The Federal Reserve and Wall Street Complicit in Robbing You of $400 Billion of Interest Income Per Year

You, "Main Street" are being robbed of $400 billion a year thanks to the "Zero Interest Rate Policy" of the Fed's "Quantitative Easing" program.  That is according to the FDIC's Quarterly Banking Profile, which states as follows:

“Chief among the data points to be noted is that net interest expense, which is the money paid to depositors at banks, continues to fall.  While all banks earned about $118 billion in interest income last quarter, they paid just $13 billion to depositors, a graphic example of the “financial repression” used by the Fed to subsidize the US banking industry.  Via QE, the Fed is subsidizing all banks to the tune of over $100 billion per quarter in artificially depressed interest cost and income to depositors of all stripes.

Prior to the 2007 financial crisis, total interest expense for all US banks was over $100 billion every three months and interest income was almost $200 billion.  In order to maintain the net interest margin for banks at +/- $100 billion per quarter, the Fed is robbing US savers, including companies, investors and the elderly, of almost the same amount each quarter in badly needed income.”

This Fed policy has done nothing to assist "Main Street," but it has enhanced "Wall Street," especially those "Too Big to Fail Banks!"  Speaking of banks, the concentration (financial power) of the number of banks has been staggering since 1986.  In 1986, we had a total of 18,000 banks in the U.S.  Today, the number of banks is 6, 891, or a decline of 62%.  In other words, the "Too Big to Fail Banks" have become larger and the small banks have either merged or exited the industry, which has reduced competition and harmed "Main Street."