FRONTLINE critiques the Fed for showering big banks, big business and Wall Street with easy money, which reached neither the real economy nor the vast majority of Americans. Yes to the latter, but no-no-no-no to the former.

----SEE EPISODE 92-----
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL

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----EP. 92 TOPICS--------
00:00:10 Frontline: the Fed is pumping billions of dollars into the financial system.
00:01:46 Frontline: the Fed is powerful and misunderstood.
00:04:58 Frontline: speculators crashed the system and the Fed rescued it.
00:12:24 Frontline: the Fed came up with the idea of quantitative easing.
00:14:38 Frontline: QE's purpose was to lower interest rates.
00:18:14 Frontline: QE was to increase credit to the economy.
00:20:33 Frontline: QE was a new experiment because Fed officials said it was.
00:23:48 Frontline: QE flooded the economy with easy money.
00:26:40 Frontline: QE powered the stock market.
00:33:40 Frontline: QE disconnected stocks from the real economy.
00:35:42 Frontline: QE didn't fix the economy because banks didn't allow it.
00:40:50 Frontline: QE2 was necessary because the Tea Party hobbled Congress.
00:47:10 Frontline: QE caused inequality because money went to banks.
00:59:33 Frontline: Wall St. was so addicted to QE it had a taper tantrum in 2013.
01:03:19 Frontline: QE helped the rich. KASHKARI: We were helping the people.
01:10:17 Frontline: QE gave easy money to corporates who used it to buy back company stock.
01:17:51 Frontline: Shadow banks gorged on easy money, increasing system fragility.
01:22:31 Frontline: In 2020 the Fed saved the world from a true depression.
01:26:01 Frontline: The Fed saved risky parts of the financial system, like junk bonds.
01:30:56 Concluding thoughts on the Frontline episode, central banking and the media.

----EP. 92 REFERENCES----
FRONTLINE The Power of the Fed: https://youtu.be/9RbL8lTsITY
The Power of the Fed (transcript) : https://to.pbs.org/3zC3HBn
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7

---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Electro Animal" by Oh the City from Epidemic Sound.

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