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Fed shovels money to Wall Street, not Main Street

Central bank creates money for those who already have it.

Don Bauder, SAN DIEGO READER

Wednesday, December 4, 2013

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But San Diego economists have mixed views. “It’s refreshing to hear someone being honest about it. QE has not helped the country or Main Street,” says Kelly Cunningham, economist for the National University System Institute for Policy Research. In San Diego, the lower interest rates have boosted housing prices (as if they needed boosting). In the first half of this year, the median price of a San Diego home was $400,000 and median family income $72,300. “The housing price is 5.5 times what income is. That doesn’t pencil out.”