Seeking Alpha

Dallas Fed's Richard Fisher offers a counterpoint - sort of - from Charles Evans' dovish view...

Dallas Fed's Richard Fisher offers a counterpoint - sort of - from Charles Evans' dovish view that still more could be done to stimulate the economy. The costs of QE outweigh the benefits, Fisher maintains, but at least the Fed is fulfilling its mandate, more than can be said of D.C. policy makers: "Instead of hammering the Federal Reserve, point your fingers at Congress."
Comments (28)
  • Hitesh Patel
    , contributor
    Comments (314) | Send Message
     
    The blame game begins
    18 Sep 2012, 09:10 AM Reply Like
  • SivBum
    , contributor
    Comments (2029) | Send Message
     
    Criticism is on Fed's money flow had and will go to the rich who does not need it. The middle class and poor have yet to see the trickle down effect.
    18 Sep 2012, 09:12 AM Reply Like
  • noirswann
    , contributor
    Comments (6) | Send Message
     
    The middle class and poor are envious whiners. The rich already finance most of their dole, yet demand more. What possible basis do the poor have to demand still more from the rich?
    18 Sep 2012, 02:19 PM Reply Like
  • kmi
    , contributor
    Comments (4312) | Send Message
     
    There are only two ways that plays out. The rich continue to pay ever more towards the poor's 'dole' as they concentrate more wealth, and suck it up.

     

    The poor vote themselves more 'dole' cause they simply flat out outnumber the rich.

     

    Democracies with extreme income disparities aren't healthy, and they don't stay that way. A healthy, productive, middle class is the hallmark of a healthy democracy.
    18 Sep 2012, 02:25 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4132) | Send Message
     
    Is that you Mitt?
    18 Sep 2012, 02:29 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4845) | Send Message
     
    Let's have some perspective. And some accuracy.

     

    Anything the Fed does to keep the economy on its feet is going to help people in every class. Everyone lives in the same ecosystem. You can disagree with the policy but you cannot say that it is focused on one group exclusively. For example, one could argue that low rates are to boost the real estate market which affects all home owners and employs many middle class workers but that would not be entirely accurate although it is part of the story.

     

    Secondly the gap between rich and poor in the US has to do with capital flow and education levels but more with the latter as capital flows to people with educations. If you want to be poor just don't go to school. The US is an advanced economy that needs knowledge workers by the millions. Knowledge takes education. End of story.

     

    Can we export old school products like textiles, TV's, etc.? NO and NO and NO. We are not competitive for a variety of reasons not the least of which other countries middle class wages are much lower than our middle class wages. Obama's talk of raising exports and driving middle class jobs is high level rhetoric or really just plain BS. If he thinks we are missing out on opportunities to export then he should tell everyone what products he is thinking about and who we export them to. Obama needs the rich versus poor narrative because he needs the distraction from the fact that he really does not have any solutions or even an idea what needs to be done.

     

    As a country we need to raise education levels for skilled workers but we cannot do that when everyone thinks the problem is something or somebody else. But our politicians and press are not interested in solutions.
    18 Sep 2012, 03:06 PM Reply Like
  • blueice
    , contributor
    Comments (3910) | Send Message
     
    Until, Noirswann, when they Occupy their homes..
    18 Sep 2012, 03:49 PM Reply Like
  • Lint
    , contributor
    Comments (391) | Send Message
     
    Politicians buy votes by promising government programs (ie tax money) to these classes..if that's not the largest trickle down experiment in human history, I don't know what is!
    18 Sep 2012, 04:48 PM Reply Like
  • Tony Petroski
    , contributor
    Comments (6373) | Send Message
     
    "...but at least the Fed is fulfilling its mandate..."

     

    The best that can be said is that the Fed is attempting to fulfill its mandate. Congress should act. Remove the mandate from the Fed. While we're at it, do we need all those Federal Reserve Banks with all their staff? After all, this is a period of austerity. Again, Congress, act.
    18 Sep 2012, 09:13 AM Reply Like
  • Larry Smith
    , contributor
    Comments (2692) | Send Message
     
    I would say he is right, the Fed has a mandate to keep a lid on inflation and promote full employment, they have used the tools they have to try and accomplish this. You might disagree with their approach, but they have actually made an effort. Congress on the other-hand, has done nothing.
    18 Sep 2012, 09:14 AM Reply Like
  • The_Hammer
    , contributor
    Comments (4298) | Send Message
     
    The Fed has been the biggest enabler of this reckless binge spending. These people are members of the corrupt banking cartel. In the end their allegiance is to the Banksters.
    18 Sep 2012, 09:14 AM Reply Like
  • davidingeorgia
    , contributor
    Comments (2713) | Send Message
     
    Both the Fed and Congress (large chunks of it anyway) work for the same bosses. It's entirely appropriate to blame both. It's a crack dealer/crack addict sort of relationship.
    18 Sep 2012, 09:19 AM Reply Like
  • untrusting investor
    , contributor
    Comments (9973) | Send Message
     
    LOL, politicians actually do anything that is in the best interests of the country as a whole and the majority of the citizens. Now that's funny. There is a reason why politicians have the lowest public approval ratings of anyone polled. They deserve it and the public knows that.
    18 Sep 2012, 09:25 AM Reply Like
  • D. McHattie
    , contributor
    Comments (1844) | Send Message
     
    Blame Congress?

     

    Or blame campaign finance rules (including the effect of the Citizens United case) that allow moneyed interests to decide elections and therefore agendas and therefore legislation?

     

    Peel that onion, people.

     

    This isn't Fed v. Congress and it isn't Repubs v. Dems.

     

    This isn't even rich v. poor - we all are unwittingly biased by self-interest.

     

    This is the specific electoral system in the U.S. that produces extremely poor outcomes and allows the extremely rich to have their way at the expense of everyone else.

     

    D
    18 Sep 2012, 09:30 AM Reply Like
  • captiankirkoptions
    , contributor
    Comments (213) | Send Message
     
    100% correct this congress is a joke.
    18 Sep 2012, 10:14 AM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4845) | Send Message
     
    When this country was founded it was a sacrifice to serve. Now it is a sacrifice to be served.

     

    We have turned the purpose and use of government 180 degrees from what it was founded on. Rather than ensuring freedom and the pursuit of happiness it has turned into "you didn't build that" and give me money because I am giving it to someone else.

     

    A welfare state has a logical outcome as it pursues its purpose to the extremes.
    18 Sep 2012, 10:45 AM Reply Like
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    Translation: "we (the Fed) just help cause the problems."
    18 Sep 2012, 12:01 PM Reply Like
  • Jeremy Johnson, CFA
    , contributor
    Comments (789) | Send Message
     
    He is right in the sense that absolute price stability (0% inflation over the long-term) is not the Fed's mandate. If Fed governor's even tried to enact policies to achieve such a goal, they would replaced very quickly.
    18 Sep 2012, 01:18 PM Reply Like
  • blueice
    , contributor
    Comments (3910) | Send Message
     
    The Voodoo Reserve..
    18 Sep 2012, 01:46 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4132) | Send Message
     
    I blame the electorate. Most are too ignorant to be allowed the franchise and are susceptible to demagoguery and pandering. Politicians merely ply their craft by playing one side off against the other while throwing money at their constituencies and lining their pockets with special interest cash. Regardless, the corrupt money interests win out whomever is elected. Ask yourself this, do you really think it matters who is elected President this time around. The odds are gridlock and war followed by more misery and inflation for the poor and middle class. If you think the Democrats or the Republicans can fix your problems, your problems are too big to fix.
    18 Sep 2012, 02:45 PM Reply Like
  • kmi
    , contributor
    Comments (4312) | Send Message
     
    " Regardless, the corrupt money interests win out whomever is elected. "

     

    This was perfectly illustrated with the Obama presidency.
    18 Sep 2012, 04:23 PM Reply Like
  • dreadlordnaf
    , contributor
    Comments (481) | Send Message
     
    In a democracy, people get the government they deserve.
    18 Sep 2012, 03:21 PM Reply Like
  • kmi
    , contributor
    Comments (4312) | Send Message
     
    "In a democracy, people get the government they deserve."

     

    Yes, it's looking like that's the next step for Romney campaign.

     

    'We must be led by the elite for only the elite can lead. '

     

    Guess where this notion comes from, I'll give you three tries.
    18 Sep 2012, 04:25 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4845) | Send Message
     
    From all the wealthy Dems?
    18 Sep 2012, 11:59 PM Reply Like
  • kmi
    , contributor
    Comments (4312) | Send Message
     
    Funny, TVP, but I won't retort since I know you're smarter than that.
    19 Sep 2012, 08:09 AM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4845) | Send Message
     
    kmi

     

    The greater point is that they are all elites and the care of the state of our country is not their first concern. I have no hope that any of them will do any good. The best I can hope is to keep changing the fools out until something goes our way. Keeping them in office is the definition of insanity.
    19 Sep 2012, 03:39 PM Reply Like
  • Sam Liu
    , contributor
    Comments (3864) | Send Message
     
    Why blame Obama?

     

    He did not have the resume to deliver ...
    18 Sep 2012, 03:23 PM Reply Like
  • anonymous#12
    , contributor
    Comments (552) | Send Message
     
    Ben Bernanke deserves the medal of freedom. The guy is a genius. No inflation and equities like ULTA, UA at all time highs......
    18 Sep 2012, 03:57 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs