December 27, 2012 at 10:53 AM EST
Fed QE extracts record interest income from the economy
And they call this ‘easing’… Stone & McCarthy (Princeton)–According to our estimates the Fed will earn nearly $90 bln in calendar year 2012. Of this amount about $87.5 bln will be repatriated to the Treasury, which represents a new record high. Probably about $1.6 bln will be used to pay dividends to member banks, and [...]

And they call this ‘easing’…

Stone & McCarthy (Princeton)–According to our estimates the Fed will earn nearly $90 bln in calendar year 2012. Of this amount about $87.5 bln will be repatriated to the Treasury, which represents a new record high. Probably about $1.6 bln will be used to pay dividends to member banks, and another $1 or so is likely to have been paid in surplus.

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