BCA Research Finds "QE Is Good For The Rich, Bad For The Poor"

We were a little torn as to who should receive today's captain obvious award of the day. For a while Atlanta Fed's Lockhart was in the lead, who in a speech [2] to the Rotary Club of Atlanta came up with this pearl of wisdom: "the stock market may not tell the economy's direction." Does this mean that the efficient market hypothesis is now dead and that the Chicago School of Voodoo should hand out refunds for decades of indoctrinated lies? Nonetheless, the winner was sealed when we read about an actual paper writtedn by BCA Research's Dhaval Joshi, which found that "Quantitative Easing is good for the rich, and bad for the poor." And there you have it: all those scrathcing their heads, confused, wondering how it is possible that QE which was supposed to make everyone richer, did not do so, have an explanation. And nobody could have possibly come up with this conclusion before: it is a true blessing that BCA decided to invest the capital and manpower into cracking this indecipherable quandary (which truth be told apparently stumped the geniuses at the Fed not once, but twice, and will continue to do so them every single time the S&P drops below 1000).

More on this mindblowing conclusion, courtesy of The Guardian

More