Best Santelli Rant in a while..

Quote from Martinghoul:

No, I don't support it the current version of QE by the Fed (QE3). I don't think I ever believed that QE3 was a good idea. I did support the previous iterations of QE, since I thought they were warranted by the macroeconomic backdrop.
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OK, let's try this. The first two iterations of the QE, what exactly did they do and be specific. Did QE 1 and 2 help the poor? Did it help the middle class? Did it help minorities in this country? Did it help any of our social problems? Did it create high paying jobs (outside of Wall Street)? Did it improve our education system? Did it prevent new bubbles from forming? Will it stop us from having another financial crisis in the future?

Now part II. Did it help the rich? Did it help NY/CT/NJ/London? Did it bail out every dead beat synthetic premium seller in all forms (swaps, options, exotics, etc)? Did it punish those who took big risks with other people's money or reward them?

Again, for posting purposes, pretend I'm really big into details and give this your best shot. I'm really curious EXACTLY what any of the QE programs accomplished for people outside the northeast US and outside the financial industry.
 
Quote from Maverick74:

OK, let's try this. The first two iterations of the QE, what exactly did they do and be specific. Did QE 1 and 2 help the poor? Did it help the middle class? Did it help minorities in this country? Did it help any of our social problems? Did it create high paying jobs (outside of Wall Street)? Did it improve our education system? Did it prevent new bubbles from forming? Will it stop us from having another financial crisis in the future?

Now part II. Did it help the rich? Did it help NY/CT/NJ/London? Did it bail out every dead beat synthetic premium seller in all forms (swaps, options, exotics, etc)? Did it punish those who took big risks with other people's money or reward them?

Again, for posting purposes, pretend I'm really big into details and give this your best shot. I'm really curious EXACTLY what any of the QE programs accomplished for people outside the northeast US and outside the financial industry.
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This is pretty much where I'm going. To say you supported QE1 and 2, and possibly Twist (he didn't specify either way on this one) but not QE3, implies that he thinks the macro environment has improved significantly since the end of either QE2 or beginning of QEInfinity. I'd be very interested in what macro economic indicators have improved significantly during that time. Other than, of course, the stock market.
 
Quote from Tsing Tao:
So you believe the economy has improved since the end of QE2 and Operation "Twist" (which is actually still going), then? What do you think has improved?
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Operation Twist is not going any more. It was superseded by the outright purchases of USTs at the Dec 2012 FOMC meeting.

I do believe that the economy has improved since the end of QE2, yes. I think it's become increasingly apparent in 2013. I think the improvement has been pretty broad-based, although there are a few laggards.
 
Quote from Tsing Tao:

This is pretty much where I'm going. To say you supported QE1 and 2, and possibly Twist (he didn't specify either way on this one) but not QE3, implies that he thinks the macro environment has improved significantly since the end of either QE2 or beginning of QEInfinity. I'd be very interested in what macro economic indicators have improved significantly during that time. Other than, of course, the stock market.
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Exactly, this guy is nuts if he thinks our economy is better. Hell, I'm willing to buy him a plane ticket and take him on a tour of our lovely country and show him first hand. Let's see, we have record amount of americans on medicaid. Record amount of americans on food stamps. Large majority of new jobs created are part time or law wage jobs. We have record inequality. We have record deficits. We have have central banks with the largest balance sheets in the history of mankind. We have a stock market that goes limit down at even the hint of the Fed easing off. Ahhh yeah, economy is fantastic. Honestly, Martin might actually believe this stuff. I know Krugman does. I mean if people can believe in Scientology, I guess Martin can buy into the idea that our economy is improving. LOL.
 
Quote from Maverick74:
OK, let's try this. The first two iterations of the QE, what exactly did they do and be specific. Did QE 1 and 2 help the poor? Did it help the middle class? Did it help minorities in this country? Did it help any of our social problems? Did it create high paying jobs (outside of Wall Street)? Did it improve our education system? Did it prevent new bubbles from forming? Will it stop us from having another financial crisis in the future?

Now part II. Did it help the rich? Did it help NY/CT/NJ/London? Did it bail out every dead beat synthetic premium seller in all forms (swaps, options, exotics, etc)? Did it punish those who took big risks with other people's money or reward them?

Again, for posting purposes, pretend I'm really big into details and give this your best shot. I'm really curious EXACTLY what any of the QE programs accomplished for people outside the northeast US and outside the financial industry.
More...
I would be happy to respond to this, Maverick... However, I am getting a distinct feeling that this Q & A session is getting rather one-sided. I have asked you a couple of questions now and you have not responded. I am feeling a little neglected here.
 
Quote from Martinghoul:

Operation Twist is not going any more. It was superseded by the outright purchases of USTs at the Dec 2012 FOMC meeting.

I do believe that the economy has improved since the end of QE2, yes. I think it's become increasingly apparent in 2013. I think the improvement has been pretty broad-based, although there are a few laggards.
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Potato, Potahdo. Twist may be done in name, but the amount was simply tacked on to QEInfinity.

What was it that improved markedly in the economy? You say "broad based", so there should be quite some significant improvement in that time. It should be easy for you to rattle off a whole bunch of stuff that's gotten better - especially in the job market, since that is what QE has been pegged to (forget about the question you never answered on how the Fed can actually affect job creation...)
 
Quote from Tsing Tao:
Potato, Potahdo. Twist may be done in name, but the amount was simply tacked on to QEInfinity.

What was it that improved markedly in the economy? You say "broad based", so there should be quite some significant improvement in that time. It should be easy for you to rattle off a whole bunch of stuff that's gotten better - especially in the job market, since that is what QE has been pegged to (forget about the whole argument which was never addressed on how the Fed can actually affect job creation...)
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Howz about I redirect you at a nice blog post that sums things up nicely? As you know, I am a big fan of Calculated Risk, so here's something that Bill McBride published at the beginning of this year:
http://www.calculatedriskblog.com/2013/01/the-futures-so-bright.html

Generally, there's a wealth of data that CR follows and some of it is less mainstream. I highly recommend it.
 
Quote from Martinghoul:

Howz about I redirect you at a nice blog post that sums things up nicely? As you know, I am a big fan of Calculated Risk, so here's something that Bill McBride published at the beginning of this year:
http://www.calculatedriskblog.com/2013/01/the-futures-so-bright.html

Generally, there's a wealth of data that CR follows and some of it is less mainstream. I highly recommend it.
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While I appreciate that the author does present evidence to support his assertions, even that Planet Earth's best and brightest would concur, we have to remember first that we're all doomed, that "the reckoning" is coming, and so we must find evidence and arguments from the internet to support that, and only that, foregone conclusion.
 
Quote from Ricter:
While I appreciate that the author does present evidence to support his assertions, even that Planet Earth's best and brightest would concur, we have to remember first that we're all doomed, that "the reckoning" is coming, and so we must find evidence and arguments from the internet to support that, and only that, foregone conclusion.
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Indeed... I bow my head in shame. I keep foolishly forgetting this and you keep reminding me.
 
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