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Wednesday
Aug082012

VIDEO - Dallas Fed President Richard Fisher: 'The Fed Has Done Its Job, Doing More QE Doesn't SOLVE The Problem'

Another short clip from Fisher's interview on Bloomberg this morning.

Aug. 8 (Bloomberg) -- Federal Reserve Bank of Dallas President Richard Fisher talks about what the Federal Reserve has done what is needed to stimulate the economy and that it is now up to the private sector.

 

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Reader Comments (5)

The private sector is not doing their job either. That is the real problem.
Aug 8, 2012 at 2:57 PM | Unregistered CommenterHarry Johnson
And how does the private sector bring the economy back when the tenant of a free market is allowing for bankruptcy? When that is prevented you have a central controlled economy. Even under the best of intentions one cannot beat billions in creative solutions and marketing. What keeps big corps big is big government. Rules and codes prevent competition from small business.
Look at energy, 200 years ago all energy companies were homes. In other words, each home generated it's own energy and today we have the technology to eliminate monopolistic energy companies and returning the home to it's own center of energy.
We may be a hundred years off of any possibility this happening but undoubtedly 'too big to fail' needs to fail.
Aug 8, 2012 at 3:13 PM | Unregistered CommenterKen Brodeur
Looks like Fisher sold his gold bars worth $1mil and bought dollars. Shrink that bloated balance sheet, he says!!!:)
Aug 9, 2012 at 2:40 PM | Unregistered CommenterJosie
Apparently details of YET ANOTHER bailout program were revealed recently, this time involving a Treasury guarantee of $2.4 trillion in money market mutual funds:

http://www.cnbc.com/id/48578949

This article raises way more questions than it answers.

First, what bailout program is it? TARP only authorized $700 billion, which included PPIP, TALF, CPP, and a few others. The article states that "until now, the Treasury has kept the identities of the funds that received government backing and the amounts guaranteed secret"--as if the program itself were already known. Was it known? If so, what was it called?

Second, the Fed ran its own money-market mutual fund bailout program (the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, or AMLF for short). That facility, however, was never drawn on beyond $416 billion:

http://stimulus.org/financialresponse/money-market-mutual-fund-liquidity-facility

Third, the article states that Treasury "[a]ct[ed] without any explicit Congressional authority." When did the Treasury so act? Under what authority did it act? Why, if Treasury neeed express congressional authority to pass the $700 billion TARP bailout, did Treasury not also need express authority to pass this separate $2.4 trillion bailout program?

Finally, please note that JP Morgan appears yet again sucking at this massive public teat, yet again--YAWN--undermining Jamie Dimon's preposterous claim that his firm didn't need the bailout--a contention that he first made this year:

http://usabailout.com/content/why-did-jamie-dimon-lie-congress-about-jp-morgan%E2%80%99s-bailouts

When will MSM simply admit that JP Morgan is a ward of the state and that Jamie Dimon is a pathological liar?
Aug 9, 2012 at 10:18 PM | Unregistered CommenterCheyenne
cheyenne

I've looked to see if Linus Wilson has published anything on this since he's Carney's source. Haven't been able to find anything yet. I don't know what it was called, but I think it was a treasury guarantee of all money market funds. It expired on Sep. 18, 2009 which means it must have taken effect on sep. 18, 2008, which is about 10 days after lehman.
Aug 10, 2012 at 3:00 PM | Registered CommenterDailyBail

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