Dallas fed's fisher: Fed has been `source of fuel' for recovery (1 Viewer)

dapperdan

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Wow...coming on the heels of Bernanke's testimony yesterday, where Bernanke pretty much crossed over the line and politicized Fed policy:
I think Bernanke broke the “rules” today. He was very clear in making recommendations about what Congress should do with the sequestration. Ben’s very public position comes three days before cuts are due to hit. I’ve not seen a Fed head do this before; we’ll see if the Chairman’s words alter the outcome.

For sure, he has thrown his (and the entire Fed’s) hat in this ring. He is taking the side of the Administration. For that he is going to take political heat. He deserves the heat – Ben’s meddling where he shouldn’t.
Bernanke - Spend More, I'll Buy The Bonds! - Bruce Krasting

we now get comments coming from Dallas Fed Chairman Dick Fisher:

“We have been the source of fuel for whatever recovery we have had, but I think there are limits,”
“It’s because of the uncertainty and the fog that’s been created by fiscal authorities,” Fisher said. “People don’t know what their tax bill is going to be, what their cost factors are going to be, how government spending’s containment is going to affect their customers or them directly.”
Fed's Fisher Urges Tapering Bond-Buying on Limitations - Bloomberg

When Fisher says "We [meaning the Federal Reserve] have been the source of fuel for whatever recovery we have had", he's simultaneoulsy saying that fiscal policy has been totally ineffective.

Paging Gene Sperling...30 minute expletive filled phone call to Dick Fisher to begin in 3,2,1...
 

ArmoredNOSaint

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And the U.S. economy is showing signs of breaking down after being fed too many jelly donuts over the past four-plus years. The Fed is out of silver bullets and neither Congress nor the Obama administration have the slightest clue on how to move forward.
 

DaveXA

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That the Fed has been propping up our economy ever since the bank and auto rescues is common knowledge I would think. I LOL every time I hear someone saying China is propping up their economy by manipulation their currency when we're pretty much doing exactly that.

I have a healthy distrust of the Fed and I think they're in cahoots with the banking industry, which isn't all that surprising considering how the Fed came into existence years ago.
 

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