Richmond Fed president Lacker may have been critical of some of the Fed’s recent actions but he endorses the move of slicing the Fed funds rate saying it was the right thing to do. He said it is not useful to “pitter-patter” around, saying it was better to go all the way.

Lacker does not buy into the idea of lettuing bankruptcy judges alter the terms of mortgage contracts, calling the idea “somewhat perverse.” Couldn’t agree more.