Industry CEO blasts fed policy.
Wellington Denaham, CEO of Real Estate Investment Trust Annalay, came out swinging against the fed’s monetary policy. In her latest conference call with investors Denaham commented on Bernake and subsequently Yellen’s lackluster record saying,
“Despite their noble efforts, I believe policymakers have failed to foster the conditions for a credible sustained recovery,” he said. “They have, however, been very successful in creating both debt and equity market bubbles, however reliant they may be on zero interest rates.”
Wellington Denaham goes on to remark,
“Since 2009 when the experiment began, global bond markets have increased in value by roughly $17 trillion, or the size of the U.S. economy, while global equity markets have increased in value by a staggering $40 trillion. Yet the American wage earners have gained a relatively paltry $722 billion in comparison during the same period. Or to put it more clearly, for every dollar gained by the American worker, the global equity markets have gained $55.”