A WSJ post by Andrew Huszar, the man who "managed the Federal Reserve's $1.25 trillion agency mortgage-backed security purchase program" that's known as quantitative easing (QE)...

I can only say: I’m sorry, America. As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed’s first plunge into the bond-buying experiment known as quantitative easing. 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.

Huszar finally realized something that would surprise an "economist" but not a socialist: Wall Street is not investing in the economy (jobs, new products, R&D) but instead pocketing all the free money. The mistake that neoclassical economics and most Americans continuously make is believing that Wall Street provides a socially useful service: locating stagnant pools of money here and channeling it to productive areas of the economy over there. But as Doug Henwood pointed out back 1997 in his masterpiece Wall Street, which you can download for free here, only a small amount of the money flowing through the financial markets ends doing anything like this pretty picture of social usefulness. The big question that remains, and one which I attempt to address in my After Economics series, is: How can something so socially useless dominate American politics to such an extent that the only serious policy for solving the greatest economic crisis since 1929 is pumping money into socially useless Wall Street?