Of course Fed policies favor the rich. Doing anything else in the US is politically impossible.
Right now, stimulative policies that didn’t favor the rich would nearly all involve direct or near-direct cash transfers to Romney’s hated 47%. Can’t have the parasites getting something undeserved, now can we?
Never mind that for the past 30+ years all the productivity gains in the economy have accrued to the top one percent.
And never mind how much the rich and their companies are subsidized by tax breaks that the less-wealthy do not receive, are coddled by the press and by the law, are able to send their children to better schools and to live in better neighborhoods. And how most of the rich got there by starting on third base, usually followed soon thereafter by their theft of it from everyone else.
In most cases, there were no bootstraps and no pulling themselves up thereby. Like the Welfare Queen, that is all a myth.
Later, I will write a post about how thinking of the economy in terms of money is a distraction, and very much the wrong frame for discussing these topics. It leads to conceptual opacity rather than illumination and conceals how the economy is evolving and camouflages how it will further change in the near future.
It is really mystifying to me how people who were born with so many advantages, and who have gained so many more in life — like Romney — can genuinely feel so persecuted and set upon. I know that I would not feel this way were I to become very rich, and would gladly pay taxes.
Perhaps it’s just that I am not a complete sociopath.