[From article]
IRP, which Yellen ardently supports, is trickle-down economics: Money, searching for yields higher than bonds offered under ZIRP, floods into stocks, the rising value of which supposedly creates a “wealth effect” — feelings of prosperity that stimulate spending and investing among the 10 percent who own about 80 percent of all stocks.
[. . .]
The Fed has become the model of applied progressivism, under which power flows to clever regulators who operate independent of political control. The Fed is, however, a creation of Congress, which may not forever refrain from putting a bridle and snaffle on a Fed that increasingly allocates credit, wealth and opportunity.
Bernanke and others appointed by Obama share his arrogance thinking only they are capable of running the nation which requires that all citizens obey their superior masters.
http://bostonherald.com/news_opinion/opinion/op_ed/2013/09/fed_fancies_itself_as_captain_of_us_economy
Fed fancies itself as captain of U.S. economy
Boston Herald
Sunday, September 29, 2013
By: George F. Will
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