Oh, and inflation primarily hurts 1%-ers
This is absolutely false. The Fed essentially bailed out Wall Street and gifted the 1% in the range of trillions of dollars via zero interest. Have you gotten a 0% loan from the bank lately? The Fed essentially funded the stock market would rise, which the 1%'ers are piled into, enriching them even more, while pretty much none of the lower income Americans were able to participate in. What are corporations doing with their record profits? Stock buybacks. That money isn't going into hiring people.
Inflation has been quite high in food and energy (and very high in the stock market), which hurts the 99% because they spend a larger portion of their income on food and energy. Why is food stamp usage highest on record? Why is the labour participation rate the lowest since the 70s? The economy is not well. The 1% is pretty much the only winner in the recent GDP gains.
I'm not saying the general idea what the Fed did was bad. Just that it was implemented in a way to make the 1% even richer while taking away from the 99%. I think it would have been better if the money was distributed to the 99%, rather than gifted to the 1%.
"History is a tool used by politicians to justify their intentions." -- Ted Koppel