Based on eight years of continued prosperity, presidents and economists alike confidently predicted that America would soon enter a time when there would be no more poverty, no more depressions – a “New Era” when everyone could be rich. Then 1929 began – a time when the stock market epitomized the false promise of permanent prosperity… it’s only when we learn the lessons of the past can we avoid the mistakes of the future – or this time it’s really different.
Congress: “Is it fair to say that Wall Street has benefited more [from QE] than Main Street has?”
Bernanke: “I don’t think so… I want to emphasize that we’re very focused on Main Street… Our low interest rates have created a lot of ability to buy automobiles…”
“The United States is afflicted with ‘New Eras'”