Ben Bernanke was hired by GW Bush in 2006.......<quoted text>
Given this environment and the leadership transition as Ben Bernanke's term ends in January, the Fed will likely continue its current stimulus program at full blast
-- buying $85 billion in bonds each month
-- until at least March 2014.
That means QE3 could total around $1.6 trillion, calculates Paul Ashworth of Capital Economics.
That's more than either of its two predecessors. In contrast, QE1 totaled $1.5 trillion and the second round of stimulus added up to about $600 billion.
Most of the money created by the Fed is gathering dust in bank reserves and has not been making its way out to Main Street.
Since the Fed launched its latest bond-buying program in September 2012, bank reserves have increased by about $800 billion, whereas the currency circulating in the economy has increased by only $80 billion.
Meanwhile, repeated rounds of quantitative easing have fueled stock gains to the point where some economists say prices may no longer be reasonable.
American worker's 401K accounts have more than doubled since 2009
How he covered up for the recession......in 2007-2008......
A Chronicle of Uncertainty, Then Bold Action, in 2008 Fed Transcripts
The 14 transcripts that the Fed published Friday covering the eight scheduled meetings and six more emergency sessions of its Federal Open Market Committee during 2008 provide the fullest picture to date of the Feds efforts during the climax of one of the largest financial crises in American history.
The Fed in normal times is a powerful but somnolent institution, charged with keeping a steady hand on the rudder of the economy. It moves interest rates up and down to moderate inflation and minimize unemployment. But beginning in 2007 it was forced to take on a far more challenging role as a backstop for the global financial system. And then, because of the depth of the resulting recession, Fed officials also found themselves trying things theyd never done before.