"After [Dan Fried] was initially hired into the Foreign Service in 1977, five subsequent presidents of both parties thought it would be a good idea to keep him on. That his deep understanding, his knowledge of all the players and so many of the secrets it would make him an indispensable asset, particularly when it comes to dealing with Russia."

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There is no doubt that the Fed's large-scale asset purchases have caused major increases in a number of asset prices in the economy. This is especially true of mortgage backed securities and corporate bonds, and quite possibly of equities as well. For those people and institutions holding those things, the run up in prices has been a wealth bonanza.

— Gerald Epstein