Yeah Hank, yuck it up.
The video is embedded in the linked article.
The reason for increased wealth inequality is because of the fiat financialization of the global economic system. Once we completely detached from gold in 1971 it was off to the races for many folks with assets and at least peripheral access to the Federal Reserve system.
Funny, gold was always feared as a tool of the rich. Yet it wasn’t until true fiat money came, non-gold money, that we saw the massive disparities of wealth.
the whole “smoothing out of the busines cycle” bit is pure fiction. If anything, attempts to centrally plan the economy are leading to greater and greater boom and bust cycles. Furthermore, denying that QE has exacerbated income inequality is to assert that somehow, inflating the value of a certain set of assets doesn’t by definition widen the gap between the accumulated wealth of the people holding those assets and the people who don’t hold those assets. The St. Louis Fed seems to understand this (incidentally, they also understand that there’s no evidence whatsoever to support the notion that QE increases “healthy” inflation and/or has a demonstrable impact on output) even if Bernanke does not.