Note former Federal Reserve official Andrew Huszar’s apology for his role in inflicting quantitative easing (QE) on the country:

The central bank continues to spin QE as a tool for helping Main Street. But I’ve come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time.

As I was saying… QE and Obama’s massive deficits, requiring money to be injected into government from the economy of the future, through debt, have had little economic effect except to inflate the stock market, not the least because they combine with an increase in regulations, making it difficult to turn cash into productive action.  My previous operating theory was that the objective was to inflate the holdings of the investment class to where they were headed during the housing bubble, so as to socialize the bust, but I missed the blank spot where the brakes should have been.

After all, Huszar points out that the stock market stumbles at the mere mention of easing up on the new-money injection.  The folks pulling the levers in government have never had an exit plan, and the folks whose portfolios are expanding relative to the shared economy aren’t likely to want the party to end.

Big government and powerful money (both intoxicated from the open taxpayer bar) are in a dance that’s clearing everybody else off the floor and destroying the band’s instruments.  This is such an obvious and predictable display from these two lushes that one marvels that a democracy invited them in.

Here’s a pair of straightforward, complementary truisms from those of us who believe the club should be BYOB: You can’t reduce the leverage of the powerful by giving them more power; you can’t empower the people by taking their freedom away.