This Wall Street Journal op-ed by Andrew Huszar, formerly a Morgan Stanley managing director and head of the Federal Reserve’s $1+ trillion MBS purchase program in 2009-2010, had been set aside for reading later, but, given how it’s been the subject of so much talk over the last 24 hours, it seemed worth taking a look at without any further delay.
I can only say: I’m sorry, America. As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed’s first plunge into the bond-buying experiment known as quantitative easing. 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.
That’s probably the best opening paragraph of any article I’ve read in at least a few years and it gets even better from there, something that you wouldn’t think is possible.