Andrew Huszar, a former Federal Reserve official, used to be in favor of quantitative easing. ┬áMore recently, he has come around and realizes that not only did QE not accomplish it’s stated goals, it also turned out to be the biggest back door bailout of all time for Wall Street.

“I believe that at the time, it was just one more tool that the Fed introduced to try to help the economy,” he said. “My point, ultimately, is the idea that very quickly into QE, it started becoming obvious that it wasn’t working in the way that it was supposed to.”

“I can only say: I’m sorry, America,” he wrote. “The central bank continues to spin QE as a tool for helping Main Street. But I’ve come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time.”

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