NYT: The Fed and Inequality (oh! you mean the 1% are getting most of the benefits in this economy?)

....It is certainly true that inequality, in terms of both income and wealth, has widened since the recession. A study by the lauded economist Emmanuel Saez of the University of California, Berkeley, found that the top 1 percent of earners have accounted for all of the income gains in the first two full years of the recovery. Their incomes have climbed about 11.2 percent. The incomes of the 99 percent have declined by about 0.4 percent.

...many financial experts consider the Fed’s policies a driving force behind the surge in the stock market. Since the depths of the crisis, the Dow Jones industrial average has more than doubled, increasing about 16 percent this year alone. Such gains have helped to lift the earnings and the net worth of the half of Americans who own stocks. But the wealthy have benefited disproportionately...

[Note: the NYT writer fails to remind her readers regarding the unemployment numbers that most new jobs are low-paying, part time jobs.]
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Link: http://economix.blogs.nytimes.com/2013/06/03/the-fed-and-inequality