Dallas Federal Reserve Bank President Richard Fisher commented on Financial Repression yesterday. He made an appearance on CNBC to discuss the Fed's announced plans to keep ZIRP active until unemployment reaches 6.5%.Richard said that the fed currently has the “Hotel California Monetary Policy.”Referring to Fed policy he said the Fed could "check out anytime you like, but never leave."Richard is very blunt that he and others argued against the current policy but were not able to sway the majority. You might note that all of the FOMC members and Fed Bank Presidents get to speak equally even if they do not currently vote on policy.Maybe we can get Richard to do a posting on the FED’s financial repression policy!BTW, Richard is a little disingenuous when he talks about the Fed’s dual mandate of inflation and unemployment. It is common knowledge that the Fed has added a third mandate which is to NOT let the stock market drop too much. It is bad for consumer confidence which hinders GDP growth. At least that is the Fed’s story line and they are sticking to it.You can listen to the interview on CNBC:http://www.cnbc.com/id/100314376Thanks,Yoda
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