- Ineffective, counterproductive US government ‘hog-tied’ the US economy
- Says government shortcomings countered by Fed’s pro cyclical policy
Newswire headlines
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Fisher says his views expressed in his speech are his own. There’s nothing of news in his comments, he isn’t saying anything the market doesn’t already know. But … wow … scathing comments.
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ADDED: the Australian Financial Review (gated) carries more: Fed’s Fisher lambasts ‘counterproductive’ US government
- “I say that the economy of the United States is hog-tied by a government that is sadly ineffective and, in fact, counterproductive,”
- “We have a government that hasn’t been able to agree on a budget in five years; that has historically, under both Republican and Democrat presidents and Congresses, spent money and committed itself to fund long-term programs without devising revenue streams to cover current costs or fund future liabilities.”
- “In short, while the Fed has been moving at the speed of a boomer in full run, the federal government of the United States has at best exhibited the adaptive alacrity of a koala.”
Hard to disagree with Fisher. But … don’t dis the koala, Dick. K?
ADDED – ungated recap from Reuters
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ADDED - more comments from Fisher, here
