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Monday, September 12, 2011

New And Different

Life is like a box of Fed speeches - you never know what you are going to get. Fisher's today is definitely a new flavor:

He comes out swinging!

"The Panic of 2008." "Veterinary fix." "
It is no secret that I thought the second round of quantitative easing (QE2) ran that risk. I could not support it when it was proposed because I saw no analytically sound justification that its purported benefits would outweigh its likely costs. "

You have to read this speech! The final line:
With that, I’ll stop. And in the best tradition of central banking, I’d be happy to avoid answering any questions you might have.

That last line sounds like Fisher's retiring.
From the link...

"This chart is most definitely not a pretty sight."

Just once I'd like to see along-term chart that was a pretty sight, lol. Sigh.
The whole speech sounds like an exit speech. He was having fun....
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