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Welcome back everybody thanks for sticking with us.
He's known by -- is the only member of the Fed who leans toward the -- part.
And he's certainly the only -- the Federal Reserve to mention Lindsay Lohan and relocation to economic policy.
He is easily the most quotable voting member of the Federal Reserve -- -- for Ben Bernanke our next guest the president.
The Dallas -- Richard.
Fisher Richard great to see a -- what a way to get into the news for a fed.
President to -- -- -- -- -- let me just put up the quotes of people don't think -- -- and it's up this is review earlier it's been.
Like Lindsay -- and the American congress is a beautiful creation blessed with enormous talent but.
It has been -- -- light away -- by addiction in the case of the congress to spending -- debt and buy a proclivity.
For shoplifting well in what way has congressman.
-- what -- -- the rest of quotas shoplifting our children's future and out of their children and grandchildren that this whole pattern of spending an unfunded liabilities and not having the kind of taxes that balance out what they're spending desires are.
Or -- business to hire the American people.
That has to come to an end all we're doing is we used to pass -- torch our children David now we're just passing a bill that has to stop and that's.
A general comment on the central banker I think the Fed -- done enough as you know and and it's now up to the congress to get their act together in sent.
Businesses to invest in America hire American workers.
And part of that's gonna have to be to stop digging a deeper hole.
And really spending our children particularly -- would -- Republicans and Democrats have done right -- far too long.
What Richard some people would say that the Fed OK we accept the fact that they are alcoholics or.
Horror shoplifters however you want -- column.
But that the Fed acts as a sort of enabler because you guys have been buying up the debt that they have been creating how do you respond to that charge.
As you know David I was against I didn't have the formal vote last year but I've been very public and against.
The 600 billion dollar purchase and US treasuries plus the additional purchase treasuries to pay off the roll off -- the mortgage backed securities.
So essentially from November of last year to June -- this year the program in place.
We'll be buying most all of the treasury debt that -- and in -- and I have made it clear.
That I will not support and I will vote against said the vote this year right so you will this extension of that program.
You're saying effect program continues -- because I I'd -- if I'm wrong you've had two votes over Yemen descent it yet but you're -- dissent.
If in fact they go ahead and extend this thing.
I don't wanna see it tapered off in and I terms -- after June we said we reduced June.
I think it's very important David central bankers keep their word one of our words as we're not gonna get.
Let inflation get out of control so if we back up on our word here and I don't think people have a great deal of confidence tennis and therefore.
The program was committed to I was against it.
From others at the table let them speak for themselves or against it the majority rules and -- committee.
That ends in June I cannot foresee a circumstance.
Where I could support any further liquidity in the -- liquidity is not the issue there's -- of money it very cheap rates.
Widely available to those -- can hire Americans.
They need to be incentivized they also have to see final demand and sales grow and we are growing economy now I think it is self sustaining.
Too slow for comfort.
And one of things I believe is holding it back is this uncertainty about the future.
And that's up to the fiscal authorities in a regulatory authorities as a people we.
Elect to lower knowledge base is big news that that you have announced here I think if it that you will not you will dissent if in fact they they continue -- this program and you say it up I'm gonna -- -- again.
You say throughout history feckless governments have dodged their fiscal responsibility.
By turning to their monetary authority -- value the currency monetize debt and inflate their way.
Out of structural deficits do you think the Fed would be guilty of that if they continue this program on.
I don't believe the Fed is going to do that I don't -- anybody at that table that wants to do that.
Again -- minimum was to buy these treasuries through June and June that programmable and and I want to make clear what you just quoted -- as saying I will not support a third.
Quantitative easing program or -- further tapering off beyond June.
I don't think it's necessary.
And I think they're funny of gas in the tank David what's he announced repel these vehicles forward in the vehicle -- job hiring for good old fashioned hard working Americans.
And having the where with all do it it's there are now it's a matter of incentive and also confidence in the future of final sales and the man.
People don't hire people Willy Nilly they hire because they want to keep them.
And it's a major investment they have to have the desire to do so -- and -- importantly David they have other options or other countries they can invest and how we won the -- Their money elsewhere but I love your comments I -- we've got a -- -- assured that.
-- go ahead no I just love your confidence in America and our system and the ability of business to work that we are as lean and mean as this country has ever been in terms of our business community we can grow at great -- we have to leave it that I wish we had more time Richard Fisher.
Gotta have -- back sooner than later okay.
Please salute your son of the great -- gotten it yet thank you very much Richard Fisher -- vice president of the Dallas fed break.
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