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...