Former Fed official: QE the greatest backdoor Wall Street bailout of all time

This partnership of government and ‘big business’ is sinister; it’s diabolical. It hides the weakness of the economy by artificially propping up the stock market while filling the pockets of stock holders, who are mostly the rich.

All the while it is doing further damage to an already weak economy and the longer this goes on the worse the correction will be.

The artificial influx of money into the economy is equivalent to stealing because the value of money is diminished with every QE installment making the dollar worth less and less and less and less…

But that’s ok with the rich in the stock market, they’ll just sell off their stocks before the collapse. I just heard today that Warren Buffett and George Soros have drastically reduced their holdings in the stock market.    

Ex-Fed official: 'I'm sorry for QE'

By: Bruno J. Navarro | Online Producer

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Big problems with QE: Former Fed official

There's a real question as to whether the benefits of monetary easing were worth the cost, former Federal Reserve official Andrew Huzar says.

There's a real question as to whether the massive bond-buying program known as quantitative easing was worth the cost, former Federal Reserve official Andrew Huszar said Tuesday.

"My argument is not that QE was not at all useful," he said on CNBC's "Fast Money."

"I believe that at the time, it was just one more tool that the Fed introduced to try to help the economy," he said. "My point, ultimately, is the idea that very quickly into QE, it started becoming obvious that it wasn't working in the way that it was supposed to."

Huszar, a senior fellow at Rutgers Business School and a former managing director at Morgan Stanley, noted a few of the program's unintended effects.

"I think the real issue is that the Fed has expanded its tool kit so dramatically, and really there are some real questions as to how potentially it unwinds, when it unwinds," he said. "We saw this past summer there was this announcement of potentially a taper and the markets actually tanked, and after that the Fed backpedaled. What's going to happen if we go on for months, years longer?"

Huszar apologized for his role in QE in a Wall Street Journal op-ed published Monday.

(Read more: O'Shaughnessy: Crisis in long bonds is imminent)

"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."

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