Posted on 05/29/2008 3:23:41 AM PDT by drbasketball
In one of the most remarkable speeches ever given by a Federal Reserve official, or for that matter any U.S. governement official, Dallas Fed President Richard Fisher, a voting member of the FOMC in 2008, told an audience at the Commonwealth Club of California, in a speech titiled, Storms on the Horizon, the truth about the current state of the United States economy.
He started by warning about the current inflationary problem...
(Excerpt) Read more at nationaleconomist.com ...
“Unless we take steps to deal with it, the long-term fiscal situation of the federal government will be unimaginably more devastating to our economic prosperity than the subprime debacle and the recent debauching of credit markets that we are now working so hard to correct…The even more disturbing dark and dirty secret about deficits—especially when they careen out of control—is that they create political pressure on central bankers to adopt looser monetary policy down the road…”
Too bad Fisher isn’t Chairman.
“Fisher is a drama queen.”
What flavor is the koolaid tonight? Rosy scenario, or housing recovery? Have Larry Kudlow order up another round.
Exactly!
“Rimshot!”
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.