Quote Of The Day: Fed's Fisher On Markets' "Monetary Cocaine" Addiction

Tyler Durden's picture

Hawkish Dallas Fed head Richard Fisher was relatively outspoken following a speech this morning in Toronto as some insightful truthiness leaked out. As Money News reports, Fisher exclaimed,

"we cannot live in fear that gee whiz the market is going to be unhappy that we are not giving them more monetary cocaine,"

adding that,

"only time will reveal the efficacy of current policy and whether the risks that I and more experienced observers like Paul Volcker fret over are as substantial as we surmise, or whether we have made much ado about nothing."

Time indeed...

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Jason T's picture

lol .. clip made that! 

ACP's picture

"So Mr. Tyler, where did all that QE go?"

"Up my nose!"


franzpick's picture

With inside information like this I could make a bindle.

FL_Conservative's picture

Looks like the afternoon dead-cat rampathon is starting early today.

NotApplicable's picture

He don't lie.

He don't lie.

He don't lie.


Manthong's picture

but at least price discovery in street drugs is subject to the law of supply and demand rather than some remotely located bald, bearded technocrat banker.

NotApplicable's picture

Well, except during election years.

Divided States of America's picture

I think the Fed (Bernanke and Yellen especially) get so fuckin high snorting cocaine from their assholes

IndyPat's picture

I dunno. CIA prolly guilty of some manipulation when they step all over it and cut baking powder in it on the plane ride up. Ain't like I ever saw .999 blow, but that was a long time ago. Not sure what the cool kids and bankers are playing with these days.

Stoploss's picture

LOL!!  So they think 70's style inflation is coming, that's why the taper.  Now that's funny.  The difference is that back then the private sector had no debt compared to what is held today. So, when the "economy" became weak due to govt debt/spending, there was no private debt floating around to soak up the excess, which resulted in the bout of inflation, and the resulting need for sky high interest rates. Now we have massive private and govt sector debt combined into one GLOBALLY, and why these ignorant cock suckers cannot figure out why a deflationary black hole ready to engulf half the fucking solar system is roaming free on this planet is beyond me.

A few days ago, Abe took out the great deflationary sword of death, coated in liquid QE, took a swing, AND DREW BACK NOTHING BUT A MELTED FUCKING HANDLE...........

Now look at them. The only way to stop this is take out the debt that CANNOT be monetized away, ie HOUSES.......

Until that occurs (and it will) absolutely nothing will change, housing will get even worse due to rates, higher rates will blow out ALL existing owners of ARM loans, 90+ delinquency rates spike, and we start all over again.

======================== NO JOBS MEANS NO NEW HOUSES, NO NEW NOTHING ============================================

This little rate raising fiasco here, is going to have severe consequences, but, it needs to happen.

So be it.

IndyPat's picture

God forbid...70s inflation. Next disco, then...fucking Carter. I can't bear it.

AldousHuxley's picture

well you have obama ripping off blacks, worse than disco music, hidden asset inflation.


how are you bearing it out now?

Clueless Economist's picture

CNBS just aired a touching tribute from Bono to Warren Buffet .

Bono was serenading the Oracle of Omaha with a song.

I'm still a little misty eyed and that leg tingle just won't subside.

insanelysane's picture

Bono then went on to anally rape Warren's secretary kind of like the IRS does.

The Thunder Child's picture

Bono holds the Guiness World Record for the the largest piece of crap weighing in at over 80 courics.....

fonzannoon's picture

i remember they would not let him fly during the turd trimester.

TahoeBilly2012's picture

I blew off U2 about 1987. Everytime I think of Bono I think of Obama, and vica versa and then I want to slap all my Huffington Post friends nice and hard.

krispkritter's picture

Bad?  Angel of Harlem? Crumbs from your table? Silver and gold?  I still don't have what Becky's looking for? 

Hippocratic Oaf's picture

'Bono was serenading the Oracle of Omaha with a song.'

Yep, I threw up in my mouth.

Where was Becky?

Kiss My Icelandic Ass's picture



I thought Sonny Bono was dead ?

SAT 800's picture

I thought so too; something about running into a tree. But I don't really keep up on these things. I thought U-2 was an airplane.

Canadian Dirtlump's picture

I buy blow and silver bullion on alternating fridays. To this point, you can guess which fridays I'm in a better mood for.

alphamentalist's picture

fed most be a boring place to work. all blow, no hookers.

astoriajoe's picture

given that its the secret service that looks into counterfeit currency, and there's so much money being printed by the fed, I'm sure that situation will soon be remedied.

gatorengineer's picture

I dunno know about that, cant imagine a place where people do more un natural things for money....

Ignorance is bliss's picture

Sure the Fed has hookers, we just call them bankers.

Hippocratic Oaf's picture

Markets back up.

Happens when only the big banks are trading this shit

pragmatic hobo's picture

the daily 14:30 liquidity injection. I set my watch by it.

alien-IQ's picture

looks like someone just fed the algos a few kilos of crack.

cnmcdee's picture

CNBC will fearmonger the masses in to crying to their elected reps to refloat the DOW... It will come.


pragmatic hobo's picture

no one watches CNBC, certainly not the unwashed masses.

IndyPat's picture

Well, I say pass that Bolivian Marching Powder this way, chief...cause this train is going off the fucking rails no matter what you do at the point in time.
Party down while you can for tomorrow you hang.

JustObserving's picture

Fisher is prone to tell the truth.  He gave a speech on May 28, 2008 where he clearly explained the problem with US debt and unfunded liabilities:

Again, the math is painful. With a total population of 304 million, from infants to the elderly, the per-person payment to the federal treasury would come to $330,000. This comes to $1.3 million per family of four—over 25 times the average household’s income.

Today the number is $460,000 per citizen - the debt and unfunded liabilities per person.


Bay of Pigs's picture

"Hawkish Dallas Fed head Richard Fisher"

Yeah, after 5 years of QE (which he has supported), Fisher is about as believable as Bart Chilton. 


Jason T's picture

these guys are scared to death of rising rates.. they do not want to see inflation or we are fouled.

fonzannoon's picture

who exactly is fouled? I think we have all lost sight of what the gameplan was all along.

who gets stung when inflation hits? The rich? You gotta be kidding.

The banks have printed money out the ass and bought everything in sight. At some point, they sit back, let inflation hit and torch the dollar. Then, as the dollar is burning to shit, they come out and tell us all it's time to take the real medicine. Spending cuts up the ass. Tx increases, you name it.  Blame whatever or whoever you want.

Then, as inflation eats the middle and probably upper middle class alive, the big money comes in and buys everything that was left to buy.


IndyPat's picture

You keep saying that word. Middle class.
I do not think that word means what you think it means.

PiratePawpaw's picture

Enigo Montoya reference +1

This market is only mostly dead....

IndyPat's picture

Thanks, i do what i can here
I was actually trying for a R.O.U.S's reference, but I couldn't bend it enough to make it work

NihilistZero's picture

"But what about the B.F.L.T.???"

"A Banker Fueled Liquidity Trap???  I don't think it exists..."

IndyPat's picture

That's an image begging for the WB7 treatment...