The Fed's QE3 program is scheduled to end later this year. This will bring to a close the Fed's five year experiment with QE programs. They have been incredibly controversial, especially among those who believe these programs enabled the federal government to run large budget deficits. Those holding this view typically make one of two claims. First, the large scale asset purchases (LSAPs) done under QE meant the federal government had a guaranteed purchaser of its securities. Second, the QE programs kept the federal government's financing charges inordinately low. So are these claims correct? Let's look back at the ... (full story)