Washington - Defying all economic laws and past history, most of the trillions of dollars in new money created by the Federal Reserve has ended up having boosted the net worth of the top 2% of U.S. households. Administration Economists were stunned at the development.
White House Economic Advisor Lawrence Kudlow said he didn't know where the figures came from. When reminded that the same thing happened in 2008 when Wall Street firms drove the monetary system into near-collapse, and eere then awarded trillions in government loans and management bonuses to fix the mess, Kudlow responded that he "didn't remember that experience because I slept a lot back in those days."
Hundreds of thousands of small businesses, workers and low income households were advised by Kudlow to "hang on a little while longer while the benefits of the Fed money printing trickle down" to them.