The Federal Reserve started its purchases of Treasury bonds and mortgage securities in December of 2009. Loose money action has subsequently resulted in an ongoing rationing of capital which has taken a severe toll on the American economy.
The Fed has enabled the government to carry on its huge deficit financing and has helped foreign economies in their spending sprees. It has helped fuel Wall Street with a facade of phony optimism.
But underlying it all: Small business credit is being sucked dry by such excesses. As a result, new jobs and enterprise are being sharply curtailed. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)
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