Richard Fisher is the Only Sane Fed Governor

From his latest speech:

“There is no nice way to say this, so I will be blunt: Our credit markets had contracted a hideous STD—a securitization transmitted disease—for which lowering the funds rate to negative real levels seemed to me to be not only an ineffective treatment, but a palliative and maybe even a stimulus that would only encourage further mischief.”

See more from his speech at Naked Capitalism.

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