$1.5 trillion in purchasing power has been removed from ordinary Americans since 2008 by taking away interest income, not so for the 1% who've been the greatest beneficiary of US Fed policy since 2008

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10/8/12, ""What The Left Hand Giveth, The Right Hand Taketh Away"," Zero Hedge

"Of particular note: if interest income as a percentage  of total personal income had remained at its 2008 level, the total would now be over $1.5 trillion. It is this $550 billion annual delta that the Fed has directly, though its policies, taken away from US consumers in terms of purchasing power....

And there are those who still wonder why the US consumer is withering away, and absent such crutches as soaring Federal non-revolving debt, used for anything but its designated purposes, would have less purchasing power now than before the crisis as a result of the Fed's failed policies.
As George Magnus so poetically summarizes it "What the left hand giveth, the right hand taketh away."

And yet, it is not true that everyone loses equally from the Fed's policies. Bernanke does benefit one group of people: the ultra-wealthy, aka the "1%", which owns the bulk of its assets in America's $52 trillion in financial assets and which is the most direct beneficiary of QEternity."...

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If the Federal Reserve 'isn't political,' why is it heavily lobbied by political operatives including the US president?

1/27/10, "Big vote on Bernanke confirmation is set," CNN, PoliticalTickerBlog

"The mere fact that Senate Majority Leader Harry Reid, D-Nev., has scheduled a cloture vote means that he believes he has secured 60 votes for Bernanke after heavy lobbying by Democratic leaders and the Obama administration."...

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