Was Quantitative Easing A Tax?

NetNet March 30, 2012

Skip navigation #headerOverlay{ color: #ccd6df; font-size:11px; line-height:130%; } #headerOverlay strong{ color: #ffd226; } #headerOverlay a {color:#ccd6df;text-decoration:none;} #headerOverlay a:hover {color:#ffd226;} #headerOverlay a:visited {color:#ccd6df;} #headerOverlay a:visited:hover {color:#ffd226;} Symbol Lookup onloadAutoSuggest(); var pgValue = "CNBSEB"; var cmsKeyWord = "alternative investing"; var cmsNewPG = "CNBWAB"; if ((cmsKeyWord.length > 0) && (cmsNewPG.length > 0)) { var newPG = cmsNewPG.split(';'); var group = cmsKeyWord.split(';'); if (newPG.length == group.length) { var description = cnbc_pagedesc.toLowerCase(); for(var x = 0; x < group.length; x++) { var keyWord = group[x].split('|'); for (var j = 0; j < keyWord.length; j++) { if (description.indexOf(keyWord[j].toLowerCase()) != -1) { pgValue = newPG[x]; j = keyWord.length; x = group.length; }}}}} if (cnbc_DARTFlag=="new") { cnbc_DARTAdCall(88,31,pgValue); } else { dapMgr.enableACB("SearchBox88x31",false); dapMgr.renderAd("SearchBox88x31","&PG=" + pgValue + "&AP=1071&PN=CNBC",88,31); } cnbc_displayUsername("cnbc_usertime","cnbc_username");RegisterSign InMember CenterSign OutRegistercnbc_toggleUserState();HOMENEWSMARKETSEARNINGSINVESTINGSMALL BUSINESSVIDEOCNBC TVCNBC PROU.S.Asia-PacificEuropeEconomyEnergyPoliticsTechnologyBlogsSlideshowsSpecial Reports if (cnbc_DARTFlag=="new") { cnbc_DARTAdCall(728,90,"CNBGE7"); } else { dapMgr.enableACB("USNewsBlogs728",false); dapMgr.renderAd("USNewsBlogs728","&PG=CNBGE7&AP=1390&PN=CNBC",728,90); } NetWe don't need no stinkin' dividends... var cnbcSubHeaderId = document.getElementById('subheader_'+ 38911124); cnbcSubHeaderId.innerHTML = document.getElementById('renderReaderContent').innerHTML; Current DateTime: 12:16:28 30 Mar 2012LinksList Documentid: 45166246The Buckaroo and the Demand for Money cnbc_commentCountMapObj.cnbc_commentCountMap_put("46314208", "45166246_1","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46314208", "45166246_1","cnbcCommentsTxt" ); Is Warren Buffett's Berkshire Hathaway Losing Its Edge? cnbc_commentCountMapObj.cnbc_commentCountMap_put("46560984", "45166246_2","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46560984", "45166246_2","cnbcCommentsTxt" ); Bill Gross: It's Time to Play Defense cnbc_commentCountMapObj.cnbc_commentCountMap_put("46556889", "45166246_3","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46556889", "45166246_3","cnbcCommentsTxt" ); College Flunks Four Times; Eliminates Tuition cnbc_commentCountMapObj.cnbc_commentCountMap_put("46310825", "45166246_4","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46310825", "45166246_4","cnbcCommentsTxt" ); New York Housing Market Could Still Collapse: Analyst cnbc_commentCountMapObj.cnbc_commentCountMap_put("46310822", "45166246_5","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46310822", "45166246_5","cnbcCommentsTxt" ); Does Germany Want Greece to Default? cnbc_commentCountMapObj.cnbc_commentCountMap_put("46382809", "45166246_6","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46382809", "45166246_6","cnbcCommentsTxt" ); Greek Default: Why Now May Be Best Time to Do It cnbc_commentCountMapObj.cnbc_commentCountMap_put("46281928", "45166246_7","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46281928", "45166246_7","cnbcCommentsTxt" ); What Germans Really Think About the Greeks cnbc_commentCountMapObj.cnbc_commentCountMap_put("45957341", "45166246_8","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("45957341", "45166246_8","cnbcCommentsTxt" ); Why the Social Security Tax Fight Is Stupid cnbc_commentCountMapObj.cnbc_commentCountMap_put("45668349", "45166246_9","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("45668349", "45166246_9","cnbcCommentsTxt" ); if (cnbc_DARTFlag=="new") { cnbc_DARTAdCall(300,900,"CNBGE3"); } else { dapMgr.enableACB("USNewsBlogs300x250",false); dapMgr.renderAd("USNewsBlogs300x250","&PG=CNBGE3&AP=&PN=CNBC",300,900); } Current DateTime: 12:16:26 30 Mar 2012LinksList Documentid: 38910464Expiration DateTime: 3/30/2012 12:18:44 AM cnbc_commentCountMapObj.cnbc_commentCountMap_put("", "38910464_1","cnbcCommentsTxt" ); Was Quantitative Easing A Tax? cnbc_commentCountMapObj.cnbc_commentCountMap_put("46898830", "38910464_1","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46898830", "38910464_1","cnbcCommentsTxt" ); Ben Bernanke's Dark Age Economics cnbc_commentCountMapObj.cnbc_commentCountMap_put("46897082", "38910464_2","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46897082", "38910464_2","cnbcCommentsTxt" ); Was 'Post-Keynesian' Hyman Minsky an Austrian in Disguise? cnbc_commentCountMapObj.cnbc_commentCountMap_put("46896156", "38910464_3","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46896156", "38910464_3","cnbcCommentsTxt" ); Goldman Critic Looks at $1 Million Book Contract cnbc_commentCountMapObj.cnbc_commentCountMap_put("46883773", "38910464_4","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46883773", "38910464_4","cnbcCommentsTxt" ); Spanish Sex Workers Strike Against Bankers cnbc_commentCountMapObj.cnbc_commentCountMap_put("46882510", "38910464_5","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46882510", "38910464_5","cnbcCommentsTxt" ); Obamacare, the Individual Mandate and MMT cnbc_commentCountMapObj.cnbc_commentCountMap_put("46880838", "38910464_6","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46880838", "38910464_6","cnbcCommentsTxt" ); The Angry Stripper and Wall Street's Myopia cnbc_commentCountMapObj.cnbc_commentCountMap_put("46873604", "38910464_7","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46873604", "38910464_7","cnbcCommentsTxt" ); The Early Allergy Season & Big Pharma: Sneezing Your Way To Profit cnbc_commentCountMapObj.cnbc_commentCountMap_put("46873266", "38910464_8","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46873266", "38910464_8","cnbcCommentsTxt" ); Did a Tax-Budget Battle Almost Kill the US in 1812? cnbc_commentCountMapObj.cnbc_commentCountMap_put("46871409", "38910464_9","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46871409", "38910464_9","cnbcCommentsTxt" ); Hamptons 'Beach Pass Barometer': Economic Rebound Sign? cnbc_commentCountMapObj.cnbc_commentCountMap_put("46860533", "38910464_10","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46860533", "38910464_10","cnbcCommentsTxt" ); College Is an Economic Loser cnbc_commentCountMapObj.cnbc_commentCountMap_put("46840578", "38910464_11","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46840578", "38910464_11","cnbcCommentsTxt" ); Watch Obama's World Bank Pick Sing 'Time of My Life' cnbc_commentCountMapObj.cnbc_commentCountMap_put("46836217", "38910464_12","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46836217", "38910464_12","cnbcCommentsTxt" ); Bad Day for BATS"”and for High-Frequency Trading cnbc_commentCountMapObj.cnbc_commentCountMap_put("46836415", "38910464_13","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46836415", "38910464_13","cnbcCommentsTxt" ); A Defense of Crony Capitalism cnbc_commentCountMapObj.cnbc_commentCountMap_put("46835793", "38910464_14","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46835793", "38910464_14","cnbcCommentsTxt" ); TVIX Plunge Has Traders Scratching Heads cnbc_commentCountMapObj.cnbc_commentCountMap_put("46833113", "38910464_15","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46833113", "38910464_15","cnbcCommentsTxt" ); The Goldman Connection cnbc_commentCountMapObj.cnbc_commentCountMap_put("46825952", "38910464_16","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46825952", "38910464_16","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("", "38910464_1","cnbcCommentsTxt" ); Email: document.write("");document.write("NetNet"+"@"+"cnbc.com");document.write('');Call: 201-735-4638Text Message: 917-740-8477 Current DateTime: 12:16:28 30 Mar 2012LinksList Documentid: 39085620FacebookTwitterRSSCurrent DateTime: 12:16:28 30 Mar 2012LinksList Documentid: 38852222John Carney

Runs this joint.

Jeff Cox

A senior writer for CNBC.com, covering the gamut of issues affecting the stock market and the economy.

Stephanie Landsman

Squawk Boxer Rebel.

Lori Spechler

A Senior Editor at CNBC, commodity trader in a former life.

Lori Ann LaRocco

A Senior Talent Producer at CNBC.

Current DateTime: 12:16:28 30 Mar 2012LinksList Documentid: 43730562The Faces of 'Occupy Wall Street'

Occupy Wall Street has attracted people from all backgrounds.

The Greatest Trades of All Time

The following list of people showcases some of the greatest trades in the business.

Rogue Trading: A How-To Guide

There's a surprisingly consistent pattern to all these rogue traders.

25 Things Every Wall Street Intern Should Know

Some words of wisdom for all the Wall Street Interns this summer.

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setDefault('cnbc_textbody');Was Quantitative Easing A Tax?Published: Thursday, 29 Mar 2012 | 6:57 PM ET Text Size By: John CarneySenior Editor, CNBC.com #divButtons .gig-button-container-facebook-like {margin-right:-2px;} #divButtons .gig-button-container-twitter {margin-right:15px;} #divButtons .gig-button-container-google-plusone {margin-right:-16px;} #divButtons .gig-button-container-linkedin {margin-right:17px;} var params ={ userAction:ua, shareButtons: [{provider:'facebook-like',action:'recommend'},{provider:'twitter'},{provider:'google-plusone'},{provider:'linkedin'},{provider:'share',enableCount:false}], containerID: 'divButtons'} if (navigator.userAgent.indexOf("MSIE 6") cnbc_init_droparrows('menu_arrow_','img',cur_navSect); cnbc_getCommentsCount(cnbc_commentCountStr) ; Current DateTime: 04:07:47 29 Mar 2012LinksList Documentid: 29778429CNBC NEWSU.S. NewsAsia-Pacific NewsEurope NewsEconomyEnergyGreenTechnologyBlogsWiresSlideshowsSpecial ReportsCorrections Current DateTime: 04:07:47 29 Mar 2012LinksList Documentid: 29778428MARKETSPre-MarketsWorld MarketsStocksDow 30CommoditiesCurrenciesBondsFunds Current DateTime: 04:07:47 29 Mar 2012LinksList Documentid: 29779196EARNINGSNewsCalendarSurprisesHighlightsIdeas Current DateTime: 04:07:47 29 Mar 2012LinksList Documentid: 29779197INVESTINGStock BlogPersonal FinancePortfolio (Beta)WatchlistStock ScreenerFund ScreenerEarnings Screener Current DateTime: 04:07:47 29 Mar 2012LinksList Documentid: 29779200VIDEOLatest VideoTop VideoU.S. VideoAsia-Pacific VideoEurope VideoCEO InterviewsAnalyst InterviewsCNBC ProCurrent DateTime: 04:07:47 29 Mar 2012LinksList Documentid: 29779199CNBC TVCNBC U.S.CNBC Asia-PacificCNBC EuropeCNBC WorldCNBC HD+Channel FinderCurrent DateTime: 04:07:47 29 Mar 2012LinksList Documentid: 29779198MORESmall BusinessCNBC 360CNBC Mobile WebsiteRSSReal-Time Quotes and Extended HoursLatest Press ReleasesAbout CNBC | Site Map | Video Reprints | Advertise | Help | ContactPrivacy Policy | div.FOOTMC_BI {padding: 5px 10px 5px 10px; text-align:left; line-height:25px;} a#_bapw-link span {margin: 0 0 0 5px !important;} | Terms of Service | Independent Programming Report Data is a real-time snapshot *Data is delayed at least 15 minutesGlobal Business and Financial News, Stock Quotes, and Market Data and Analysis© 2012 CNBC LLC. 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cnbc_commentCountMapObj.cnbc_commentCountMap_put("46560984", "45166246_2","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46560984", "45166246_2","cnbcCommentsTxt" ); Bill Gross: It's Time to Play Defense cnbc_commentCountMapObj.cnbc_commentCountMap_put("46556889", "45166246_3","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46556889", "45166246_3","cnbcCommentsTxt" ); College Flunks Four Times; Eliminates Tuition cnbc_commentCountMapObj.cnbc_commentCountMap_put("46310825", "45166246_4","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46310825", "45166246_4","cnbcCommentsTxt" ); New York Housing Market Could Still Collapse: Analyst cnbc_commentCountMapObj.cnbc_commentCountMap_put("46310822", "45166246_5","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46310822", "45166246_5","cnbcCommentsTxt" ); Does Germany Want Greece to Default? cnbc_commentCountMapObj.cnbc_commentCountMap_put("46382809", "45166246_6","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46382809", "45166246_6","cnbcCommentsTxt" ); Greek Default: Why Now May Be Best Time to Do It cnbc_commentCountMapObj.cnbc_commentCountMap_put("46281928", "45166246_7","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46281928", "45166246_7","cnbcCommentsTxt" ); What Germans Really Think About the Greeks cnbc_commentCountMapObj.cnbc_commentCountMap_put("45957341", "45166246_8","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("45957341", "45166246_8","cnbcCommentsTxt" ); Why the Social Security Tax Fight Is Stupid cnbc_commentCountMapObj.cnbc_commentCountMap_put("45668349", "45166246_9","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("45668349", "45166246_9","cnbcCommentsTxt" ); if (cnbc_DARTFlag=="new") { cnbc_DARTAdCall(300,900,"CNBGE3"); } else { dapMgr.enableACB("USNewsBlogs300x250",false); dapMgr.renderAd("USNewsBlogs300x250","&PG=CNBGE3&AP=&PN=CNBC",300,900); } Current DateTime: 12:16:26 30 Mar 2012LinksList Documentid: 38910464Expiration DateTime: 3/30/2012 12:18:44 AM cnbc_commentCountMapObj.cnbc_commentCountMap_put("", "38910464_1","cnbcCommentsTxt" ); Was Quantitative Easing A Tax? cnbc_commentCountMapObj.cnbc_commentCountMap_put("46898830", "38910464_1","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46898830", "38910464_1","cnbcCommentsTxt" ); Ben Bernanke's Dark Age Economics cnbc_commentCountMapObj.cnbc_commentCountMap_put("46897082", "38910464_2","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46897082", "38910464_2","cnbcCommentsTxt" ); Was 'Post-Keynesian' Hyman Minsky an Austrian in Disguise? cnbc_commentCountMapObj.cnbc_commentCountMap_put("46896156", "38910464_3","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46896156", "38910464_3","cnbcCommentsTxt" ); Goldman Critic Looks at $1 Million Book Contract cnbc_commentCountMapObj.cnbc_commentCountMap_put("46883773", "38910464_4","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46883773", "38910464_4","cnbcCommentsTxt" ); Spanish Sex Workers Strike Against Bankers cnbc_commentCountMapObj.cnbc_commentCountMap_put("46882510", "38910464_5","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46882510", "38910464_5","cnbcCommentsTxt" ); Obamacare, the Individual Mandate and MMT cnbc_commentCountMapObj.cnbc_commentCountMap_put("46880838", "38910464_6","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46880838", "38910464_6","cnbcCommentsTxt" ); The Angry Stripper and Wall Street's Myopia cnbc_commentCountMapObj.cnbc_commentCountMap_put("46873604", "38910464_7","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46873604", "38910464_7","cnbcCommentsTxt" ); The Early Allergy Season & Big Pharma: Sneezing Your Way To Profit cnbc_commentCountMapObj.cnbc_commentCountMap_put("46873266", "38910464_8","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46873266", "38910464_8","cnbcCommentsTxt" ); Did a Tax-Budget Battle Almost Kill the US in 1812? cnbc_commentCountMapObj.cnbc_commentCountMap_put("46871409", "38910464_9","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46871409", "38910464_9","cnbcCommentsTxt" ); Hamptons 'Beach Pass Barometer': Economic Rebound Sign? cnbc_commentCountMapObj.cnbc_commentCountMap_put("46860533", "38910464_10","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46860533", "38910464_10","cnbcCommentsTxt" ); College Is an Economic Loser cnbc_commentCountMapObj.cnbc_commentCountMap_put("46840578", "38910464_11","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46840578", "38910464_11","cnbcCommentsTxt" ); Watch Obama's World Bank Pick Sing 'Time of My Life' cnbc_commentCountMapObj.cnbc_commentCountMap_put("46836217", "38910464_12","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46836217", "38910464_12","cnbcCommentsTxt" ); Bad Day for BATS"”and for High-Frequency Trading cnbc_commentCountMapObj.cnbc_commentCountMap_put("46836415", "38910464_13","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46836415", "38910464_13","cnbcCommentsTxt" ); A Defense of Crony Capitalism cnbc_commentCountMapObj.cnbc_commentCountMap_put("46835793", "38910464_14","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46835793", "38910464_14","cnbcCommentsTxt" ); TVIX Plunge Has Traders Scratching Heads cnbc_commentCountMapObj.cnbc_commentCountMap_put("46833113", "38910464_15","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46833113", "38910464_15","cnbcCommentsTxt" ); The Goldman Connection cnbc_commentCountMapObj.cnbc_commentCountMap_put("46825952", "38910464_16","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("46825952", "38910464_16","cnbcCommentsTxt" ); cnbc_commentCountMapObj.cnbc_commentCountMap_put("", "38910464_1","cnbcCommentsTxt" ); Email: document.write("");document.write("NetNet"+"@"+"cnbc.com");document.write('');Call: 201-735-4638Text Message: 917-740-8477 Current DateTime: 12:16:28 30 Mar 2012LinksList Documentid: 39085620FacebookTwitterRSSCurrent DateTime: 12:16:28 30 Mar 2012LinksList Documentid: 38852222John Carney

Runs this joint.

Jeff Cox

A senior writer for CNBC.com, covering the gamut of issues affecting the stock market and the economy.

Stephanie Landsman

Squawk Boxer Rebel.

Lori Spechler

A Senior Editor at CNBC, commodity trader in a former life.

Lori Ann LaRocco

A Senior Talent Producer at CNBC.

Current DateTime: 12:16:28 30 Mar 2012LinksList Documentid: 43730562The Faces of 'Occupy Wall Street'

Occupy Wall Street has attracted people from all backgrounds.

The Greatest Trades of All Time

The following list of people showcases some of the greatest trades in the business.

Rogue Trading: A How-To Guide

There's a surprisingly consistent pattern to all these rogue traders.

25 Things Every Wall Street Intern Should Know

Some words of wisdom for all the Wall Street Interns this summer.

Stay up to date with NetNet.

Runs this joint.

Jeff Cox

A senior writer for CNBC.com, covering the gamut of issues affecting the stock market and the economy.

Stephanie Landsman

Squawk Boxer Rebel.

Lori Spechler

A Senior Editor at CNBC, commodity trader in a former life.

Lori Ann LaRocco

A Senior Talent Producer at CNBC.

Current DateTime: 12:16:28 30 Mar 2012LinksList Documentid: 43730562The Faces of 'Occupy Wall Street'

Occupy Wall Street has attracted people from all backgrounds.

The Greatest Trades of All Time

The following list of people showcases some of the greatest trades in the business.

Rogue Trading: A How-To Guide

There's a surprisingly consistent pattern to all these rogue traders.

25 Things Every Wall Street Intern Should Know

Some words of wisdom for all the Wall Street Interns this summer.

Stay up to date with NetNet.

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Was Quantitative Easing A Tax?

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