A vacant and blighted home, covered with red spray paint, sits alone in an east side neighborhood once full of homes in Detroit, Michigan January 27, 2013. The story of Detroit’s decline is decades old: Its tax revenue and population have shrunk and labor costs have remained out of whack. Picture taken January 27, 2013.
Congress: ”Is it fair to say that Wall Street has benefited more [from QE] than Main Street has?”
Bernanke: “I don’t think so… I want to emphasize that we’re very focused on Main Street… Our low interest rates have created a lot of ability to buy automobiles…”
As if buying cars, an economy doesn’t make …