Bob Dylan Is My Banker
Last night, Richard Fisher, president and chief executive officer of the Federal Reserve Bank of Dallas, spoke in New York City. The subject of his speech: "Responding to Turbulence," which, surprisingly, was not subtitled, "Everybody must get stoned." If nothing else, Fisher once more proves he's the hippest guy in the room -- or perhaps he just has a better record collection than Ben Bernanke:
As I was preparing this speech against the background of recent fast-moving events in the financial markets, I couldn’t help but think of Bob Dylan’s song “It’s Alright, Ma (I’m Only Bleeding).” One of my favorite lyrics in that song is: “Money doesn’t talk, it swears.” Financial institutions have been bleeding, and the markets have been cussing up a blue streak lately. So I thought I would share with you tonight some perspectives on where we have been, what we have done, where we are now and where this might lead us.
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