TexasDevilDog
09-25-2008, 09:22 PM
The plan by Treasury Secretary Henry Paulson to buy troubled assets from financial institutions ``is an incremental addition to the federal government ledger,'' Fisher said today in a speech in New York.
``The seizures and convulsions we have experienced in the debt and equity markets have been the consequences of a sustained orgy of excess and reckless behavior, not a too-tight monetary policy,'' Fisher said to the New York University Money Marketeers Club.
``I was, and I remain skeptical, that lowering the fed funds rate is the most effective antidote,'' he said. ``Rates held too low, too long during the previous Fed regime were an accomplice to that reckless behavior.''
http://www.bloomberg.com/apps/news?pid=20601110&sid=abK2j4XZsBuU
Finally some cracks in the wall of this insanity.
``The seizures and convulsions we have experienced in the debt and equity markets have been the consequences of a sustained orgy of excess and reckless behavior, not a too-tight monetary policy,'' Fisher said to the New York University Money Marketeers Club.
``I was, and I remain skeptical, that lowering the fed funds rate is the most effective antidote,'' he said. ``Rates held too low, too long during the previous Fed regime were an accomplice to that reckless behavior.''
http://www.bloomberg.com/apps/news?pid=20601110&sid=abK2j4XZsBuU
Finally some cracks in the wall of this insanity.