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<p>[QUOTE=&quot;NorthKorea, post: 1135278, member: 29643&quot;]Anyone who has a checking, savings or brokerage account, mortgage or credit facility at one of the top-15 financial institutions benefitted directly from the bailout. As much as I&#039;m against QE/QE2/(and probable QE3-QE5), the reality is that the financial system would have failed, period. It wasn&#039;t necessarily a matter of access to credit (M3), but moreso the perception of access that was in question. When I spoke with GS in Jun &#039;07, the opinion of their US equity and Asia Global Finance groups held in concensus that credit would never fully dry up. Their hubris paid off with QE.</p><p><br /></p><p>As much as we hate that Wall Street insiders benefitted from QE/QE2, the reality is that trickle-down works both ways. Although individuals didn&#039;t see a check written out to them from the government, they did benefit from their bank accounts not being frozen. Anyone with a credit card, and moreso for those who carry any size of a balance, benefitted from the bailout, as the terms of their lending facilities weren&#039;t amended due to the crisis.</p><p><br /></p><p>Yes, QE2/QE3 (when it happens) will result in long-term inflation. But it won&#039;t affect core inflation significantly. Why? Because the reality is that EVERY currency will be inflated. The USD currently trades at near historical lows relative to the basket of currencies. I won&#039;t tell you what to do about that, but I know what I&#039;m doing.[/QUOTE]</p><p><br /></p>

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