Former Federal Reserve Boss: Wall Street on ‘Cocaine’ High

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Former Federal Reserve Boss: Wall Street on 'Cocaine' High
03/09/2016
https://www.trunews.com/former-federal-reserve-boss-wall-street/

  "(TRUNEWS) – The recent volatility on Wall Street has perplexed traders
   and analysts alike.  According to the former president of the Dallas
   Federal Reserve, Richard Fisher, it's purely the "cocaine and heroin"
   the Fed "injected" into markets through multiple rounds of quantitative
   easing.
   
   Since the tapering of QE, Fisher says, "we're maintaining on Ritalin."
   
   Yet despite the rising asset prices, CNBC's Sarah Eisen noted QE
   produced no noticeable wealth effect on Main St.
   
       "It just took longer and it took longer because we have absolutely
        feckless fiscal authorities, the Congress and the president of the
        United States," Fisher replied.
   
   The former central banker conceded the Fed is essentially powerless
   should markets crash again.
   
   Here is a video of the statement:
   
   

   
   
   
   RICHARD FISHER (former Dallas Federal Reserve President) BIOGRAPHY
   
   Richard W. Fisher served as the twelfth president of the Federal
   Reserve Bank of Dallas from April 4, 2005 to March 19, 2015.
   
   Fisher was born in Los Angeles, California. He spent his childhood
   years in Southern California, Mexico City, and Miami, Florida.
   
   Fisher attended the US Naval Academy from 1967 to 1969, graduated with
   honors from Harvard University with a degree in economics in 1971,
   studied Latin American politics at Oxford from 1972 to 1973, and
   received a master's degree in business administration from Stanford
   University in 1975.
   
   Fisher began his career in 1975 at the private bank of Brown Brothers
   Harriman & Co., where he specialized in fixed income and foreign
   exchange markets. He became assistant to the secretary of the Treasury
   during the Carter administration, working on issues related to the
   dollar crisis of 1978–79. He then returned to Brown Brothers to found
   their Texas operations in Dallas.
   
   In 1987, Fisher created Fisher Capital Management and a separate
   funds-management firm, Fisher Ewing Partners. He sold his controlling
   interests in both firms when he rejoined the government in 1997.
   
   From 1997 to 2001, Fisher was deputy US trade representative with the
   rank of ambassador. He oversaw the implementation of NAFTA and various
   agreements with Vietnam, Korea, Japan, Chile, and Singapore. He was a
   senior member of the team that negotiated the bilateral accords for
   China's and Taiwan's accession to the World Trade Organization.
   
   Fisher is former vice chairman of Kissinger McLarty Associates, a
   strategic advisory firm chaired by former Secretary of State Henry
   Kissinger."

 
   
Fmr. Fed Pres.: 'We Injected Cocaine and Heroin into the System' to Create Wealth Effect
'The Fed is a giant weapon that has no ammunition left'
https://grabien.com/story.php?id=50624
   
  "What's driven the rally on Wall Street since 2008? According to the
   former president of the Dallas Federal Reserve, Richard Fisher, it's
   purely the "cocaine and heroin" the Fed "injected" into markets through
   multiple rounds of quantitative easing.
   
   Since the taping of QE, Fisher says, "we're maintaining on Ritalin."
   
   Yet despite the rising asset prices, CNBC's Sarah Eisen noted QE
   produced no noticeable wealth effect on Main St.
   
   "It just took longer and it took longer because we have absolutely
   feckless fiscal authorities, the Congress and the president of the
   United States," Fisher replied.
   
   The former central banker conceded the Fed is essentially powerless
   should markets crash again."