QE3 is a Huge Subsidy to the Top 10%.

Tea Party Economist reports:

The Federal Reserve System’s policy known widely as QE3 is a massive subsidy of the rich at the expense of the middle class. This is the conclusion of Stephen Roach, who for years was chief economist for Morgan Stanley.

He calls this policy destabilizing. He says this: the FED “is courting an increasingly treacherous endgame at home and abroad.”

The FED’s creation of $85 billion of counterfeit money — euphemistically called “liquidity” — is based on a theory. The theory is that rich people, who buy most of the stocks and bonds, will feel wealthier, and therefore will buy more stocks and bonds. In short, QE3 is an indirect way to goose the equity markets.

It's time to end the Fed.