I don't disagree that QE provided a massive bail out for Wall Street. What surprises me is that an insider like Huszar doesn't understand that if Wall Street had been allowed to collapse, Main Street would have inevitably collapsed as well.
Were The People misled in 2008? Absolutely. But it was one of those "for the greater good" things. Imagine what would have happened in Main Street if the Fed had announced the truth, which was that nearly every bank in the US was insolvent. Hank Paulson's threat that if Congress didn't pass the TARP Act, it might be necessary for the US government to declare marshall law, was not idle.
I am in two minds as to whether Danhoff's claim that "QE is a fraud" is ignorant or disingenuous. I doubt that it really matters which.
