by Wolf Richter, Testosterone Pit.com:
Dallas Fed President Richard Fisher is one of the funniest – and most disturbing – voices out there in the sea of equivocating central bankers. In an earlier speech, he’d lamented “the injustice of operating our economy under the thumb” of TBTF banks [here’s my take…. Megabanks Undermine Americans’ Faith In Democracy]. But this time, he even outdid himself in the dreadfulness of his warning and the humor of his presentation.
Perhaps he thought he could speak more freely, up north of the border, at the C.D. Howe Institute Directors’ Dinner in Toronto. So he slammed the Fed’s money-printing and bond-buying binge, and its consequences, among them the “speculative impulses” that were going wild in an all-out chase for yield, goosed prices of even the riskiest, lowest-grade junk bonds, and pushed their yields below 7%, from “double digits just a year ago.”
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