Ex FOMC members get it...QE is BS. So why so much of it?

http://www.safehaven.com/article/21495/the-education-gap

On June 22, 2011, the Federal Open Market Committee (FOMC) concluded a two-day meeting. This was followed by the obligatory press release. That statement was followed by a press conference featuring Federal Reserve Chairman Ben S. Bernanke.

CNBC, in the person of Maria Baritomo, interviewed three former FOMC members later in the day:

LEE HOSKINS, President of the Cleveland Federal Reserve branch, 1987-1991.
WILLIAM FORD, President of the Atlanta Federal Reserve branch, 1980-1983.
ROBERT HELLER, Federal Reserve Board of Governors, 1986-1989.

There was no disagreement among the three. There was one subject that all three emphasized: Simple Ben's QEII-Money-Flooding-Zero-Interest-Rate Policy (MFZIRP) has left the economy in a worse state than if he had done nothing at all.

Buy Now

Following are some of their comments:
LEE HOSKINS: I think the Fed is doing great damage by running negative real interest rates so long. That's a misallocation of capital.... The Fed made it real clear today they don't control employment and they don't control real GDP. They should stick with trying to control the one thing they can and that's inflation.

...

WILLIAM FORD: Nothing the Fed has done has helped positive GDP growth. It has not fixed the housing crisis by lowering rates to historic low levels. It has not promoted business investment, borrowing and spending. It's killed the dollar without helping exports a lot and that's causing inflation of import prices to go up. Most importantly, they are hurting America's elderly people by having 14 trillion of personal savings accounts of all kinds subject to interest rates that are 5 percent below where they normally are two years after the recession is over. That's costing elderly people about $300 billion. It's reduced GDP because they don't have the money to spend.