While the Federal Reserve announced that its latest easing move is designed to combat unemployment, in reality the program will benefit the rich much more than the poor, according to CNNMoney.

Lower interest rates make mortgages cheaper and stocks a profitable investment. But it’s the wealthy who will benefit from that, the CNNMoney reports.

"Quantitative easing is a blunt tool and cannot really target specific areas of the economy, aside from mortgage rates,” Sung Won Sohn, economics professor at Cal State Channel Islands, tells the news service.

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist. 

“Even then, it tends to help the wealthy spectrum of the income distribution."

On the housing side, homes and home equity credit lines will get cheaper. But beleaguered banks will lend only to borrowers with top credit scores and big down payments – i.e., the wealthy.

Only 37 percent of American households in the bottom fifth of the wealth spectrum own their own homes, according to Fed data cited by CNNMoney.

Quantitative easing has been a boon to stock prices, sending the Standard & Poor’s 500 Index up more than twofold in the last 3 ½ years.

But only 50 percent of Americans own stock, and rest assured it’s mostly the wealthier half. Of those earning less than $20,000 annually, only 13 percent own stocks.

So how to help those who are less well off? Most economists say the answer is fiscal policy, with conservatives seeking tax cuts and liberals favoring increased government spending.

But no fiscal stimulus is likely before the election, if at all this year.

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.