VIDEO: Fed Stimulus Boosts Fortunes of Wall Street, Leaves Main Street Behind: Baker [1]
Breakout, By: Matt Nesto, 11/06/2013
You've likely seen it a thousand times before. "My parents went to wherever and all I got was this lousy T-shirt." As clichéd as this slogan may be, it's a characterization that many feel applies perfectly to the Fed, which has spent trillions of dollars restoring Wall Street to pre-crisis levels while doing almost nothing to improve the standing of 95% of the population that resides on Main Street.
"Main Street is a long way from back," says Simon Baker, the CEO of Baker Ave. Asset Management, in the attached video. "If the question is, 'Is Main Street happy?' I don't think so," Baker protests. He refers to the Fed's ongoing stimulus efforts as "a massive, $3.7 trillion redistribution of wealth" that has only benefited banks and financial firms, as well as the wealthiest 5% of the country that holds real assets such as stocks and real estate. "They're the ones benefiting," he says, "not Main Street."
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- Economic News [8]