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Fed's Fisher Tells The Truth

Tyler Durden's picture




 

Some brutal truth from the Dallas Fed's Fisher

  • FISHER SAYS THERE IS `PRICE' FOR `TINKERING' MORE WITH POLICY (about $1MM per FOMC Member)
  • FISHER SAYS THINGS WILL BE WORSE IF FED JUST PRINTS MORE MONEY (there is no money printing... the Chairsatan said so)
  • FED'S FISHER SAYS `MONETARY POLICY HAS EXHAUSTED ITSELF (but the Chairsatan just said the Fed is prepared to confirm its madness by doing for the third time what failed twice already)

Ignore the second bullet point: according to the Fed Chairman and chartalists it is all just an asset swap. "There is no money printing" is what one hears all day long after all. Or wait, maybe someone else is confused, and perhaps Fisher is actually telling the truth. Oh well, semantics. Either way, Fisher's pink slip is in the mail.

 

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Wed, 07/13/2011 - 13:59 | 1452780 j0nx
j0nx's picture

What is this shit? Good FED bad FED? Believe nothing that these cretins say.

Wed, 07/13/2011 - 14:02 | 1452791 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

It's tradition.

Wed, 07/13/2011 - 14:05 | 1452803 DosZap
DosZap's picture

It's all good.

The Bernake said they have not spent any money, they have made money.

128 Billion, on a 500 Trillion investment...........

For what assets of equal or greater value?.

Hell of a deal.

Wed, 07/13/2011 - 14:24 | 1452852 66Sexy
66Sexy's picture

As long as he is the lone madman, we will get QE and debt ceiling raised..

His majesty said no debt ceiling raise, is like spending spree and not pay bill.

This 'Fisher' is clearly a terrorists. Incarcerate the usurper!

We must keep the uneducated and unindoctrinated lunatics and conspiracy theorists in a vacume and under control.

lunatics that read independent blogs and buy silver.

Wed, 07/13/2011 - 15:39 | 1453217 JW n FL
JW n FL's picture

everything you just said gave Law Enforcement Probable Cause to Search You and Your Surroundings.. You Sir are a Home Grown Terrorist! The FBI / TSA are training Local Law Enforcement how to deal with you Americans who believe in the "Constitution of the United States".. expect an updated Constitution more in line with the Procedural Process Exercised by the Judicial.

Wed, 07/13/2011 - 15:41 | 1453228 JW n FL
JW n FL's picture

Have a Political View? Share this view on Twitter or Blog? **YOU!** are a Terrorist PER Homeland Security http://goo.gl/0YRnN See Link(s) and Official Report(s).

Wed, 07/13/2011 - 14:08 | 1452808 Careless Whisper
Careless Whisper's picture

Yes, it's tradition and it's also one big ponzi scheme by the banking cartel federal reserve.

It's sort of like a convicted ponzi schemer bidding on his own assets, at autcion, when they get auctioned to pay the victims. Oh wait, that really happened today.

http://www.lohud.com/article/20110713/NEWS01/107130341/North-Salem-s-Pau...

North Salem's Paul Greenwood bid on his own seized items at auction
Wed, 07/13/2011 - 14:07 | 1452813 Dr. Richard Head
Dr. Richard Head's picture

Tradition can be transitory.

Wed, 07/13/2011 - 14:20 | 1452869 Sudden Debt
Sudden Debt's picture

they make teeth from traditions.

 

Wed, 07/13/2011 - 14:09 | 1452817 Cognitive Dissonance
Cognitive Dissonance's picture

It's world class financial tennis at its best.

Or Ping Pong when the Chinese finally take over.

Wed, 07/13/2011 - 15:30 | 1453183 francis_sawyer
francis_sawyer's picture

Played with the sophistication of an Atari PONG system...

Wed, 07/13/2011 - 16:13 | 1453364 Tim White
Tim White's picture

Where's Forest Gump when you need him?

Wed, 07/13/2011 - 14:16 | 1452858 digitlman
digitlman's picture

If I was drinking milk, it would spit out my nose at that.

Wed, 07/13/2011 - 14:26 | 1452868 depression
depression's picture

Hang on just one second now, no one said anything about printing money !

Exchanging worthless USD currency for worthless Uncle Sam IOU's is a wash.

Fishcher is a loudmouth nitwit who skipped math in college, $0 = $0 dumbass.

Wed, 07/13/2011 - 15:45 | 1453238 JW n FL
JW n FL's picture

http://www.youtube.com/watch?v=G_DV54ddNHE

Nothing from Nothing leaves Nothing!

Wed, 07/13/2011 - 17:57 | 1453831 Live_Free
Live_Free's picture

+1582.60

Wed, 07/13/2011 - 14:15 | 1452854 Sgt.Sausage
Sgt.Sausage's picture

Shutup and eat yer danged peas, ferchrissake!

Wed, 07/13/2011 - 15:33 | 1453190 francis_sawyer
francis_sawyer's picture

They haven't told you the punchline yet...

You're gonna have to eat your peas with chopsticks...

Wed, 07/13/2011 - 15:33 | 1453191 francis_sawyer
francis_sawyer's picture

lefthanded...

Wed, 07/13/2011 - 15:00 | 1453038 slaughterer
slaughterer's picture

Fisher will always vote with Ben.  His public statements mean nothing.  He is just the "hedge" to today's Bernanke "dovish surprise" in case Bernanke has to flip flop. 

Wed, 07/13/2011 - 14:00 | 1452782 Mongo
Mongo's picture

What does it matter what Fischer says? The Bernank couldn't care less!

Wed, 07/13/2011 - 14:00 | 1452783 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Bernanke can not be as dumb as he looks.  He must be acting like a gimp like Kaiser Soze while he carpet bags the world.

Wed, 07/13/2011 - 14:47 | 1452976 NOTaREALmerican
NOTaREALmerican's picture

There's only 3 possibilities:

1)  He's a sociopath working for the nobility that owns the country.

2)  He's a true-believer in a failed economic religion.

3)  He knows there's no solution but is doing anything he can to postpone the inevitable.

 

Personally,  I think it's number 2.

Wed, 07/13/2011 - 14:52 | 1453002 johny2
johny2's picture

number 3. but it is the same result anyway.

Wed, 07/13/2011 - 15:00 | 1453036 MachoMan
MachoMan's picture

If you believe it's number 2, then you'll need to come up with a good reason for the bernak jitters...  zealots don't twitch and he ain't going to win an academy award.

Wed, 07/13/2011 - 15:15 | 1453110 stewie
stewie's picture

Since the choices are non-exclusive, I say all of the above, without the sociopath part.

 

Wed, 07/13/2011 - 16:15 | 1453377 Tim White
Tim White's picture

#1 is a given...

Wed, 07/13/2011 - 14:50 | 1452993 TruthInSunshine
TruthInSunshine's picture

Bernank is a bard in lamb coat.

Wed, 07/13/2011 - 14:52 | 1453003 A Man without Q...
A Man without Qualities's picture

There are countless first class academics who are extremely dumb when it comes to understanding the real world.  Part of the reason why they retreated into academia was because they found it too hard to apply their theories to the practical and chaotic.  I often think that Bernanke has a form of Stockholm Syndrome, where he's been kidnapped out of his quiet cosy life at Princeton by a bunch of manipulative money men, who he is utterly reliant upon for confirmation his theories can work in real time.  He seems to get flashes of doubt every time he speaks, like maybe they are using me, but he does not have the strength to break free.

Wed, 07/13/2011 - 15:28 | 1453173 stewie
stewie's picture

+1.  Nice comment.  I tend to agree.  Probably kidnapped by his own greed, since he must have been promised wealth for himself and his family for generations to come.

 

 

 

Wed, 07/13/2011 - 15:38 | 1453216 rufusbird
rufusbird's picture

+1

Thu, 07/14/2011 - 00:00 | 1454989 hamstercheese
hamstercheese's picture

+1, great comment. Can think of others in my personal life who fit this description.

Wed, 07/13/2011 - 14:57 | 1453027 Oh regional Indian
Oh regional Indian's picture

Carpet Bag.

Carpet Bomb.

And that Kaiser Soze movie is a close tie with The Crying Game for Massive Movie TIT. Twist In Tale that is. 

Of course they are all method acting out a script LH. The scouting system we see in major league sports is a pale shadow of the one in place for these POSitions.

The Rhodes Scolarship is the one where they get the Indians. Off to Ox-Ford or Cambridge to get Globalized. It is considered the highest student honour in India.

And there you have it.

ORI

http://aadivaahan.wordpress.com/2011/07/08/july-15th-aug-15th-month-long-window-coming-up-initial-thoughts/

Wed, 07/13/2011 - 14:01 | 1452789 Xibalba
Xibalba's picture

aka. Koch bros

Wed, 07/13/2011 - 14:02 | 1452793 GeneMarchbanks
GeneMarchbanks's picture

Those are Deep Thoughts. Remember SNLs Deep Thoughts?

Wed, 07/13/2011 - 14:05 | 1452801 Cognitive Dissonance
Cognitive Dissonance's picture

I demand we bring back Sniglets. Easy, fun, educational and nutritious to boot.

http://en.wikipedia.org/wiki/Sniglet

Wed, 07/13/2011 - 14:12 | 1452833 fahmahbob
fahmahbob's picture

Indicisajig baby!

Wed, 07/13/2011 - 14:23 | 1452880 Cognitive Dissonance
Cognitive Dissonance's picture
No fair. You must also provide the definition. :>)
http://www.urbandictionary.com/define.php?term=indicisajig You know when your walking down the hall or something, and you bump into someone else, and you do the little dance thing cause you don't know which side to pass on? that's an indicisajig I was in the mall and I did an indicisajig with this girl for an entire minute, it was so awkward.
Wed, 07/13/2011 - 14:30 | 1452915 I Am The Unknow...
I Am The Unknown Comic's picture

I submitted the word "slilch" to Rich Hall to describe the layer of foam and and that who-knows-what it is brown stuff that results from making Nestea.  It didn't make the show. :<(  

However, if I ever hear somebody use the word slilch, I will know they are a fellow ZH'er.  Maybe it could be our code word?

Wed, 07/13/2011 - 14:47 | 1452975 Cognitive Dissonance
Cognitive Dissonance's picture

Now that the code word is settled, what do you propose for the secret handshake and the hand signal?

In fact, didn't Banzai7 work on this a while back?

Wed, 07/13/2011 - 15:39 | 1453218 francis_sawyer
francis_sawyer's picture

Some pencil necks at MIT are working on some HFT algos for indicisajig

Wed, 07/13/2011 - 14:19 | 1452866 GeneMarchbanks
GeneMarchbanks's picture

'Icealanche: The avalanche of ice that occurs when a glass or cup is tipped up to drink the last of the liquid.' 

I wonder if The Bernank has had this happen?

Wed, 07/13/2011 - 14:32 | 1452926 slewie the pi-rat
slewie the pi-rat's picture

don't bogart, gene.  put the freakin bong down before we die laughing...

Wed, 07/13/2011 - 14:06 | 1452807 j0nx
j0nx's picture

"The crows seemed to be calling his name thought Caw" - My favorite Deep Thoughts.

 

Wed, 07/13/2011 - 14:07 | 1452812 buzzsaw99
buzzsaw99's picture

fisher is irrelevant

stocks cannot go down

t-bond yields cannot go up

thus saith the bernank

 

 

Wed, 07/13/2011 - 14:09 | 1452818 km4
km4's picture

Bernanke's ready to ease monetary policy further if the economy weakens

YouTube - The Pusher 

Wed, 07/13/2011 - 14:10 | 1452820 bankonzhongguo
bankonzhongguo's picture

There will be blood.

Wed, 07/13/2011 - 14:11 | 1452827 Atomizer
Atomizer's picture

Hawkish

Wed, 07/13/2011 - 14:11 | 1452828 alien-IQ
alien-IQ's picture

I would NOT want to be on the same airplane as that man any time in the near future.

Wed, 07/13/2011 - 14:21 | 1452874 Doyle Hargraves
Doyle Hargraves's picture

+1 something outta the clinton playbook...

Wed, 07/13/2011 - 14:47 | 1452979 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Speaking of which, if Paul and Waters ever find themselves on the same plane....

Wed, 07/13/2011 - 14:12 | 1452829 Battleaxe
Battleaxe's picture

New Pomo schedule released:

http://www.newyorkfed.org/markets/tot_operation_schedule.html

$14 billion 7/18/11 through 8/8/11.

 

Wed, 07/13/2011 - 14:11 | 1452830 Anjum
Anjum's picture

Actually, its simple really. Since 'gold isnt money' there is no 'printing of money' as gold cant be created on a printer ... ergo, 'asset swap' is simply switching gold bars with tungsten. And since its all 'transitory' what was a lie yesterday is the truth today ... and could be a lie tomorrow !  lol

Wed, 07/13/2011 - 14:12 | 1452831 dbTX
dbTX's picture

I want to be paid with tradition.

Wed, 07/13/2011 - 14:32 | 1452922 Atomizer
Atomizer's picture

+1

Wed, 07/13/2011 - 14:12 | 1452835 Marc45
Marc45's picture

What's with the "Chairsatan" moniker?  I view Bernanke as more of a Santa Claus since he's pretty much responsible for all the money I made in PMs over the past year!

Wed, 07/13/2011 - 14:26 | 1452896 gwar5
gwar5's picture

It's just semantics. The Mayans sacrificed a few young virgins to make their crops grow. Benzebub sacrifices the entire middle class to make the economy grow. Same thing.

Buying PMs opts you out of the ritual sacrifice lottery.

Wed, 07/13/2011 - 15:01 | 1453042 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

That's right.  Semantics....

Saint "Nick"...Little "Nicky"...same dude.

Sacrificing virgins is what Benzebub does!  What is the teen unemployment rate?  Still over 50%?  For how many years.  Poor kids can't buy their Beiber singles.  Poor, poor kids.

Wed, 07/13/2011 - 14:13 | 1452838 lizzy36
lizzy36's picture

Bernanke is not stupid but he is an academic.

He exists in a vacuum. This man missed subprime. He doesn't fully understand securitization and the effect thereof.

Personally the cost/benefit of QE3. Inflation (look at CRB today) vs. growth. is questionable at best.

The amazing thing is if they had allowed a reversion to the mean, and restructuring to take place 3 years ago, we would probably be well on our way to 3%-4% growth.

Wed, 07/13/2011 - 14:18 | 1452864 alien-IQ
alien-IQ's picture

I think that to characterize the cost/benefit of additional QE as "Questionable at best" is quite generous. It merits harsher words. But you get points for diplomacy:-)

Wed, 07/13/2011 - 14:45 | 1452969 depression
depression's picture

Had the exact same thought, lizzy the consumate ZH diplomat !

Bernank the Brilliant: " Let's do the same thing we have done for the last 3 years and expect an entirely different outcome this time ! "

Wed, 07/13/2011 - 14:55 | 1453010 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Academics can be stupid, and people who live in ivory towers are stupid.  He doesn't understand anything except that he needs to keep the ball rolling while his masters get "theirs".  He says he thinks the consumer is rational, but he has irrational policy in place that lets banks create "something" (however real) out of nothing.  He is purposefully acting unrationally to confuse the rational consumer.  He is throwing stones in a glass house.  He knows what he is doing and he does not care.  He is evil.  And yes, evil is stupid.

Wed, 07/13/2011 - 15:10 | 1453080 MachoMan
MachoMan's picture

How do we get 3-4% growth with wage arbitrage and less abundant natural resources?  What is it we're growing?  What are we using to grow?

We would simply be at a different place...  and, likely, a more realistic projection of the future and ability to cope with change...  Although, there is a huge gap between there and 3-4% growth...

Wed, 07/13/2011 - 14:15 | 1452853 carbonmutant
carbonmutant's picture

The Texas version of reality is different from the DC version.

 

Wed, 07/13/2011 - 14:17 | 1452859 RunningMan
RunningMan's picture

How will they do more QE without more debt? This is talking up the markets, nothing more. "Nothing bad will happen, go back to work (sleep)." What about when I open the closet and there really is a monster in there? I keep a baseball bat by my bed. For financial closets, I keep gold.

Wed, 07/13/2011 - 14:21 | 1452876 Laughinggrizzley
Laughinggrizzley's picture

Ben, why do you print money? Ben, why do you bail out TBTF? Why do you bail out foreign countries? Why are you keeping interest rates so low, screwing old savers? Why do you devalue the dollar? Why do you create inflation? It just an old "FED" tradition! (Sing to the tune of the Hank Williams song)

Wed, 07/13/2011 - 14:22 | 1452878 belogical
belogical's picture

It didn't work for the american people, but it sure did bailout the banks, Wallstreet and corporate America. In addition it bought them time. 

Wed, 07/13/2011 - 14:24 | 1452885 Vernon Maxwell
Vernon Maxwell's picture

But...but...the good folks at Naked Capitalism assure me that all is well.  Do you mean to say that maybe there is more to monetary policy than recasting it as a glorified accounting project?

Wed, 07/13/2011 - 15:11 | 1453077 TruthInSunshine
TruthInSunshine's picture

Calculated Risk cracks me up, too. The editor has joined the Jon Hisenrath fan club:

Misc: Greece Downgraded, Did Bernanke shift on QE3?

From Jon Hilsenrath at the WSJ: Bernanke Shifts Tone on Further Policy Easing

Chairman Ben Bernanke acknowledged in his House testimony today that the Federal Reserve might need to take additional steps to ease monetary policy. “The possibility remains that the recent economic weakness may prove more persistent than expected and that deflationary risks might reemerge, implying a need for additional policy support,” he said.

This represents a slight shift in tone for the Fed chairman. In a press conference in June, Mr. Bernanke, in response to a question, laid out what the Fed COULD do if it saw a need to provide more stimulus to the economy. In his testimony Wednesday, he effectively said more stimulus MIGHT be needed, but only under certain conditions, namely persistent slow growth and a slowdown in inflation that again raises the prospect of Japan-style deflation.

This isn't like Jackson Hole last year when Bernanke telegraphed QE2. If this is a shift in tone, it is slight.

 

 

LULZ abound.

Wed, 07/13/2011 - 14:37 | 1452911 slewie the pi-rat
slewie the pi-rat's picture

(but the Chairsatan just said the Fed is prepared to confirm its madness by doing for the third time what failed twice already)

they gotz no choice.  it's been baked in since fuk_u started effecting the econom erections. 
what seems so strange it that we're in a place via the USD, interest rates, and now the re-flattening of the curve, where it wouldn't make sense not to.  reminds me of the first reel of A Perfect Storm.   capitulation to the fact that the financial sector can't handle it.  everybody else is getting ass-raped by the financial sector, so they're all out. 
who ya gonna call?

the leadership sure focused on some amazing "choices" didn't they? 
whatever.

you don't think we're getting too negative about this cartoon bullshit, doya?  what if it works this time? 
hahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha

Wed, 07/13/2011 - 14:30 | 1452914 Sutton
Sutton's picture

"Tinkering"

Please.

What the Fed has done under the  Greenspan/Bernanke regime is the destruction of our free enterprise system.  Avowed Bolsheviks could not have fucked things up more than the Fed.

Wed, 07/13/2011 - 14:42 | 1452949 orangedrinkandchips
orangedrinkandchips's picture

NOW, when this mother fucker ends up in a dumpster the game is over...

Wed, 07/13/2011 - 14:42 | 1452952 banksterhater
banksterhater's picture

Fisher is a double-talking asshole, look how he votes, SHUT HIM UP. Hoenig is the only credible one left. The rest should be in prison.

Wed, 07/13/2011 - 14:42 | 1452953 banksterhater
banksterhater's picture

Fisher is a double-talking asshole, look how he votes, SHUT HIM UP. Hoenig is the only credible one left. The rest should be in prison.

Wed, 07/13/2011 - 14:43 | 1452960 redarrow
redarrow's picture

Asset swap...alright. Its only from more poor starving millions the world over who have to pay for commodities that are priced in dollars. It's all good baby! 

Wed, 07/13/2011 - 14:50 | 1452986 depression
depression's picture

God Bless our beloved reserve currency status is all I can say about that,

now stfu and eat yur daym peazzz

Wed, 07/13/2011 - 14:43 | 1452962 Gold Man-Sacks
Gold Man-Sacks's picture

Long live The Bernank!  He can make you rich enough (in nominal terms, of course) to build a moat to keep out all the peasants!  Just build it now before the dollar completely collapses.

Wed, 07/13/2011 - 14:49 | 1452983 pragmatic hobo
pragmatic hobo's picture

This is why Fisher will never become the "chairman".

Wed, 07/13/2011 - 14:49 | 1452987 jack stephan
jack stephan's picture

Captain Miller: I don't gripe to *you*, Reiben. I'm a captain. There's a chain of command. Gripes go up, not down. Always up. You gripe to me, I gripe to my superior officer, so on, so on, and so on. I don't gripe to you. I don't gripe in front of you. You should know that as a Ranger.
Private Reiben: I'm sorry, sir, but uh... let's say you weren't a captain, or maybe I was a major. What would you say then?
Captain Miller: Well, in that case... I'd say, "This is an excellent mission, sir, with an extremely valuable objective, sir, worthy of my best efforts, sir. Moreover... I feel heartfelt sorrow for the mother of Private James Ryan and am willing to lay down my life and the lives of my men - especially you, Reiben - to ease her suffering."
Mellish: [chuckles] He's good.
Private Caparzo: I love him.

 

Ask me how many bones are in the body, or how many feet are in a mile, how many countries are on this muddy marble, sheesh even chemicals that go in the double helix, but damn i dont count toothpicks

Wed, 07/13/2011 - 15:06 | 1453068 Scroto Gaggins
Scroto Gaggins's picture

Not trying to troll or hyjack but...

Lets say you have some PM's here in the United States, and you were thinking about putting them somewhere "safer"...

How would you go about doing that, and where would you "offshore" them to? 

Wed, 07/13/2011 - 15:16 | 1453116 sbenard
sbenard's picture

Fisher is one of the (few) good guys!

Wed, 07/13/2011 - 15:20 | 1453132 sbenard
sbenard's picture

Serious question:

Is it true that Fisher is on his way out? Or was that just typical ZH humor and hyperbole?

Wed, 07/13/2011 - 15:21 | 1453133 Neezer
Neezer's picture

I think I prefer Geithner's "strong dollar policy" doublespeak to this... It's got more comic effect!

Wed, 07/13/2011 - 15:30 | 1453181 tmftdoyle
tmftdoyle's picture

The comment from the stridently arrogant, bewhiskered narcissist that struck me was not his cluelessness about precious metals being money nor his "factual" rebuttal to the idea that the dollar-destructive nature of Fed policies were the primary cause of higher oil prices but, rather, his complete ownership by the Fed for having contained inflation since the 1980's! So let's see, globalization and technological advancements had nothing to do with it. Truly astounding how utterly ignorant this man is of anything having to do with operative economics in the real world.

Wed, 07/13/2011 - 15:36 | 1453205 virgoorange
virgoorange's picture

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Editorial

Pink Slip Richard Fisher

And his entire Board of Directors

 

Who is Richard Fisher?  The President & CEO of the Dallas Federal Reserve Bank! Why fire Mr. Fisher?  Simple!  You drive down Central from either direction and take the Woodall Rodgers Freeway and start counting the hi-rise building cranes.  I want you to take the Field Street exit and follow the curve to Cedar Springs and my office.  Perhaps your rubberneck is better than mine, but I count 8 hi-rise building cranes, by the time you get to my office.  It is an absolute horse manure deal for there to be 8 hi-rise building cranes in the Central Business District when according to CBRE Richard Ellis we have a 25.7% commercial vacancy rate.  In March, 2001, the Dallas Business Journal had the vacancy rate at 22.7%.  So, Mr. Fisher can’t blame it on timing.

 

Couple a commercial vacancy rate of 25.7% with an unemployment rate of 9.2% as of this morning and Mr. Fisher should be fired for his actions.   Downtown residential real estate seems to be such a statistical can of worms, we won’t even go there, except to say that Robert Schiller is predicting another 25% decline from today’s level.  You might also question the retail vacancy rate, but we can all drive by the empty storefronts, and just who are you going to believe, your own lying eyes, or what the Downtown Dallas.org wants to tell you ?

 

Some would question the efficiency of firing Mr. Fisher, but the bull manure has to stop somewhere.  If he and his entire board is fired, perhaps the other 11 districts will react as positively, and just maybe we can start to turn this economy around.  It is ridiculous to be paid what you are paid on your savings and then drive-by 8 hi-rise building cranes when we already have a 25.7% commercial vacancy rate.  Mr. Fisher should be fired before dark!

 

 

The above is my editorial and I approve what I am saying:  Bulllish Bob Bagley

                                                                                                        Profitabull

                                                                                                        www.bullish.org

                                                                                                        972.BUL.LISH

Wed, 07/13/2011 - 15:36 | 1453207 virgoorange
virgoorange's picture

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Editorial

Pink Slip Richard Fisher

And his entire Board of Directors

 

Who is Richard Fisher?  The President & CEO of the Dallas Federal Reserve Bank! Why fire Mr. Fisher?  Simple!  You drive down Central from either direction and take the Woodall Rodgers Freeway and start counting the hi-rise building cranes.  I want you to take the Field Street exit and follow the curve to Cedar Springs and my office.  Perhaps your rubberneck is better than mine, but I count 8 hi-rise building cranes, by the time you get to my office.  It is an absolute horse manure deal for there to be 8 hi-rise building cranes in the Central Business District when according to CBRE Richard Ellis we have a 25.7% commercial vacancy rate.  In March, 2001, the Dallas Business Journal had the vacancy rate at 22.7%.  So, Mr. Fisher can’t blame it on timing.

 

Couple a commercial vacancy rate of 25.7% with an unemployment rate of 9.2% as of this morning and Mr. Fisher should be fired for his actions.   Downtown residential real estate seems to be such a statistical can of worms, we won’t even go there, except to say that Robert Schiller is predicting another 25% decline from today’s level.  You might also question the retail vacancy rate, but we can all drive by the empty storefronts, and just who are you going to believe, your own lying eyes, or what the Downtown Dallas.org wants to tell you ?

 

Some would question the efficiency of firing Mr. Fisher, but the bull manure has to stop somewhere.  If he and his entire board is fired, perhaps the other 11 districts will react as positively, and just maybe we can start to turn this economy around.  It is ridiculous to be paid what you are paid on your savings and then drive-by 8 hi-rise building cranes when we already have a 25.7% commercial vacancy rate.  Mr. Fisher should be fired before dark!

 

 

The above is my editorial and I approve what I am saying:  Bulllish Bob Bagley

                                                                                                        Profitabull

                                                                                                        www.bullish.org

                                                                                                        972.BUL.LISH

Thu, 07/14/2011 - 01:32 | 1455119 blunderdog
blunderdog's picture

Sorry, Bob, you lost me with the mso-bidi-theme-font:minor-bidi stuff. 

You should find a way to post without alienating your audience--you might have something interesting to say.

Wed, 07/13/2011 - 15:37 | 1453214 I am a Man I am...
I am a Man I am Forty's picture

Unless it comes from The Bernank and Dudley it is meaningless drivel not even worthy of passing along

Wed, 07/13/2011 - 16:17 | 1453380 TruthInSunshine
TruthInSunshine's picture

Recovery Summer(s), bitchez!

Wed, 07/13/2011 - 17:04 | 1453598 AldousHuxley
AldousHuxley's picture

Fisher should just burn it down from the inside and save us all. You can't call this capitalism when you have central planning. But in the meantime, I'm buying calls.

 

To all unemployeed Americans, with your unemployment checks, buy as much as leveraged ETF calls as you can. Fed is going to make you rich!

 

http://www.youtube.com/watch?v=whVf5tuVbus&feature=related

 

23 Things They Don't Tell You About Capitalism

Wed, 07/13/2011 - 21:53 | 1454646 gkm
gkm's picture

Show me Fisher's dissent.  Until then it's all (and probably will be even after) b.s..

Thu, 07/14/2011 - 00:03 | 1454995 hamstercheese
hamstercheese's picture

All I could think of when watching the Bernanke today is if anyone on the Hindenberg took a shit...?

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