I found this WSJ headline “hilarious”

Fed’s Fisher Used Market Experience to Warn FOMC in 2007“:

One of Richard Fisher‘s defining features during his seven years at the Federal Reserve is his status as one of the very few American central bankers who has actually worked in financial markets.

This background gave the president of the Federal Reserve Bank of Dallas a unique window onto what was happening to the financial system before the 2008 crisis. And according to transcripts from the 2007 meetings of the Federal Open Market Committee released Friday, it appears to have contributed to his becoming one of the first FOMC members to openly worry about the brewing problems on Wall Street.

In 2007 Richard Fischer was just a “bystander”, i.e. he didn´t vote, just “talked”.

But the following year, 2008, as voting member  he dissented (towards “tightening”) in all FOMC meetings between January and August.

Just goes to show that having financial markets savvy doesn´t make you a “better” central banker!

About these ads

One thought on “I found this WSJ headline “hilarious”

  1. I suspect Richard Fisher has the Dallas Fed PR staff working full-time to rehabilitate his image.

    Fisher—oh, don;t get me started. Suffice it so say he went to Japan to warn them about the “rot” and perils of inflation. In 2009.

    Fisher also went super-short on the stock market at the last market bottom (the S&P has been roughly rising ever since). Fisher going super-short was a classic and secular “Bull” signal.

    As long as Fisher is warning against inflation, we know we do not have to worry.

    If ever Fisher says, “The inflation threat is over,” then expect hyperinflation.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s