US, the Fed's QE programs cushioned the rich from the effects of their own mistakes. - Politics | PoFo


Everything from personal credit card debt to government borrowing debt.

Moderator: PoFo Economics & Capitalism Mods

IIRC, QE was all about the Fed. Res. buying low value assets [those mortgage backed things that were not performing] at face value or close to face value.
Now, those assets were the result of rich people making loans to people who could not pay them back, and the other rich people buying them thinking they were better than they were. All of this is errors by rich people. The error by the poor people was taking out the loan. They suffered some when the went bankrupt and got that stigma, and other effects. But, who would not take out a loan under those circumstances. They mistake they made was to not sell out [cash-out] as soon as they saw enough increase in their house's value.

After the trillions were gifted to the rich, the sound finance people in the Gov. imposed austerity on America. Not like in Europe but to some extent, for example the "sequester program".

I propose that now it is time to do some QE for the mass of the people.
I propose that a check or electronic transfer to sent to every adult citizen.
The total amount of all the checks should be equal to the total amount of all the QE programs for the rich bankers. That is total $$ of QE divided by the number of adult citizens is the amount of each check. I estimate this would be about $1T / 150M = $6,666. But, both my numbers are just seat of my pants guesses.
. . Note: that QE is not in the budget. It is done by the Fed. Res. bank off budget, IIRC. So, my program should not be stopped because it damages the budget. If trillions can be given to the rich, trillions can be given to everyone else too.
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