The quote, again, for those who missed the headline, is:
- My long-standing belief is that the Federal Reserve should never enact such asymmetric policies to protect stock market traders and investors. I believe my FOMC colleagues share this view.
Oh, so 3 years after doing everything in their power to "protect" the dumbest momos ever conceived, spawning countless newsletters and twitter services that believe they provide value but merely fool others into chasing momentum, the Fed gets religion?
No thanks Dick, please Fed continue protecting stock traders: that way when you finally blow up you will take every idiotic, momentum chasing Tom, Dick and Harry with you.
And the other notable quotable:
I think I have made it pretty clear today that I believe what is restraining our economy is not monetary policy but fiscal misfeasance in Washington. We elect our national leaders to safeguard our country. An integral part of that consists of safeguarding the nation’s fiscal probity. Pointing fingers at the Fed only diminishes credibility?the ugly truth is that the problem lies not with monetary policy but in the need to construct a modern, appropriate set of fiscal and regulatory levers and pulleys to better incentivize the private sector to channel money into productive use in expanding our economy and enriching our people. Only Congress, working together with the president, has the power to write the rules and provide the incentives to correct the course of the great ship we know and love as America. I hope you, as the voters who put them in office, will demand no less of them.
Get that: it is not the Fed's fault the economy is imploding. it is all Obama's fault. At least according to the Fed.
Dick's full speech can be found here.