One of the more hawkish members of the FOMC is on the wires defending the Fed’s move to quantitative ease. Dallas Fed chief Fisher says the Fed learned lessons from the US in the 1930s and the Japanese in the 1990s and applied them in their latest monetary moves. He sees a huge drop in GDP in Q3 of between 4-5% and sees a slow 2009. All eyes are on the Obama stimulus package, he says.