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Fed Prez: "QE Is Like Ritalin, You Just Can't Overprescribe"

Fed President Richard Fisher on the Bernanke Doctrine.

Start watching at 1-minute mark.  Dallas Federal Reserve President and CEO Richard Fisher discusses Japan, Bernanke, QE, the stock market rally, housing, and his plan to break up the too big to fail banks.

Classic line on the difference between the U.S. and Japan.

"We breed here in America."

Fisher is entertaining as usual.  Here are some of the quotes.

  • The Bernanke doctrine is not perfect.
  • There is no QEinfinity.  It doesn't go on forever.
  • I supported the first round of QE and nothing since.
  • We're not going to do something crazy like take the balance sheet to $5 trillion.
  • There are limits to Fed policy.  We just have to figure out what those limits are.
  • QE is like ritalin or adderall, you just can't overprescribe.
  • QE can't go on forever because you will kill the patient.

And we save the best, or at least most ridiculous, for last:

"All central bankers try to do the same thing -- which is to improve the welfare of their fellow citizens."



Image by William Banzai7...

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Reader Comments (4)

So Fisher says it would be crazy to expand the Fed's balance sheet to $5 trillion, but $4T, which we will hit by the end of 2013, is cool beans.

And his line about central bankers helping their fellow citizens actually makes sense if by fellow citizens he means "banks" (and you can sort of see him chuckle slightly as he says it).
Apr 6, 2013 at 12:19 PM | Registered CommenterDailyBail
I agree with much of what Richard says, however, I completely disagree that the taxpayer should have ANY responsibility for the risk-taking of private bankers. The way the system works now is that all gains by the bankers are PRIVATIZED and all losses by the bankers are SOCIALIZED. America was founded on FREE ENTERPRISE, not CAPITALISM. If the largest, "too big to fail" banks disappeared tomorrow, there would be pain, but smaller, more ethical banks would fill the void and STATE RUN BANKS, independent of the FEDERAL RESERVE, would flourish. The current fractional reserve banking system is doomed and we must return to the constitutional system of issuing our own money WITHOUT DEBT. Congress has been TREASONOUS ever since 1913 in allowing PRIVATE BANKS TO ISSUE CURRENCY AT INTEREST. There is absolutely NO REASON FOR THIS TO CONTINUE EXCEPT TO ENRICH PRIVATE INTEREST AT THE COSTS OF WE THE PEOPLE. It's actually very simple. DEMAND THAT THE FEDERAL GOVERNMENT STOP MORTGAGING OUR FUTURE. We the People live within our means. It's time for our SELF-ENTITLED POLITICIANS AND BEAUROCRATS to do the same.
Apr 8, 2013 at 9:06 PM | Unregistered Commentertonybinca
dear daily bail

I listened until the 4:50 mark where the speaker makes his quote about Ritalin, and how too much can "Kill the patient"

I then reread your teaser headline that you used to draw people to this video and noticed it said the opposite of what the interviewee said: "Fed Prez: "QE Is Like Ritalin, You Just Can't Overprescribe"

My question is whether you were mistaken or trying to mislead in order to capture attention. Did I quit listening to soon or did you twist what he said?

I was under the impression that I would get misleading information from authority figures and accurate info from unbiased sources and now I find myself questioning The Daily Bail's credibility
Apr 16, 2013 at 4:42 PM | Unregistered Commenterlarry elford

Here's how it works.

I watch a video and take notes and then quickly try to get the entire story posted so I can move on to the next. I'm not even sure what your complaint is. Fisher said QE was like Ritalin or Adderrall, but you had to be careful not to over-prescribe, or you could kill the patient (the economy). Watch the whole clip next time.
Apr 16, 2013 at 5:20 PM | Registered CommenterDailyBail

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