If Only They All Felt Like Dallas Fed's Fisher Feels
If I had a nickel for every time I've said "if only they all felt like this," I'd have enough to bail out a small European country.
“No one -― business operator, worker or consumer -― can plan for the long term with confidence until the federal government removes the angst that is associated with run-away deficits and unfunded liabilities that threaten to drown our economy in debt,” Fisher said.
The Dallas Fed president reiterated to reporters after his speech that he sees no need for a new round of asset purchases by the Fed, or so-called quantitative easing. Such a move may provoke renewed lawmaker opposition, he said.
“The enormous firestorm that we’ve created on Capitol Hill” after the purchases of bonds would again be a risk, Fisher said. “We took a lot of blowback” in response to the second round of quantitative easing, he said. “We have rebuilt a lot of goodwill.”
The idea of a third round of asset purchases is “a fantasy of Wall Street,” Fisher said. “It’s not necessary and there’s no need for additional monetary accommodation unless we slip into deflation, which doesn’t seem to be the case,” or some “extreme crisis.”
Someone write that comment down so we have proof that he said that when these financial alchemists come back and insist additional monetary accommodation is the only reasonable solution. Of course, if free money isn't the worst accommodation of all, I'm not sure what is minus an actual helicopter drop.