Q E was a gift to wealthy people at the expense of the middle class

Income inequality in the United States has grown to an all time high under President Obama and for that we can blame the Quantitative Easing policies of the Federal Reserve. These policies of the FED, that were implemented because "regular" monetary polices had failed, bailed out bad banks that should have gone out of business, while at the same time stimulating big time investors at the expense of little guys whose opportunities declined. From 2007, when the financial collapse began until 2014, the rich have become dramatically richer relative to the middle class and the poor. We have grown the paper-based artificial economy while shrinking the jobs-based real economy.

First implemented during the Bush Administration and dramatically expanded during the Obama Administration as QE2 and QE3, the practice of the central bank to buy specified amounts of financial assets from commercial banks and other private institutions, has been a great boon to the .001%. It is the reason the stock market keeps rising while the real unemployment rate and the percentage of people in the United States on public assistance grows. QE is simultaneously a cash transfer to the rich from the middle class and theft from the future in the form of borrowing and printing money that creates debt. Quantitative Easing is also a money-laundering scheme to give money to the people that give politicians money for their campaigns. In short, it is a scam.

This practice has the effect of moving money to wealthy people from other taxpayers who underwrite them. Some of the money is directed to government either voluntarily or involuntarily, through contributions, extortion, or taxation. Government, in turn, uses the illegitimate cash to grow the dependency class, the military industrial system, and the government employee labor pool. At the same time, small businesses and the private economy suffer.

What should have happened since 2007? Allow the banks to fail and allow the stock market to sink. Raise interest rates to reasonable levels to rein in the excesses of the investor class. Reinstate sound economic policy so the real economy could recover. Cut federal spending dramatically. Lower the burdens on small business that create real jobs. Encourage prudent saving in community banks over speculation in investor casinos.

Yes, there would have been pain, but by now the real economy would be in robust recovery. Instead we have stagnated for six years and there are no signs of recovery. We have become Japan.

This President and this Federal Reserve are showing no signs of ending this welfare program for rich people. It should be priority one for the next administration if we want to save our economy and create any hope of prosperity for our children. We need to make hard decisions now to create the possibility for a bright future. Will we have the courage to do that or will we continue to pander to the status quo interests of rich people?