http://www.dallasfed.org/news/speeches/fisher/index.html Speeches by Richard W. Fisher, President and CEO of the Federal Reserve Bank of Dallas. http://www.dallasfed.org/images/rss-logo.gif http://www.dallasfed.org/ Thurs, Nov 19, 2009 18:75 CST http://dallasfed.org/news/speeches/fisher/2009/fs091119.cfm http://dallasfed.org/news/speeches/fisher/2009/fs091119.cfm "In the words of Milton, I would say that regulation should be designed to enable financial institutions to be 'sufficient to have stood, though free to fall.'" Tues, Nov 10, 2009 18:30 CST http://dallasfed.org/news/speeches/fisher/2009/fs091110.cfm http://dallasfed.org/news/speeches/fisher/2009/fs091110.cfm "The Federal Reserve has done what it can to prevent Depression 2.0 and the deflation that one would have expected might accompany economic collapse. It will take some time, in my opinion, to get back on a steady pathway to a pace of growth that will result in significant job creation. We are in for a long slog. We had a snapback in growth in the third quarter and can expect that will continue in the current quarter. But looking into 2010 and perhaps to 2011, the most likely outcome is for growth to be suboptimal, unemployment to remain a vexing problem and inflation to remain subdued." Mon, Sept 29, 2009 12:55 CST http://dallasfed.org/news/speeches/fisher/2009/fs090929.cfm http://dallasfed.org/news/speeches/fisher/2009/fs090929.cfm "I have faith my colleagues on the Federal Open Market Committee will stand and deliver in a timely way. And I expect that when it comes time to tighten monetary policy, my colleagues and I will move with an alacrity that, if needed, will be equal in speed and intensity to that with which we pursued monetary accommodation." Wed, Sept 9, 2009 12:55 CST http://dallasfed.org/news/speeches/fisher/2009/fs090909.cfm http://dallasfed.org/news/speeches/fisher/2009/fs090909.cfm "As to the Federal Reserve reducing its balance sheet so as not to monetize the excess reserves waiting to be converted to bank loans to the private sector, I have been very clear: Given the lag between the time monetary policy is initiated and when it impacts the economy, that wind-down process needs to begin as soon as there are convincing signs that economic growth is gaining traction and that the lending capacity of the banking system is capable of expansion" Thurs, Sept 3, 2009 20:00 CST http://dallasfed.org/news/speeches/fisher/2009/fs090903.cfm http://dallasfed.org/news/speeches/fisher/2009/fs090903.cfm "I envision an output path going forward from here that looks something like a check mark, with the Johnny Mercer effect giving us a near-term snapback from the short, intense downstroke, followed by a transition to a long period of slower growth corresponding to the elongated side of the mark." Wed, July 23 2009 12:20 CST http://dallasfed.org/news/speeches/fisher/2009/fs090723.cfm http://dallasfed.org/news/speeches/fisher/2009/fs090723.cfm "A lot of former negatives are being eliminated. We are seeing changes from negative impulses to slightly positive ones. This accentuates the positive in the aggregate. We probably have the beginnings of a faint recovery." Thurs, 28 May 2009 17:20 CST http://dallasfed.org/news/speeches/fisher/2009/fs090528.cfm http://dallasfed.org/news/speeches/fisher/2009/fs090528.cfm "A keen student of the H.4.1 and the Foreign and International Monetary Authority (FIMA) custody holdings reports of the Fed will detect that foreign official holdings of U.S. Treasuries and agencies have been growing at a robust pace, not shrinking." Fri, 15 May 2009 8:15 CST http://dallasfed.org/news/speeches/fisher/2009/fs090515.cfm http://dallasfed.org/news/speeches/fisher/2009/fs090515.cfm "The most recent reports indicate that job losses may be slowing; trucking companies--a group often looked to as a leading indicator--report a slight pickup in sales; purchasing managers are reporting that the pace of decline in new orders has abated; and retail sales are getting slightly less worse. These are encouraging signs. But we are not out of the woods. We have miles to go before we sleep." Thurs, 16 April 2009 21:00 CST http://dallasfed.org/news/speeches/fisher/2009/fs090417.cfm http://dallasfed.org/news/speeches/fisher/2009/fs090417.cfm "The Federal Reserve is in the process of acquiring the tools to short-circuit any inflationary consequences of its balance sheet growth." Tues, 8 April 2009 7:00 CST http://dallasfed.org/news/speeches/fisher/2009/fs090408.cfm http://dallasfed.org/news/speeches/fisher/2009/fs090408.cfm "But it is clear to me that in this environment, inflation is unlikely to present a serious threat given the pervasive bias in the U.S. economy toward wage cuts and freezes, rising unemployment, the widespread loss in wealth that has resulted from both the housing and equity market corrections, continually declining consumption and business investment, and the anemic condition of the banking and credit system, all of which reinforce downside price pressures in a global economy groaning with excess capacity." Fri, 27 March 2009 9:45 CST http://dallasfed.org/news/speeches/fisher/2009/fs090326.cfm http://dallasfed.org/news/speeches/fisher/2009/fs090326.cfm "Here is a take-home quote from Charles Mackay's classic tome Extraordinary Popular Delusions and the Madness of Crowds, written in 1841: 'Men think in herds... [and] they go mad in herds.' Just as the astute investor should have resisted joining the thundering herd's mad euphoria, I suggest you resist joining in the current stampede of despair." Tues, 4 March 2009 10:45 CST http://dallasfed.org/news/speeches/fisher/2009/fs090304.cfm http://dallasfed.org/news/speeches/fisher/2009/fs090304.cfm "If, in the process of doing what is right and proper by confining its activity to its singular purpose, the Federal Reserve becomes a 'nuisance,' so be it. The Fed under Paul Volcker's leadership was certainly a 'nuisance,' but you would be hard-pressed to find anyone alive today who would argue the fact that the Volcker Fed pulled the nation from the precipice of economic calamity. It is important that the Federal Reserve be left to do its job and no more." Mon, 23 February 2009 17:00 CST http://dallasfed.org/news/speeches/fisher/2009/fs090223.cfm http://dallasfed.org/news/speeches/fisher/2009/fs090223.cfm "It may seem like the stuff of the wildest dreams to imagine our getting ourselves out from our current nightmarish predicament. But I believe we can and we will. We are Americans. I believe deep in my soul that when put to the test, Americans rise to the occasion no matter how great the challenge. We have done it time and again. We have no choice but to do it once more, now." Mon, 9 February 2009 19:30 CST http://dallasfed.org/news/speeches/fisher/2009/fs090209.cfm http://dallasfed.org/news/speeches/fisher/2009/fs090209.cfm "Our senators and congressmen and -women must find a way to give our economic engine an activating short-term jolt without encumbering or disincentivizing the entrepreneurial dynamic that has made for the long-term economic miracle that is America." Thurs, 18 December 2008 12:30 CST http://dallasfed.org/news/speeches/fisher/2008/fs081218.cfm http://dallasfed.org/news/speeches/fisher/2008/fs081218.cfm "We are the nation's central bank and we are duty bound to apply every tool we can to clean up the mess that has soiled the face of our financial system and get back on the track of sustainable economic growth with price stability. The men and women of the Federal Reserve spend every waking hour doing their level best to perform their duty. Even if we have to deploy a little Rube Goldberg engineering to get the task done." Tues, 4 November 2008 9:45 CST http://dallasfed.org/news/speeches/fisher/2008/fs081104.cfm http://dallasfed.org/news/speeches/fisher/2008/fs081104.cfm "Despite the efforts of the Fed, the hope that comes with a new presidency, and what will hopefully be responsible and carefully calibrated fiscal initiatives for the Congress, I believe we have an epic challenge ahead of us. We are navigating the mother of all financial storms. We will certainly come out of it with a lesser number of ships than we entered it with, for we cannot and should not 'relieve the rashness of distress that financiers' and other imprudent decisionmakers 'have brought upon themselves.'" Thurs, 4 September 2008 12:40 CST http://dallasfed.org/news/speeches/fisher/2008/fs080904.cfm http://dallasfed.org/news/speeches/fisher/2008/fs080904.cfm "While it seems pretty clear that economic momentum is slowing, the jury is out on whether lesser momentum will be sufficient to translate into relief on the price front over the intermediate to longer term. In East Texas parlance, 'it might could but it mightn't'; it most definitely has not thus far." Tues, 19 August 2008 9:00 CST http://dallasfed.org/news/speeches/fisher/2008/fs080819.cfm http://dallasfed.org/news/speeches/fisher/2008/fs080819.cfm "The earnest men and women who make up the FOMC have no intention of squandering the bedrock capital of a central bank: the confidence the public places in our hands to keep inflation at bay while we work to bolster economic growth and restore the financial system." Mon, 18 August 2008 20:00 CST http://dallasfed.org/news/speeches/fisher/2008/fs080818.cfm http://dallasfed.org/news/speeches/fisher/2008/fs080818.cfm "In contemplating China, we need to look past carefully crafted images and deepen our understanding of her national interest. Failure to do so will be perilous." Wed, 28 May 2008 20:00 CST http://dallasfed.org/news/speeches/fisher/2008/fs080528.cfm http://dallasfed.org/news/speeches/fisher/2008/fs080528.cfm "Even the perception that the Fed is pursuing a cheap-money strategy to accommodate fiscal burdens, should it take root, is a paramount risk to the long-term welfare of the U.S. economy. The Federal Reserve will never let this happen. It is not an option. Ever. Period."