Tuesday, March 22, 2011

Richard Fisher gets it

Federal Reserve Bank of Dallas President Richard Fisher is one of the few people working at the Fed who gets it:

“There’s lots of liquidity sloshing around the U.S. financial system,” Fisher said. “We are seeing signs of all the intoxication that typically takes place when we have the ambrosia of cheap and readily available capital.”

Unfortunately, the mad men are in charge and there's not much we can do to stop the train wreck that awaits us. Be prepared for the inevitable chorus of "it wasn't our fault" and "nobody could have seen this coming."

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