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Dallas Fed's Fisher Says Will Dissent To Any Further Quantitative Easing Decisions

Tyler Durden's picture




 

Dallas Fed's Richard Fisher, who despite his recent quite vocal disagreement with Fed policies (Dallas Fed's Fisher Stunner: Admits Worries Fed Has Created Nothing But Bubbles), yet who conveniently forgot to dissent with the decision to continue the status quo at the latest FOMC committee, thereby making the current batch of hawks even more useless than the previous one (at least back then Hoenig had the guts to put his dissent where his mouth was) is once more on the tape, and following last week's announcement by the Dallas Fed president, was once again caught stating that he will not support further Fed accommodation and he will dissent with further QE decisions. At this point it is mostly theatrics. Should there truly be more QE, as Ben Bernanke implied may be the case during last week's Press meeting, then watch oil, commodities and those pesky precious metals quickly ground any such ambitions.

Just Bloomberg headlines for now:

  • FISHER SAYS HE'S NOT LIKELY TO SUPPORT FURTHER ACCOMMODATION
  • FISHER SAYS HE WILL DISSENT ON ANY FURTHER QUANTITATIVE EASING

We'll see just how much he dissents in April/May when the next push for QE3 begins in earnest. Remember: the only thing that matters for Bernanke is the $4 trillion in debt that has to be somehow floated (read monetized) over the next two years. Everything else is completely irrelevant.

 

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Mon, 02/07/2011 - 14:36 | 941006 bugs_
bugs_'s picture

cease and desist

Mon, 02/07/2011 - 14:50 | 941037 william the bastard
william the bastard's picture

Good for him. I dissent too.

Mon, 02/07/2011 - 14:48 | 941038 cougar_w
cougar_w's picture

cease and desist

Not a slim chance of that. No chance of any kind, no way, no how.

Painted into a corner and then nailed there, super glued and hog-tied. Then walled off in the corner in a box of 6 inch plate steel. Wrapped in duct tape.

No way out now. It's the QE corner 4 evar or utter global financial annihilation.

And we can't have that. No sir.

Mon, 02/07/2011 - 14:56 | 941049 Hephasteus
Hephasteus's picture

Texas won't integrate identity with US. It's just that simple.

Indians in Oklahoma sued minister of interior for stealing 3.5 billion dollars from them on lumber and other resource deals. They are starting nations back up I bet. Black people are setting up farm co-ops here. I'd join them and farm if I wasn't half dead anyway.

Mon, 02/07/2011 - 15:00 | 941053 william the bastard
william the bastard's picture

I hear you can bury your gold on Indian lands at far better rates than banks charge for safe deposit boxes.

Mon, 02/07/2011 - 14:41 | 941018 thepigman
thepigman's picture

Fisher is not happy with the bubble

and the implosion of the bond market

due to the bubble.

Mon, 02/07/2011 - 14:42 | 941019 Bam_Man
Bam_Man's picture

If the Fed wishes to maintain the illusion of its "political independence", the quantitative easing will have to end fairly soon.

That's when things will get interesting.

Mon, 02/07/2011 - 14:42 | 941021 carbonmutant
carbonmutant's picture

This market has no fear...

Mon, 02/07/2011 - 14:52 | 941044 cougar_w
cougar_w's picture

The market had it's brains blown out sometime around 1985. Since then, no fear.

Mon, 02/07/2011 - 15:22 | 941109 Bam_Man
Bam_Man's picture

October 19, 1987 to be precise.

Mon, 02/07/2011 - 15:37 | 941138 whatsinaname
whatsinaname's picture

Wrong Cougar and Wrong Bam. It happened and started in 1982. Thats when the 401k programs started and the middle class started delving in stocks via the benevolent mutual fund industry !! Check what the Dow has done after 1982 on a linear scale...

Mon, 02/07/2011 - 17:08 | 941414 snowball777
snowball777's picture

+3% Company Match

Mon, 02/07/2011 - 14:44 | 941024 Arius
Arius's picture

so, what does that change???

the guy is a waco anyway....you go Benny!!!

Mon, 02/07/2011 - 14:44 | 941025 Jason T
Jason T's picture

he's the guy who told us last april that the fed would not monetize debt and he didn't know how to make it more clear to us children. 

 

 

Mon, 02/07/2011 - 14:56 | 941050 Bay of Pigs
Bay of Pigs's picture

Exactly. Much like Hoenig's Good Cop/Bad Cop routine with Bernanke.

With all due respect, Fisher is full of shit.

QE will not end, and the debt ceiling is going up. Buy gold and silver.

Mon, 02/07/2011 - 15:00 | 941054 Jason T
Jason T's picture

I own it!  Will be a gorilla gardener too.

Mon, 02/07/2011 - 15:01 | 941060 william the bastard
william the bastard's picture

QE will end and you be left holding the same shit you say Fisher's full of.

Mon, 02/07/2011 - 17:10 | 941419 KickIce
KickIce's picture

Too late.  Doesn't matter at this point; it will end - either forced or voluntary.  Either way we go over the cliff when it does.

Mon, 02/07/2011 - 19:19 | 941757 Bay of Pigs
Bay of Pigs's picture

Glad to see our resident gold troll here today. What name will you be next week GoldenMiddleFinger?

Mon, 02/07/2011 - 15:36 | 941135 Hephasteus
Hephasteus's picture

Ya but did it convince you stop buying gold and silver. The only measure of sucess in american economics.

Mon, 02/07/2011 - 14:46 | 941026 disabledvet
disabledvet's picture

actually QE is now causing prices to fall...as per Japan in which the Bernank is an expert on.  Which of course demands more QE...such that...prices fall further...which demands more QE...Get it?  In fact there is a logic.  Think "Judge Roy Bean" meets "monetary policy."  In other words don't ask me how the law applies when my job is to apply the law.  Now it says here it's hangin' time!

Mon, 02/07/2011 - 14:45 | 941029 taint
taint's picture

there's a typo in there...I believe the quote was

 

He's not likely to not not further support unaccommodation, not.  

Mon, 02/07/2011 - 15:14 | 941090 cougar_w
cougar_w's picture

Cut the Gordian not

Mon, 02/07/2011 - 14:47 | 941032 tecno242
tecno242's picture

They just need a constant dissenter to keep the commodity specs guessing so that they don't go instant parabolic.

The "Dissenter" is planted and planned.

Mon, 02/07/2011 - 14:47 | 941034 Piranhanoia
Piranhanoia's picture

Someone called about his monkey being held in lieu of correct groupspeech, goodthink,nicetalk

Mon, 02/07/2011 - 14:48 | 941036 buzzsaw99
buzzsaw99's picture

the 12 fed tribes will follow moses bernanke or be turned into lepers.

Mon, 02/07/2011 - 14:52 | 941045 ptoemmes
ptoemmes's picture

Just an FYI...hopefully the link will work as copied below.

The Man Who Said No to Easy Money

Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, Mo.

http://www.time.com/time/magazine/article/0,9171,2046036,00.html

Mon, 02/07/2011 - 14:58 | 941051 km4
km4's picture

>Remember: the only thing that matters for Bernanke is the $4 trillion in debt that has to be somehow floated (read monetized) over the next two years. Everything else is completely irrelevant.

Gives whole new meaning to whatever floats your boat and we're in good hands with The Ben Bernank at the helm of the U.S.S. Titanic ;)

 

Mon, 02/07/2011 - 15:02 | 941058 Cash_is_Trash
Cash_is_Trash's picture

At this point it is mostly theatrics

Tyler is spot-on. The debt must be monetized so the USA doesn't look insolvent.

These crude "theatrics" reiterate the main points stating that the country is bankrupt.

Will QE III be explicit or simply a stealth continuation? How will we know?

Mon, 02/07/2011 - 15:01 | 941061 billhilly
billhilly's picture

Big F#*kin Whoop.  They have to have at least a single dissenter to remain minimally credible just like they have to have one or two days a year where the stock market goes down.  More BS to wade through....good thing I have bullets, bullion and BOOTS!

Mon, 02/07/2011 - 15:06 | 941071 samlowrey
samlowrey's picture

All those in favor of QE3 signify by saying "aye".

aye

aye

aye

aye

aye

aye

aye

aye

aye

aye

aye

Dallas FED: arrrrrrrg

Motion passes......

Mon, 02/07/2011 - 15:08 | 941075 Me XMan
Me XMan's picture

HAHAHAHA! QE3 passed.

Mon, 02/07/2011 - 15:14 | 941089 wisefool
wisefool's picture

Count Dooku says what?

Mon, 02/07/2011 - 15:40 | 941149 Hephasteus
Hephasteus's picture

Who shot JR. Nobody knows. I forgot.

The dallas fed can stop QE-3 remember the alamo!!!

Sell your gold before one rogue Central Bank put's it's foot down.

Bernanke's mom storms one of his speaches and twists his ear and tells him to stop counterfeiting.

All good reasons to sell your gold and silver. Now get to it.

Mon, 02/07/2011 - 15:46 | 941172 SilverIsKing
SilverIsKing's picture

FYI - CNBS segment/discussion on Silver at 3:10pm EST

Mon, 02/07/2011 - 16:53 | 941364 gwar5
gwar5's picture

Dallas doesn't count. It only counts if somebody from the FRB New York says something. They won't.

Mon, 02/07/2011 - 18:48 | 941682 Rainman
Rainman's picture

Excellent insight. NYFED is the underboss. Many ponzi ops stationed there. Many dead bodies buried there.

Mon, 02/07/2011 - 17:37 | 941507 lesterbegood
lesterbegood's picture

The Fed is Dead.

Like a zombie stumbling around the corporate graveyard, while those decent people who wish to hasten its burial, ply the shovel vigorously digging graves for the zombie to stumble into.

Got lots of MBS for backfill, as well as other paper trash.

Gotta backhoe?

Mon, 02/07/2011 - 18:07 | 941581 blunderdog
blunderdog's picture

I guess I agree with the guy, but I'd never trust a Dick Fisher.

Tue, 02/08/2011 - 01:52 | 942320 aka_ces
aka_ces's picture

Fisher interviewed today on the Dallas NPR station, KERA --

http://podcastdownload.npr.org/anon.npr-podcasts/podcast/77/510036/13357...

 

Tue, 02/08/2011 - 03:03 | 942349 mackdmorris
mackdmorris's picture

It doesn't matter if one or two dissent they don't need a unanimous decision - QE3 will still pass.

Aug 10, 2010 - Hoenig voted against ZIRP but it didn't matter.

http://www.federalreserve.gov/newsevents/press/monetary/20100810a.htm

Tue, 02/08/2011 - 10:50 | 942765 oh_bama
oh_bama's picture

That is why he is not the chairman. Can he see how successful the QE is?

 

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