Phil Cannella – Phillip Cannella Media: Phil Cannella delivers another compelling and informative interview that gets to the bottom of why former Federal Reserve Manager, Andrew Huszar, wrote in an Op-Ed in the Wall Street Journal, “I can only say: I’m sorry America.” As the quarterback of Quantitative Easing, which is the Fed’s attempt at the largest economic stimulus in history, Andrew Huszar managed the $1.25 trillion bond purchasing program. While he respects the Feds and thinks they mean well, he speaks against the negative results of Quantitative Easing.
Quantitative Easing was a massive program of buying bonds in financial markets to stabilize Wall Street banks and put debt onto the Fed’s balance sheets. The program was created with the hope that some Wall Street banks would get loans out to the average American. The problem is that the Fed can only operate through banks, and this massive undertaking isn’t trickling down to the average American simply because in reality, they simply don’t have the tools to help the average American.
Have we allowed our banks to get too big? Phil Cannella discusses this topic with Andrew Huszar, whose response is that the huge explosion in the banking sector has caused us to stop making the investments into our economy that we need to, like infrastructure, education, strategic taxes and regulation. Instead, we’ve tried to use credit to compensate for the fact that the median income of the average American has been on a 35-year decline, leaving them 3 times more indebted.
Phil Cannella raises questions like: Is Quantitative Easing now just one big Band-Aid? Is Wall Street only concerned with growing corporations? What does Wall Street think of the everyday investor? Has the Fed lost perspective? Are they just setting it up for the next big bubble to pop? Find the answers to these questions on Phil Cannella’s Crash Proof Retirement Show®.
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