On Dallas Fed President Fisher's Speech

[traelin0]

Richard Fisher has come out with this:

The Federal Reserve has held rates to nil. We have expanded our balance sheet to unprecedented levels. After much debate¯which included strong concern expressed by one member with a formal vote and others, like me, who did not have voting rights in 2010¯the FOMC collectively decided in November to temporarily undertake a program to purchase U.S. Treasuries that, when added to previous policy initiatives, roughly means we are purchasing the equivalent of all newly issued Treasury debt through June.

By this action, we have run the risk of being viewed as an accomplice to Congress’ fiscal nonfeasance. To avoid that perception, we must vigilantly protect the integrity of our delicate franchise. There are limits to what we can do on the monetary front to provide the bridge financing to fiscal sanity. Last Friday, speaking in Germany, [European Central Bank President] Jean-Claude Trichet said it best: “Monetary policy responsibility cannot substitute for government irresponsibility.”[6]

The entire FOMC knows the history and the ruinous fate that is meted out to countries whose central banks take to regularly monetizing government debt. Barring some unexpected shock to the economy or financial system, I think we have reached our limit. I would be wary of further expanding our balance sheet.

Read more here.

[BeenThere...DoneThat...]

<<< we have run the risk of being viewed as an accomplice to Congress’ fiscal nonfeasance. >>>

...diplo-speak for, "whoops, we done did it now"...

[burnsattornincan]

Here is an accurate description of too many Americans, courtesy of some poster over there. He echoes the words the esteemed Mr. fiscan has written on more than one occasion;

Americans are not "special" unless "special" entails being the most entitled, selfish, spoiled, hedonistic people on the planet. Our forefathers were "special" They had ideals and noble purpose and vision and were willing to sacrifice all their material possessions in pursuit of those ideals. Fast food nation America with the worlds highest obesity, highest prison population, highest depression rate, highest divorce rate, highest debt etc are "special" only their self absorbed, porn loving,mall shopping, drive thru heads.

Americans will never do the right thing because that involves giving up the self for a higher cause. It involves being a patriot which means putting the self second. When most people don't even care about their own bodies save what bangles and bobbles and tattoos they adorn themselves with, I doubt they are going to care much for the fate of the nation.

[BeenThere...DoneThat...]

<<< Fast food nation America with the worlds highest obesity, highest prison population, highest depression rate, highest divorce rate, highest debt etc are "special" only their self absorbed, porn loving,mall shopping, drive thru heads. >>>

...looks like you're missing a verb...

[BeenThere...DoneThat...]